Did the directors violate their fiduciary duty

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Reference no: EM133209240

Question - Missouri Fidelity Union Trust Life Insurance Company stock was trading at $2.63 per share. Eight directors sold their shares for $7.00 per share, conditioned on the resignation of eleven of the fifteen directors of the corporation and the provision that five nominees of the buyer be elected as a majority of the executive and investment committees. Did the directors violate their fiduciary duty? Would the answer be different if the directors had controlled a majority of the voting stock? [Snyder v.Epstein, 290 F. Supp. 652 (E.D. Wis. 1968).]

Reference no: EM133209240

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