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Personnel Files and Documents Relating to
The decision highlights the fact that personnel records may not be as confidential as generally understood. A Delaware bankruptcy judge recently ruled that information concerning the compensation and performance of “hand-picked” directors of a private equity firm’s portfolio company was discoverable in an action for breach of fiduciary duty against the private equity firm. In an adversary proceeding in the chapter 11 bankruptcy of car hauler Allied Systems Holdings, Inc., the creditors’ committee asserted claims against Allied’s directors for breach of fiduciary duty and against Allied’s private equity owner, Yucaipa Companies, for aiding and abetting such breach. See In re Allied Systems Holdings, Inc., 2015 Bankr. LEXIS 3839 (Bankr. D. Del. Nov. 9, 2015). Specifically, the creditors’ committee alleged that the Allied directors—purportedly hand-picked and controlled by Yucaipa—breached their fiduciary duties to Allied by acting in the interests of Yucaipa to the detriment of Allied. Id. at *24-26.

United States | 11/30/2015


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