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The Journal of Private Equity

The Journal of Private Equity

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Primary Article

Actions That Private Equity Fund Representatives on Corporate Boards Can Take to Help Avoid Liability

John J. McDonald
The Journal of Private Equity Fall 2008, 11 (4) 6-11; DOI: https://doi.org/10.3905/jpe.2008.710901
John J. McDonald
A member of the Private Equity Group at Kelley Drye & Warren LLP in Washington, DC.
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Abstract

This article summarizes some common situations in which private equity professionals who serve on the boards of their funds' portfolio companies can incur liability and provides specific action items they can take to help minimize or avoid that liability. The current economic climate and its increased risk of litigation against corporate board members makes this issue particularly timely. Outside board members of WorldCom, Enron and, most recently, Just For Feet, Inc. (which included representatives of Thomas H. Lee Partners and Weston Presidio Capital Management) have been required to personally pay tens of millions of dollars in settling lawsuits, highlighting the potential magnitude of the risk.

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The Journal of Private Equity
Vol. 11, Issue 4
Fall 2008
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Actions That Private Equity Fund Representatives on Corporate Boards Can Take to Help Avoid Liability
John J. McDonald
The Journal of Private Equity Aug 2008, 11 (4) 6-11; DOI: 10.3905/jpe.2008.710901

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Actions That Private Equity Fund Representatives on Corporate Boards Can Take to Help Avoid Liability
John J. McDonald
The Journal of Private Equity Aug 2008, 11 (4) 6-11; DOI: 10.3905/jpe.2008.710901
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