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Congratulations! Correct Answer!

Fiduciary Duty

B.  A duty of utmost good faith, trust, confidence and candor owed by a fiduciary (such as a lawyer or a corporate officer) to the beneficiary (such as a lawyer's client or a shareholder).

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Legal Definition - 

A duty of utmost good faith, trust, confidence and candor owed by a fiduciary (such as a lawyer or a corporate officer) to the beneficiary (such as a lawyer's client or a shareholder); a duty to act with the highest degree of honesty and loyalty toward another person and in the interests of the other person (such as the duty that one partner owes to another).

Black's Law Dictionary® Eighth Edition © 2004

Current Usage

Sun shareholders act to block Oracle deal
The Register 8 May 2009

Shareholders have filed three separate actions citing "breach of fiduciary duty", according to Sun's latest Securities and Exchange Commission (SEC) filing. The actions have been filed with a court in Sun and Oracle's home state of California.

The lawsuits claim the amount offered for Sun is "unfair and inadequate." The tender price offered by Oracle was generally considered to be a bargain, and came as Sun has been shopping itself around the industry. Ironically, it was a group of Sun's shareholders - Southeastern Asset Management - that increased their holding in the company throughout the course of 2008 as part of a move to influence management and help "realize" Sun's value.

Sun and Oracle have yet to respond to the allegations.

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