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L-R:Andrew W. Stern, Benjamin F. Burry, and James Heyworth of Sidley Austin.

Fiduciary duties are assigned to those trusted to exercise control over the property of another. In the corporate setting, the board of directors has discretion and management authority over the corporation, which is owned by its stockholders. As such, directors owe fiduciary duties to the corporation’s stockholders to act in the corporation’s best interests.

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