Woolley’s memo described how the trust had hired outside law firms including Weil Gotshal & Manges and Zuckerman Spaeder at a cost of more than $3.6 million to investigate various alleged improprieties such as board member conflict of interests and insider trading accusations.No charges were filed on the insider trading accusations, although Zuckerman Spaeder and WilmerHale both investigated.One board member, Robert Cavanaugh, an alumni of the Milton Hershey School, faced a conflict of interest inquiry into his son’s internship at an investment fund retained by the trust, according to the Inquirer.

Source: Chief Compliance Officer at Hershey Trust Put on Leave Amid Internal Strife | Big Law Business

Advertisements