A recently dismissed lawsuit painfully illustrates the costs in time and money when disputes move from the boardroom to the courtroom.

A U.S. District Court judge in Seattle dismissed a case filed by Pennsylvania Avenue Funds against WatchGuard Technologies chief executive and chairman Edward Borey, whose company was acquired by Francisco Partners and Vector Capital Corp. in 2006.

The judge wrote that the case mounted by Pennsylvania was questionable in many respects but found that the problems didn't stem from the fund, but from two of its attorneys at class-action specialist Finkelstein & Krinsk.

Pennsylvania sued several WatchGuard board members for alleged breaches of fiduciary duty in the course of auctioning off the company. Allegations - all of which were dismissed - included claims of manipulative use of a "poison pill" and dishonest actions on the part of Borey, other board members, and parties interested in buying the company.

The final ... Full Story

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