Nara Bancorp Prevails In $53M Derivative Action

Law360, New York (September 23, 2010, 4:11 PM EDT) -- A California judge has ruled in favor of Nara Bancorp Inc. and 11 of its current and former directors in a shareholder derivative action that sought more than $53 million in damages, a closely watched case that tested the boundaries of the business judgment rule.

Judge Carl. J. West of the Superior Court of the State of California, Los Angeles County, entered summary judgment for Nara on Tuesday, saying plaintiff and former Nara Chairman Thomas Chung had not raised a triable issue of material fact as...
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