Another Strong Statement Regarding Director Liability

Law360 (November 5, 2008, 12:00 AM EST) -- The Delaware Courts have made another strong statement this year in regards to potential director liability.

While earlier this year, Delaware took a stance regarding advancement of indemnification for former directors in Schoon v. Troy, the Chancery Court recently denied summary judgment to a group of independent directors due to a limited record of the board’s process in evaluating an acquisition offer.

In doing so, the Court found that independent directors, acting without conflict, could potentially be personally liable for approving a premium cash offer, with...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.