Shareholder: Directors And Officers Are Not Protected By Business Judgment Rule

Shareholder: Directors And Officers Are Not Protected By Business Judgment Rule

PHILADELPHIA - A shareholder argued in a Pennsylvania federal court on May 3 that directors and officers of a company are not protected by the business judgment rule regarding claims that they did not act in the best interests of the company or the shareholders when they sold the company (Alan Schmidt v. John A. Skolas, No. 12-cv-03265, E.D. Pa.).

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