The Delaware Courts’ Increasingly Laissez Faire Approach To Directorial Oversight

“Delaware, has taken a largely laissez faire attitude to directorial oversight…”, and recent decisions from the state’s courts threaten to further erode shareholders’ already limited rights. As a respected law professor wrote in advocating for the federal regulation of corporate law, “[t]he only way out of this mess is to have corporate law be federal law, and for Congress or the SEC to define the obligations of corporate managers and directors.” Until then, absent a shift in Delaware law, for an overwhelming majority of aggrieved shareholders, the only available recourse will be attempting to (somehow) prevail under the increasingly inequitable laws of an increasingly challenging forum.

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