Perspective
Jul. 1, 2015
The evolution of the modern business judgment rule
The development of the modern business judgment rule has occurred in cases involving takeovers. By D. Gordon Smith
The business judgment rule may be the most enigmatic doctrine in corporate law, but
it has always performed a relatively straightforward task in the corporate governance
system of the United States, namely, protecting corporate directors from liability
for honest mistakes. The words that courts use to convey that simple idea have varied
greatly, but perhaps none are more confusing than...
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