Delegation Becomes Abdication

Delegation Becomes Abdication

Executive Summary Vice Chancellor J. Travis Laster of the Delaware Court of Chancery has ruled that a board which approves a major asset transaction and then stands silent while the execution plan fails has crossed from delegation into abdication, a clear breach of...
When Delegation Becomes Abdication

When Delegation Becomes Abdication

When Delegation Becomes Abdication Chancery confirms: outside directors who rubber-stamp a fundamental transaction and then go silent face personal liability, even when they are technically independent. Executive Summary In YWCA of Rochester and Monroe County v....