The highly publicized accounting scandals at Enron, WorldCom and other large corporations have prompted a concerted legislative and regulatory response from Congress, the Securities and Exchange Commission (SEC), and the national securities exchanges.
Courts Turn Up Corporate Heat
The highly publicized accounting scandals at Enron, WorldCom and other large corporations have prompted a concerted legislative and regulatory response from Congress, the Securities and Exchange Commission (SEC), and the national securities exchanges. While there has been little in the way of legislative reaction at the state level, several recent court decisions reflect that state corporate law is not immune from the impact of these scandals. Using existing judicial doctrine, but applying it in a fashion that appears to indicate an increasing toughness with respect to corporate directors and officers who do not live up to their obligations, the judiciary has turned up the heat on corporate fiduciaries.
By
Robert Reder and Scott EdelmanThis premium content is locked for LawJournalNewsletters subscribers only
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