Outside Director Liability.
By Stanford Law School
- Release Date - Published: 2006-02-01
- Book Genre: Law
- Author: Stanford Law School
Outside Director Liability. Stanford Law School read online review & book description:
INTRODUCTION This Article analyzes outside director liability risk empirically, legally, and conceptually. Concern over liability for outside directors has arisen periodically since the 1970s, typically in response to specific events that appear to expose outside directors to heightened risk. (1) Outside director liability is again causing much concern, with the current trigger being the 2005 securities class action settlements involving WorldCom and Enron. In these settlements, outside directors agreed to make substantial payments out of their own pockets to settle securities class action lawsuits even though there was no evidence in either case that the outside directors knowingly participated in fraudulent activity.
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