David Baris was quoted in the August 18, 2014 Agenda article, “Bank Directors’ Legal Costs Set to Rise: Experts.”
Monteleone points out that the case is similar to the 1985 Delaware Supreme Court case Smith v. Van Gorkom which also dealt with the reach of the business judgement rule. The case heralded a wave of new charter provisions for Delaware companies that indemnified directors from personal liability for breaches of the duty of care. “It’s something the American Association of Bank Directors continues to encourage banks to ask shareholders to adopt,” says David Baris.