Stamp v. Touche Ross & Co.

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• affirming dismissal of claims for negligence and breach of fiduciary duty where the plaintiff’s complaint questioned the business decisions of the board of directors but contained no allegations to counter the presumption
• affirming dismissal of claims for negligence and breach of fiduciary duty where the plaintiff’s 17 1-15-2662 complaint questioned the business decisions of the board of directors but contained no allegations to counter the presumption
• granting leave to amend to plead claim overcoming business judgment rule and noting that “[n]owhere in the complaint does plaintiff allege that defendants did .not make informed judgments or use due care in arriving at those judgments.”
• business judgment rule applied in lawsuit by liquidator of insolvent insurance company against certain directors of the company
• directors must inform themselves of material facts necessary to exercise their judgment in order for their decisions to be accorded deference under the business judgment rule
• “[T]he shield of the business judgment rule is unavailable to directors who fail to exercise due care in their management of the corporation.”

Source: CourtListener parenthetical corpus (CC0).