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Directors’ Fiduciary Obligations: Delaware vs. California

Logo of Walt Disney Company, whose directors' fiduciary obligations were judged by Delaware law

Delaware: Paying Ovitz $130 million was not grossly negligent.

In Why are So Many Corporations Formed in Delaware?, I stated that Delaware law minimizes directors’ responsibility for decisions that have made. This post explains my point by comparing Delaware and California law regarding directors’ fiduciary obligations. (more…)