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: Delaware Business Litigation ReportDelaware Bankruptcy Court Applies Caremark to Officers
By Morris James LLP
Miller v. McDonald, C.A. 07-51350 (Bankr. Del. April 9, 2008)
In a case of apparent fist impression, a bankruptcy court in Delaware has held that Caremark duties apply to corporate officers as well as directors. Thus, corporate officers also have the duty to exercise reasonable care in oversight of corporate operations in their area of responsibility. This is hardly a surprise. However, given that the officer involved in this case was considered the company's general counsel, this decision has some far-reaching implications.
Full post as published by Delaware Business Litigation Report on April 09, 2008 (boomark / email).
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