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Business Judgment Rule Precludes Liability of Officer

May 30, 2012

Collier Halpern is pleased to announce that its managing partner and renowned White Plains Litigator, Philip Halpern, has won summary judgment in the New York State Supreme Court, County of Westchester action, Fujifilm Medical Systems U.S.A., Inc. v. John Weber, Index No. 50385/11, wherein a senior officer was accused of breaches of fiduciary duty and mismanagement in transactions that spanned several decades.  After a lengthy discovery process and summary judgment motions, the court dismissed, in a 48 page decision, plaintiff's 11 causes of action against the officer, because the corporation was fully aware of all facts and circumstances of the alleged frauds; because New York's business judgment rule precludes the corporation from challenging actions taken in good faith by the officer; and because the corporation failed to offer any proof that the officer acted contrary to the best interests of the corporation.  Mr. Halpern, who is certified as a civil trial advocate and a civil pretrial advocate by the National Board of Trial Advocacy, has practiced law since 1980, and is distinguished by his lengthy list of reported decisions.  (The National Board of Trial Advocacy is not affiliated with any governmental authority.)

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