Is FDIC v. Van Dellen California’s Smith v. Van Gorkom?
Last Friday, the jury in FDIC v. Van Dellen (C.D. Cal. Case No. CV 10-4915 DSF (SHx)) returned a verdict totalling nearly $169 million against three former officers of the home builder division of IndyMac Bank, F.S.B. The Office of Thrift Supervision closed the bank in 2008. As the receiver for the bank, the Federal Deposit Insurance Corporation filed suit against the three former officers. Read more...
Should The Articles Of Incorporation Define “Officers”?
Today’s post is devoted to what may seem an unlikely question: should the articles of incorporation define “officers”? This is an unlikely question because it is the bylaws that typically identify the titles of officers and their duties. Cal. Corp. Code § 312(a). Nevertheless, it occurs to me that in at least one circumstance, a corporation may wish to define Read more...
