When the Business Judgment Rule Works — and When It Doesn't
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When the Business Judgment Rule Works — and When It Doesn't
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Your board can sleep better at night knowing your decisions are protected by the business judgment rule — but it's not absolute. In this episode, Eric Goidel, a partner at Borah, Goldstein, Altschuler, Nahins & Goidel, reveals crucial limitations to that protection, including five key areas where boards mistakenly believe they're shielded but aren't. He explains real-world examples of when courts upheld the rule and when they didn't, including a case about balcony enclosures where the same judge ruled differently on nearly identical situations. And most importantly, understand when your D&O insurance will defend you versus when it won't pay out. Habitat's Paula Chin conducts the interview.
The business of running a building is demanding work that requires making endless decisions — some that can quickly lead your board into a quagmire of legal difficulties. Legal Talk interviews New York's leading co-op/condo attorneys to find solutions, and get some guidance, on these challenges. For more co-op and condo insights, sign up to receive Habitat's free newsletters or become a Habitat subscriber today!