Properties (48)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
legal case
|
| gptkbp:caseTypes |
shareholder derivative action
|
| gptkbp:court |
gptkb:Delaware_Supreme_Court
gptkb:John_Smith reversed lower court decision Van Gorkom majority_opinion_by_Justice_Moore |
| gptkbp:date |
March 27, 1985
|
| gptkbp:doctrine |
informed decision-making
|
| gptkbp:governance |
influenced best practices
|
| gptkbp:historicalEvent |
originated_in_Delaware_Chancery_Court
|
| https://www.w3.org/2000/01/rdf-schema#label |
Smith v. Van Gorkom
|
| gptkbp:impact |
increased need for legal advice
increased scrutiny of board decisions shaped corporate governance practices. |
| gptkbp:is_involved_in |
TransUnion_Corporation
|
| gptkbp:judges |
dissent_by_Justice_McNeilly
|
| gptkbp:jurisdiction |
gptkb:Delaware
|
| gptkbp:legal_principle |
duty of care
business judgment rule |
| gptkbp:legal_representation |
extensively analyzed in law reviews
failure to act in good faith |
| gptkbp:legalStatus |
mergers and acquisitions
fiduciary duty critical in understanding director liability established standards for corporate directors reasonableness of board actions |
| gptkbp:notableFeature |
still cited in legal arguments
set precedent for future cases discussed in legal textbooks 488 A.2d 858 (Del. 1985) examined board's decision-making process important for corporate law students increased liability for directors influenced state corporate laws involved a merger transaction involves breach of fiduciary duty landmark case in corporate law scrutiny of board decisions |
| gptkbp:outcome |
directors found liable for damages
directors found negligent directors held liable directors required to act with care |
| gptkbp:precedent |
established standards for director conduct
|
| gptkbp:relatedPatent |
gptkb:Revlon,_Inc._v._MacAndrews_&_Forbes_Holdings,_Inc.
cited in numerous cases |
| gptkbp:significance |
influenced corporate governance
|
| gptkbp:year |
1985
|