How has the legal environment for boards shifted over recent decades?
New York business solutions, governance, restructuring & bankruptcy attorney Martin Bienenstock of Proskauer Rose discusses legal changes for corporate boards.
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There was a hope in the Clinton administration that the Private Security Litigation Act was going to decrease the amount of less than meritorious suits against officers and directors. What’s happened though is that instead of the actions being brought by individual plaintiffs they’re not being brought by pension funds and weightier institutions and they’re more carefully brought but the volume of them and the litigation against officers and directors has not diminished.