The state Supreme Court is being asked to decide whether the business judgment rule, which presumes directors are acting in a corporation’s best interests, protects a decision to reward themselves with a generous stock compensation plan without fully explaining it to the shareholders.
The appellant in Seidman v. Clifton Savings Bank, A-100-09, argued Jan. 5, seeks to reinstate a suit alleging that a board of directors deceived shareholders and unjustly enriched themselves when they took the savings and loan public.
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