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A 3rd Circuit decision this week is likely to stir up the atmosphere in board rooms and executive offices nationwide by making it significantly easier for bankruptcy trustees to file suit against corporate directors and officers for alleged breaches of their fiduciary duties. The panel revived a suit against the former officers and directors of the defunct charter airline Tower Air Inc. in which the trustee claims they drove the company into insolvency by indifference and egregious decisionmaking.
August 05, 2005 at 12:00 AM
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The original version of this story was published on Law.Com
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