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As has seemingly become the norm after major stock market corrections, legislators1 and regulators2 have claimed that a major cause of the 2008-2009 financial crisis and the resulting global recession was the failure of oversight by corporate directors. Putting aside the merits of the argument (with which the authors do not agree) for the moment, the Delaware courts, the most important jurisdiction in the United States for establishing corporate governance and liability concepts, is not prepared to hold corporate officers and directors personally liable for alleged oversight failures, even those that are alleged to have contributed to substantial erosion of stockholder value.

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