McCollum, a New York State Supreme Court held that the corporation could not reimburse its directors even when they had in fact successfully defended against a shareholder derivative action.7   The idea that a corporation’s directors would be personally responsible for dollars spent defending them, even when they prevailed in court, was a wakeup call for many boardrooms. [read post]

The Securities and Exchange Commission filed 784 total enforcement actions in fiscal year 2023, a 3 percent increase over fiscal year 2022, including 501 original, or “stand-alone,” enforcement actions, an 8 percent increase over the prior fiscal year. [read post]