This was originally posted on the SGR Blog.
The Business Judgment Rule is familiar legal scripture that is often ritually invoked as a defense to claims by residential condo/coop unit owners against their boards of managers/directors. But, as a recent case illustrates, the Rule only applies if, in fact, a “business” judgment is involved.
Ayoka Foster sued 219-229 W.144th St. HDFC and members of the Board to receive the shares of stock to apartment six, as a beneficiary of Margie McCray, her mother, through decedent McCray’s Last Will and Testament.
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