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11/6/2006 4:30:49 PM
 
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Section 5: OPA Board Subject: OC Today Story Msg# 385732
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The OPA does carry errors and omissions coverage for board members. This may cover the defense of any direct action against individual members. I am not ready to suggest that this case rises to the status of a breach of fiduciary duty. |
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For reference, the above message is a reply to a message where: An additional thought. It is not beyond possibility that if Marty is successful and OPA is forced to pay penalties, etc., board members could be personally responsible. The insurance company could decide not to pay, saying there was a known ignoring of fiduciary responsibility by the board. I have no idea what protections there are in place for individual board members but if this thing ends up in court there is no telling what might happen. On the other hand, should the case end up in court and OPA prevails, those taking the court action might well be personally responsible for any losses. Maybe one of the forum legal eagles has some thoughts on these two possibilities my non-legal mind imagines. |
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