A finding that a corporate officer acted honestly does not entitle the officer to relief from liability under ss 1317S or 1318 where the departure from the standard of care and diligence was of a high degree and had potentially serious consequences, and proper corporate governance requires that significant failures be subject to appropriate penalty including disqualification.
The full text is available to signed-in members, including the 21 later cases that cite this judgment.
3 of the 21 citing cases carry a classified treatment. How each court treated it is available to signed-in members.