Directors Hit With $2.3 Million Judgment for Failing to Replace Incompetent Managers

Last week, the Third Circuit Court of Appeals upheld a $2.3 million jury verdict in favor of a Creditors’ Committee,¬†finding that the directors of a failed Pittsburgh nursing home had breached their fiduciary duties to the corporation’s creditors by failing to remove the home’s administrator and chief financial officer when their mismanagement became apparent.¬† Official… Continue reading Directors Hit With $2.3 Million Judgment for Failing to Replace Incompetent Managers