1. Third Circuit Discusses Important Differences Between Board Observers and Directors

    Third Circuit Discusses Important Differences Between Board Observers and Directors

    The Third Circuit recently issued an important decision for private fund advisors who serve on corporate boards.  In a precedential decision on a matter of first impression, the Third Circuit distinguished the role of nonvoting board observers from the function of formal corporate directors.  And while the decision was issued in the context of liability for alleged violations of the securities laws, the Third Circuit suggested the analysis may apply more broadly to other situations involving board observers...

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