Counsel for Rockwell’s directors retained Cornerstone Research and Professor Robert Stobaugh of Harvard University to assess and testify about the directors’ practices.
Retained by Dewey Ballantine
Counsel for Rockwell’s directors retained Cornerstone Research and Professor Robert Stobaugh of Harvard University to assess and testify about the directors’ practices. After extensively examining the actions of Rockwell’s board, Professor Stobaugh testified at trial concerning his analysis of how the board members had performed their duty of oversight regarding environmental compliance.
In ruling for Rockwell’s directors the court expressly found that none of them breached any of their fiduciary duties to Rockwell.
After describing the general role and responsibilities of boards of directors and the nature of information on which board members customarily rely, Professor Stobaugh testified that the conduct of Rockwell’s directors had been reasonable, prudent, and in accordance with generally accepted practices. In ruling for Rockwell’s directors following a month-long trial, the court expressly found that none of them breached any of their fiduciary duties to Rockwell.