Exercising Good Judgment - Supreme Court Backs Directors in BCE Decision

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In a highly anticipated, unanimous judgment, released on December 19, 2008, the Supreme Court of Canada ("SCC") provided guidance to corporate directors who, in the exercise of their fiduciary duty to corporations, find themselves torn between conflicting interests, particularly those of shareholders and creditors. However, directors' duties in specific factual contexts have yet to be worked out and the SCC has left open some intriguing questions for future interpretation.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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