Commercial Litigation GroupDirector and Officer Liability
Butler Snow's director and officer liability practice took on an early prominence, in 1956, with the firm's successful representation in the landmark case of Knox Glass Bottle Company v. Underwood. Knox Glass was the first Mississippi Supreme Court case to define in detail the fiduciary duties of a corporate director and officer.
With the unusual number of bank and thrift failures in the early 1980s, came a large number of FDIC and RTC receiverships, often followed by lawsuits against the former directors and officers of the failed financial institution. Butler Snow represented directors and officers in several significant "failed bank" suits. As a continuing leader in this arena, the firm also authored the legislation, passed by the Mississippi Legislature that defines the necessary standard of care and significantly limits the liability of directors and officers of financial institutions.
The mainstay of the firm's director and officer liability practice continues to be issues related to closely held or family-owned corporations. The unique concerns of directors and officers in such entities -- including tax and control issues, and the avoidance of minority shareholders oppression --have grown even more complex in recent years and demand the tactical edge provided by the Butler Snow business litigation team.
For additional information on Director and Officer Liability, please contact Daniel W. Van Horn or William R. O'Bryan, Jr.