This post provides broad general advice on (i) the duties owed by a director of a corporation in the U.S., and (ii) the steps directors should take to minimize the risk of a claim for breach of these duties. Given that most of my clients are Delaware corporations, I have focused primarily on Delaware law and…

Bloomberg reports that Cayman Islands-based Caledonian Bank Ltd. filed for bankruptcy in New York, saying a federal court’s freeze on its U.S. assets triggered a run on the bank by customers. The U.S. Securities and Exchange Commission sued the bank Feb. 6 over claims it profited from stock sales of invalidly registered shell companies. The bank…