What is the test for a director to be liable for a loss of business judgment under the business judgment rule?
California, United States of America
The following excerpt is from Lintz v. Dohr, G054929 (Cal. App. 2019):
Under the business judgment rule, a director's liability must be based on no less than gross negligence. (Katz v. Chevron Corp. (1994) 22 Cal.App.4th 1352, 1366 (Katz).)
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