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Business Associations Keyed to Bainbridge
Auerbach v. Bennett
Citation:393 N.E.2d 994 (1979)
In 1975 the management of General Telephone & Electronics Corporation, in response to reports that numerous other multinational companies had made questionable payments to public officials or political parties in foreign countries, directed that an internal investigation be made to ascertain whether that corporation had engaged in similar transactions. The special litigation committee found that defendant Arthur Anderson & Co. had conducted its examination of the corporation’s affairs in accordance with generally accepted auditing standards and in good faith. The committee also concluded that none of the individual defendants had violated the New York State statutory standard of care. The committee determined that it would not be in the best interests of the corporation for the present derivative action to proceed.
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