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Business Organizations Keyed to Smith
In re Caremark International, Inc. v. Derivative Litigation
Citation:698 A.2d 959
Caremark International, Inc. was the subject of a federal criminal investigation. The investigation centered around the corporation‘s questionable practices in financial arrangements with doctors. Ultimately, the investigation lead to the indictment of several corporate officers, and the implementation of about $250 million in civil and criminal penalties. The board implemented some practices during the investigation, which aimed to address the concerns raised by the federal investigation. After the assessment of penalties, a group of Caremark shareholders brought a derivative suit, alleging the actions undertaken by corporate directors lead to the assessment of major penalties against the corporation.
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