Ever since the Court of Appeals of New York issued its landmark Levandusky decision in 1990, co-op and condo boards have been protected by the sturdy armor of the business judgment rule. It states that so long as a board acts in good faith, within the scope of its authority and for the purposes of the cooperative, courts will not substitute their judgment for the board’s. The rule applies even if the board’s actions prove to be “unwise or inexpedient.” Over the past three decades, the ruling has protected boards from an unknowable number of frivolous lawsuits. Read the entire article……………………………….
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