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Nara Board Protected From $53M Shareholder Suit

By Max Stendahl ( February 2, 2012, 1:33 PM EST) -- Nara Bancorp Inc.'s certificate of incorporation shields its directors from a $53 million shareholder derivative suit, a California state appeals court ruled Wednesday, in a decision the plaintiff's attorney said would encourage corporations to establish strict legal protections to avoid liability under the business judgment rule....

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