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SNEED v. WEBRE

No. 12-0045.

465 S.W.3d 169 (2015)

Robert Wayne SNEED, James H. Tichenor, Fred Wolgel, James F. O'Donnell, Texas United Corporation, and United Salt Corporation, Petitioners, v. Lloyd P. WEBRE, Jr., Individually and Derivatively on Behalf of Texas United Corporation and United Salt Corporation, Respondents.

Supreme Court of Texas.

OPINION DELIVERED: May 29, 2015.

Attorney(s) appearing for the Case

Karen Appel Oshman , Neal S. Manne , Susman Godfrey L.L.P., Houston, for Petitioner James F. O'Donnell.

Robin C. Gibbs , Sydney Gibbs Ballesteros , Gibbs & Bruns, L.L.P., Houston, for Petitioner Robert Wayne Sneed.

Kevin D. Jewell , Ralph A. Midkiff , Chamberlain Hrdlicka White Williams & Aughtry, Houston, for Petitioners Texas United Corporation and United Salt Corporation.

Allison Diane Bonner , Ben A. Baring Jr. , Paul J. McConnell III , De Lange Hudspeth McConnell & Tibbets LLP, Houston, for Petitioner James H. Tichenor.

Charles W. Schwartz , Skadden Arps Slate Meagher & Flom LLP, Houston, for Petitioner Fred Wolgel.

Christopher Paul Hanslik , BoyarMiller, David W. Holman (deceased), The Holman Law Firm PC, Dwayne Richard Day , Dwayne R. Day, P.C., Jennifer Lynn Hebert , BoyarMiller, Marc S. Tabolsky , Yetter Coleman, LLP, Michael Gary Orlando , Orlando & Braun, LLP, Reagan W. Simpson , Yetter Coleman LLP, Houston, for Respondent Lloyd P. Webre, Jr., individually and derivatively on behalf of Texas United Corporation and United Salt Corporation.

The business judgment rule in Texas generally protects corporate officers and directors, who owe fiduciary duties to the corporation, from liability for acts that are within the honest exercise of their business judgment and discretion. See Cates v. Sparkman, 73 Tex. 619, 11 S.W. 846, 848...

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