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In recent years corporate directors and officers, and their lawyers,
have become aware that the Damocles' sword of personal liability is
as much a part of the furniture of the executive suite as the Bigelow
on the floor. Some of the awareness has been stimulated by the
imaginative advertising of insurance brokers pushing directors' and
officers' liability insurance; some has come from painful personal
experience; but the main source has been the proliferation of lawsuits
seeking (frequently with success) to impose such liability. Much of
this litigation has been based on such traditional grounds as breach
of duty to the corporation, but fertile legal imaginations have conceived
novel and alarming theories of liability.

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