this post was submitted on 07 Feb 2026
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[–] peopleproblems@lemmy.world 4 points 2 hours ago (1 children)

Fiduciary Duty is a lie created in the 80s to make corporate raiders more appealing.

[–] glitchdx@lemmy.world 2 points 1 hour ago (1 children)

Look up Dodge v Ford. This case set the precedent for what is now known as fiduciary duty.

[–] peopleproblems@lemmy.world 4 points 1 hour ago

They discuss it in the wiki article:

Dodge is often misread or mistaught as setting a legal rule of shareholder wealth maximization. This was not and is not the law. Shareholder wealth maximization is a standard of conduct for officers and directors, not a legal mandate. The business judgment rule [which was also upheld in this decision] protects many decisions that deviate from this standard. This is one reading of Dodge. If this is all the case is about, however, it isn't that interesting.