In 2008, Lehman Brothers became the largest bankruptcy proceeding ever filed.  Former federal prosecutor and current Chairman of Chicago-based Jenner & Block LLC, Anton R. Valukas, was tapped to lead the examination to understand how the Lehman bankruptcy happened.  "The Lehman case needs sunshine from an independent and learned voice," said martin Bienenstock, the lawyer for Walt Disney Co., who filed the request for an examiner.  "We are thrilled the U.S. Trustee moved so quickly and proposed a great lawyer from a great firm to serve as examiner."  After a process that included over 250 interviews and 35 million pages of documents, Mr. Valukas issued his public report in April 2010.  We are please that he will hare his thoughts on the issues leading up to the bankruptcy and the implications for corporate boards of directors in this environment of heightened scrutiny from regulators and investors.

The Chicago Chapter of the NACD invites leaders, with corporate director responsibilities, and senior executives to a lunch program with Anton R. Valukas as he explores the following questions:

• With heightened scrutiny from regulators and investors, is there an increasing liability or responsibility for Directors in this environment?
• The Lehman Report notes issues with board/management communications:  stress testing that was not sufficient (which gave the board "false comfort") as well as situations where in the face of exceeding its risk limits, Lehman management simply raised the risk limits rather than reducing the risk.  How does the board assure itself that it is getting the best information; that it is asking the right questions?
• In the environment, is the standard for the business judgment rule increasing on what directors should know/ask?
• Given the thoroughness of the examination, are there any key lessons/thoughts for Directors on their role?

After his speech, Terry Savage, Director of The Chicago Mercantile Exchange Group and former director of McDonald's Corporation, will moderate the question and answer period.