Serving as a director on corporate boards is often quite an honor, carries prestige and can prove rewarding. Yet, as a San Francisco federal court just demonstrated, it can also come with significant risk.For nearly 25 years, Sanford Wadler served as general counsel of Bio-Rad Laboratories Inc., a publicly traded manufacturer of life science research and clinical diagnostic products for hospitals and public entities.Operating in worldwide markets, Bio-Rad is subject to the Foreign Corrupt Practices Act, the federal anti …