Employment Alert: New York's "Faithless Servant" Doctrine Allows Employer To Recoup $7 Million for CEO's Salary and Bonus

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In a recent case that Mintz Levin successfully litigated, the Supreme Judicial Court of Massachusetts held that a chief executive officer fired for harassing female employees and misappropriating company funds must forfeit approximately $7 million in salary and bonuses paid to him while employed by his former employer, pharmaceutical company Astra USA, Inc. Because Astra was incorporated in New York, this ruling has special significance for New York employers, as Massachusetts’ highest court applied New York law to reach this result, which pertains to the remedies available against corporate officers who breach their fiduciary duty.

Please see full alert below for more information.

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