Personal Liability

News & Analysis as of

Up Close and Personal: Individual CCO Liability – Part II

Yesterday I began an exploration of the potential individual liability of a Chief Compliance Officer (CCO) based upon the Financial Industry Regulatory Authority (FINRA) enforcement action against Raymond James Inc. and its...more

How The Defend Trade Secrets Act Of 2016 Opens The Door To Disclosure Of Trade Secrets

François-Marie Arouet, better known as Voltaire, once famously wrote “Ce corps qui s’appelait et qui s’appelle encore le saint empire romain n’était en aucune manière ni saint, ni romain, ni empire (This body, which was, and...more

Up Close and Personal: Individual CCO Liability – Part I

A horse is a horse, of course, of course, and no one can talk to a horse, of course. That is, of course, unless the horse is the famous Mister Ed. Those lines were the opening verse to the theme song of the TV...more

Supreme Court Expands Fraud Exception to Favor Creditors

On May 16, 2016 the United States Supreme Court issued an opinion regarding the meaning of “actual fraud” under the Bankruptcy Code. Husky Int’l Electronics, Inc. v. Ritz represents a win for creditors by making it easier to...more

High Court Rejects Narrow Bankruptcy Fraud Exemption

In its recently issued decision in Husky International Electronics, Inc. v. Ritz, a 7-1 majority of the Supreme Court has clarified that intentionally fraudulent transfers designed to hinder or defraud creditors can fall...more

Supreme Court Issues Opinions Favorable to Financial Services Companies

May is usually a busy month on the Supreme Court before the justices head off for some summer R&R. It is historically a time when many opinions are issued, and May 2016 has been no exception. ...more

High Court Broadens the Definition of “Actual Fraud” under Section 523(a)(2)(A)

The Supreme Court’s Decision: On May 16, 2016, in Husky International Electronics, Inc. v. Daniel Lee Ritz, Jr., Case No. 15-145, the Supreme Court held that the term “actual fraud” in § 523(a)(2)(A) of the Bankruptcy...more

Does Yates Sound The Death Knell For Joint Defense Agreements?

The revised cooperation credit rules issued by the US Department of Justice (DOJ) in September 2015 under the Yates Memo require companies to focus on individuals from the outset of an investigation and to disclose all facts...more

TCPA Connect - May 2016

BREAKING: SCOTUS Rules on Spokeo, Significant Implications for TCPA Cases - The Supreme Court of the United States ruled yesterday in Spokeo, Inc. v. Robins that a plaintiff must show an injury in fact before pursuing a...more

Supreme Court Rules Exception to Bankruptcy Discharge for Fraud Claims Extends to Fraudulent Transfer Liability

In a decision rendered on May 16, 2016, in the case of Husky International Electronics, Inc. v. Ritz, the U.S. Supreme Court ruled that the exception to bankruptcy discharge for debts incurred through actual fraud applies to...more

Supreme Court Decides Husky International Electronics, Inc. v. Ritz

On May 16, 2016, the U.S. Supreme Court decided Husky International Electronics, Inc. v. Ritz (No. 15-145), holding that the term “actual fraud” in § 523(a)(2)(A) of the Bankruptcy Code (one of the discharge exceptions)...more

10 Takeaways from Deputy Attorney General Sally Q. Yates’ Remarks at the 2016 New York City Bar Association White Collar Crime...

This week, Deputy Attorney General Sally Q. Yates delivered remarks at the New York City Bar Association reflecting on the eight months since the release of the “Yates Memo,” or as Deputy AG Yates prefers, the “Individual...more

Supreme Court Decision Establishes New Law Concerning The Rights Of Trustees In Rhode Island

In a case of first impression, the Rhode Island Supreme Court recognized a statutory right for trustees to recover their attorneys’ fees when a trust beneficiary refuses, without any basis, to release the trustee of his or...more

New Guidance on Bad Boy Guarantees

The IRS Office of Chief Counsel recently released a memorandum (#AM2016-001) addressing the proper tax treatment of nonrecourse carve-outs (or bad boy guarantees) in the partnership context. According to the memorandum, such...more

Eighth Circuit Holds Insureds’ Miller-Shugart Agreement Breached Policy’s Cooperation Clause

In its recent decision in American Family Mut. Ins. Co. v. Donaldson, 2016 U.S. App. LEXIS 7499 (8th Cir. Apr. 26, 2016), the United States Court of Appeals for the Eighth Circuit, applying Minnesota law, had occasion to...more

Sloppy Claims Handling Exposes Insurer to Bad Faith Claims

A Geico insured, with a $10,000/$20,000 liability policy, was involved in a three-car collision resulting in the death and serious injury of two occupants in one of the vehicles. The insured reported the accident to Geico the...more

DOJ’s New FCPA “Pilot Program” Targets Corporate Officers and Other Individuals

For years, FCPA observers have predicted that the Department of Justice (“DOJ”) will increase its prosecutions of corporate officers and employees for FCPA violations. These predictions have so far proven disputable, as the...more

New Fiduciary Rule & Its Impact on Retirement Advice for Plan Sponsors

After much controversy and criticism, the Department of Labor (DOL) issued a final conflict of interest rule on April 6th (the “Final Rule”) which expands the definition of a fiduciary for an “employee benefit plan,” as...more

Termination of a Commercial Lease May be an “Avoidable Transfer” in Bankruptcy, holds Seventh Circuit

In March 2016, the U.S. Court of Appeals for the Seventh Circuit ruled that a landlord may be liable to a debtor’s bankruptcy estate for the value of a lease the debtor terminated early, holding the termination may be an...more

DLA Piper's 2016 Compliance & Risk Report: What CCOs need to know

With federal agencies turning up the heat and investigative and enforcement activities on the rise, 81 percent of compliance officers are increasingly apprehensive about their personal liability in situations of corporate...more

Homeowners' Associations Could Face Liability for Bear Attacks

It is sometimes said that law is what separates humans from wild animals. While humans have been developing laws since the Code of Hammurabi, they have also been developing land, so much so that both commercial and...more

Employment Law Developments for Manufacturers:  Predictably Unpredictable!

Manufacturers should take note of two recent developments in the human resources world. One expected. The other not. Frequent readers of this blog may recall that in January I predicted the United States Department of...more

Second Circuit Holds HR Professionals Can Be Liable as ‘Employers’ Under FMLA

The Second Circuit Court of Appeals has recently held that a human resources manager could be held liable as an employer under the Family and Medical Leave Act (FMLA). In issuing its decision in Graziadio v. Culinary...more

New York Appeals Court Imposes Individual Employee Liability for Interfering with FMLA Leave and Retaliation

On March 17, 2016, the federal Court of Appeals in New York held for the first time as Second Circuit law that a human resources director and other managers can be liable for personally violating another employee’s rights...more

DOJ Launches FCPA Pilot Program to Promote Company Self-Reporting

In a speech delivered last Wednesday by Assistant Attorney General Leslie Caldwell, the Justice Department’s (“DOJ”) Criminal Division announced the launch of a new Foreign Corrupt Practices Act (“FCPA”) “pilot program” that...more

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