Professional Liability

News & Analysis as of

Offshore Lawyers' Liability: Recent Developments

Offshore lawyers (including international “offshore magic circle” firms, sole practitioners, high street firms, and boutique practices) are exposed to significant risks in the course of their work, particularly in the...more

Privileged Status Of Internal Investigations At Risk - Court Finds Reports From Company's Internal Investigation Are Not...

A recent ruling by the U.S. District Court for the District of Columbia puts the privileged status of internal investigations conducted by internal resources at risk.In U.S. ex rel. Harry Barko v. Halliburton Company, the...more

Compliance Matters: We interrupt our regularly scheduled programming…

While we strive to bring you the latest regulatory matters that we believe you will find important for compliance purposes, we would like to take a moment to bring you information that may be just as valuable....more

Litigation Funding in the Offshore World

Offshore litigation of claims against professionals may have entered a new era. Numerous recent decisions have blessed the use of commercial litigation funding and confirm that it should not offend rules against champerty...more

Eighth Circuit Affirms Disclaimer Based on Patient Bodily Injury Exclusion

In its recent decision in Volk v. Ace Am. Ins. Co., 2014 U.S. App. LEXIS 6570 (8th Cir. Apr. 10, 2014), the United States Court of Appeals for the Eighth Circuit, applying Minnesota law, had occasion to consider the...more

Public Entity Liability for Dangerous Conditions on Public Property

Woodland Hills personal injury attorney, Barry P. Goldberg, is cautious about suing public entities because liability is statutory and can be difficult establish. However, in the right case, with the right experts, an...more

Cartel Fines: Liability of Private Equity Funds

The European Commission has held Goldman Sachs jointly and severally liable for a cartel infringement committed by Prysmian, an Italian cable maker formerly owned by Goldman Sachs’ private equity arm. The decision is a stark...more

Georgia District Court Judge Rules that FIRREA Precludes D&O Insurer Declaratory Judgment Actions Against FDIC as Receiver and...

On March 5, 2014, Judge Richard Story in the United States District Court for the Northern District of Georgia issued an order denying Plaintiff OneBeacon Midwest Insurance Company’s (OneBeacon) Motion for Limited...more

The Teflon Fiduciary: Could Your U.S. Adviser Avoid Responsibility For Bad Advice?

Ronald Reagan was referred to years ago as “the Teflon President” because voters never seemed to hold him responsible for his administration’s missteps. A significant decision on fiduciary status has just been issued by the...more

NC Business Court Stays Arbitration Pending Ruling On Piercing The Veil Claim

The Order in Cold Springs Ventures, LLC v. Gilead Sciences, Inc., 2014 NCBC 10 is a procedural conundrum wrapped up in arbitration issues. The Plaintiffs in the Business Court are the respondents in a separate arbitration...more

Exercising Contractual Rights Can be Risky if it is for an Ulterior Purpose

As I discussed in “Be Cautions When Tempted to Leverage Another into an Agreement,” exerting leverage to force a business partner into settling a dispute could constitute deceptive or unfair acts or practices in violation of...more

‘Big Short’ Case Tests the Reach of the SEC’s Administrative Forum

On March 21, Wing Chau – a subprime CDO manager who featured prominently in Michael Lewis’s best-selling book “The Big Short” – sued the SEC, claiming that the SEC violated his constitutional rights by choosing to bring its...more

How Will The Courts Interpret This?

I recently commented on the awkwardness of Subdivisions (a) and (b) Corporations Code Section 17703.04 that seemingly are intended to establish that the members of an LLC aren’t liable qua members for the obligations of the...more

BAC CEO Pays $10 Million Plus D&O Bar To Settle NYAG Market Crisis Case

Former Bank of America CEO Kenneth Lewis agreed to pay $10 million and to be barred from serving as an officer or director of a public company for three years to settle fraud charges brought by the New York Attorney General...more

Corporate Officers Becoming Liable for Negligent Acts Is Reconsidered

In July 2013, the decision of the Court of Appeals for the Federal Circuit (CAFC) was announced in United States v. Trek Leather, Inc. and Harish Shadadpuri, Case No. 2011-1527 (July 30, 2013). Harish Shadadpuri (Shadadpuri)...more

California’s New RULLCA Provides Ample Potential For Member Liability

Recently, I wrote about Corporations Code Section 17703.04(a) which in singularly inept fashion attempts to establish the non-liability of members of a limited liability company under the California’s new Revised Uniform...more

After Arkansas Supreme Court Reverses $1.2 Billion Medicaid False Claims Verdict, Will State Attorneys General Rethink the Use of...

On March 20, 2014, the Arkansas Supreme Court reversed a $1.2 billion judgment against Johnson & Johnson and its related companies over alleged Medicaid fraud stemming from the off-label marketing of the drug Risperdal. This...more

Part 1: Local Counsel: Opportunity or Pitfall?

Occasionally, attorneys may get a call from an out-of-state attorney requesting them to serve as “local counsel” in a new lawsuit in their home town. Lead counsel explains, “Yeah, I just need you to file some papers, let me...more

Builders Beware! You Cannot Hide Behind SB 800!

In Burch v Superior Court (Premier Homes et al.) 2014 DJDAR 1991 (decided February 19, 2014) plaintiff Burch, a Pacific Palisades homeowner, sued defendants Premier Homes, the developer, and Custom Home Builders, the general...more

"Reliance by Directors: What’s a Conscientious Director to Do?"

An Issue Needing Attention - In its recent decision in In Re Rural Metro Corporation Stockholders Litigation, the Delaware Court of Chancery, in a footnote, touches on what it means for directors to be “fully...more

Who’s in Charge – Is the Board Responsible to Monitor Its Financial Advisor or Vice Versa?

In the case of In re Rural Metro Corporation Stockholders Litigation, the Court of Chancery of the State of Delaware held that the primary financial advisor retained by Rural/Metro Corporation aided and abetted the board in...more

Introduction of Class Actions in France: A Growing Threat to Professionals?

A long-awaited law - The question of the introduction of class actions has caused much turmoil in France’s legislative and political sphere over the past decades. After many years of debate, the French Senate and...more

District Court Declines To Consolidate Disputes Arising Out Of Two Reinsurance Contracts

Plaintiff Georgia Casualty & Surety Company entered into two reinsurance contracts with Defendant Excalibur Reinsurance Corporation, formerly known as PMA Capital Insurance Company. Both reinsurance contracts contained...more

Klaassen v. Allegro Dev. Corp., No. 583, 2013 (Del. Mar. 14, 2014)

In this en banc decision, the Delaware Supreme Court affirmed the Court of Chancery’s finding that a CEO’s claim asserting improper removal was equitable in nature and therefore, at most, voidable and subject to the equitable...more

Illinois Court Holds Services Performed By Sub for Parent Comes Within E&O Policy

In its recent decision in Hilco Trading LLC v. Liberty Surplus Ins. Co., 2014 Ill. App. LEXIS (Ill. 1s Mar. 17, 2014), the Appellate Court of Illinois for had occasion to consider whether appraisals and evaluations prepared...more

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