A recent trade secret case from New York highlights the importance of how damages are calculated and emphasizes the need to conform those damages calculations to the applicable standards in your jurisdiction.
In Syntel...more
In November 2012, the Department of Justice (DOJ) and Securities and Exchange Commission (SEC) issued A Resource Guide to the U.S. Foreign Corrupt Practices Act (the Resource Guide), intended to give companies and...more
When there is a potential legal claim involving a trust, the trustee must act. A trustee has the duty to evaluate affirmative claims of the trust and to pursue those claims when enforcement would benefit the trust. A trustee...more
The duty of record keeping and identification of trust property requires that a trustee maintain the material information necessary to protect the beneficiaries’ interests. Not only is maintaining the records its own duty,...more
The duty of control, protection and delivery seems straightforward enough. It requires a trustee to “take reasonable steps” to collect the trust property, safely hold it and distribute it as required by the trust instrument....more
Prudent administration of a trust requires the trustee to exercise reasonable care. Most significantly, the trustee must follow the Prudent Investor Act. It generally requires the trustee to evaluate the merits of any...more
When a trust has multiple beneficiaries, the trustee must treat all of them fairly. This is easier when all the beneficiaries are in the same class. It becomes more difficult when dealing with income and remainder...more
The most important duty a trustee has is that of loyalty. The courts are particularly sensitive to this duty, and for good reason—the trust was created for the benefit of the beneficiaries. The duty of loyalty requires that a...more