News & Analysis as of

Corporate Officers Professional Liability

Allen Matkins

Officer Exculpation Is Old News And Automatic In This State

Allen Matkins on

Delaware's decision last summer to amend Section 102(b)(7) to permit the exculpation of certain officers for direct (but not derivative) stockholder suits for monetary damages for breach of fiduciary duty is attracting a...more

Allen Matkins

Delaware Now Authorizes Exculpation Of Officers, But On What Basis?

Allen Matkins on

Effective August 1, 2022, Delaware amended Section 102(b)(7) of its General Corporation Law to allow a Delaware corporation to include in its certificate of incorporation a provision exculpating certain of its officers. ...more

Allen Matkins

Is Alter Ego Coming To A City Or Town Near You?

Allen Matkins on

Historically, the alter ego doctrine has been applied to hold a shareholder or shareholders liable for the claims made against the corporation.  In general, two requirements must be met for the doctrine to be applied.  First,...more

BCLP

2016 Georgia Corporate and Business Organization Case Law Developments

BCLP on

The annual survey of decisions by state and federal courts in 2016 addressing Georgia corporate and business organization issues is now available. This survey covers the legal principles governing Georgia businesses,...more

Bryan Cave Leighton Paisner

2015 Georgia Corporation and Business Organization Case Law Developments

This survey covers the legal principles governing Georgia businesses, their management and ownership. It catalogs decisions ruling on issues of corporate, limited liability company and partnership law, as well as transactions...more

Bilzin Sumberg

Homebuilder Series Webinar: Fiduciary Duties & Auditor Liability

Bilzin Sumberg on

Watch an in-depth Homebuilder Series webinar that discusses auditor liability and fiduciary duties. Two issues of recurring interest to company officers and directors are the potential liabilities of outside...more

Mintz - Privacy & Cybersecurity Viewpoints

Court Dismisses Shareholder Derivative Action Targeting Directors and Officers for Data Breaches

A federal district court in New Jersey has dismissed with prejudice a shareholder derivative suit, Palkon v. Holmes, No. 14-CV-01234 (SRC) (D.N.J.), that tried to blame the directors and officers at hospitality company...more

Holland & Knight LLP

Ninth Circuit Holds That "Tag Jurisdiction" Does Not Apply to Corporations - The Court's Decision Limits Personal Jurisdiction...

Holland & Knight LLP on

Following closely on the heels of the U.S. Supreme Court's landmark personal jurisdiction decision in Daimler AG v. Bauman, the U.S. Court of Appeals for the Ninth Circuit has issued a decision that further reinforces the...more

Goodwin

SEC Charges Officers, Directors, Stockholders and Companies for Failure to Timely File Reports Under Sections 13 and 16 of the...

Goodwin on

The director of the SEC’s Division of Enforcement, Andrew Ceresney, said that using quantitative analytics the SEC has identified various individuals and companies with especially high rates of filing deficiencies and...more

Bracewell LLP

Delaware Court Clarifies Director and Officer Liability in M&A Transactions

Bracewell LLP on

In Chen v. Howard-Anderson, 87 A.3d 648 (Del. Ch. 2014), the Delaware Court of Chancery (Laster, V.C.) held that directors and officers can be held liable for their participation in a change-of-control transaction if their...more

Dorsey & Whitney LLP

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

Dorsey & Whitney LLP on

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

McAfee & Taft

Concurrent ‘Alter-Ego’ Claims: Oklahoma Leads the Nation in Extending Protection to Shareholders, Officers and Directors

McAfee & Taft on

During the past several years, practitioners have devoted significant attention to the fate of the Oklahoma Legislature’s efforts at, and the Oklahoma Supreme Court’s response to, legislative tort reform. However, few noticed...more

Dorsey & Whitney LLP

SEC Names Company, Eight Directors and Officers In Financial Fraud Actions

Dorsey & Whitney LLP on

Since the market crisis enforcement officials have heard repeated calls to prosecute not just companies but high ranking corporate officials. While the Commission brought a series of market crisis actions against firms and...more

Eversheds Sutherland (US) LLP

Eleventh Circuit Rejects Extension of the “No Duty” Rule and Allows D&Os to Pursue State-Law Defenses Based on FDIC Conduct

In a decision announced at the end of 2013 in the case of FDIC v. Steven Skow, et al., the U.S. Court of Appeals for the Eleventh Circuit rejected an argument proposed by the Federal Deposit Insurance Corporation (FDIC) that...more

Katten Muchin Rosenman LLP

Eleventh Circuit Upholds Directors’ Affirmative Defenses Based on FDIC’s Post-Receivership Conduct

The US Court of Appeals for the Eleventh Circuit recently issued the first appellate decision holding that, in actions brought by the Federal Deposit Insurance Corporation (FDIC), the officers and directors of failed banking...more

Polsinelli

Regulators’ New Focus On Director And Officer Liability Insurance; Other Considerations

Polsinelli on

The Federal Deposit Insurance Corporation (the “FDIC”) issued an advisory statement on October 10, 2013, titled “Director and Officer Liability Insurance – Policies, Exclusions, and Indemnification for Civil Money Penalties.”...more

Smith Anderson

North Carolina Business Court Holds that Shareholders Cannot Directly Sue Officers and Directors in Merger Challenge

Smith Anderson on

A recent decision by the North Carolina Business Court potentially makes it more difficult for shareholders to challenge mergers and acquisitions in North Carolina. The Court held that an action against a company’s officers...more

Bradley Arant Boult Cummings LLP

FDIC Bars Financial Institutions from Purchasing Insurance Coverage for Civil Monetary Penalties for Directors and Officers: FDIC...

We recently notified you of the FDIC’s Financial Institution Letter 47-2013 , which urges directors and officers of financial institutions to examine their institutions’ directors and officers (D&O) insurance coverage to...more

Sheppard Mullin Richter & Hampton LLP

First Department Sustains Connecticut Unfair Trade Practices Act and Other Claims Against Subsidiaries and Officers of Lehman...

In Aetna Life Insurance Company v. Appalachian Asset Management Corp, et al., 2013 Slip Op 05506 (1st Dep’t July 30, 2013) the Appellate Division affirmed the April 13, 2012 decision of the New York County Supreme Court,...more

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