News & Analysis as of

Personal Liability

Chris Lazarini Comments on Qualifiers of Control Person Liability under Exchange Act §20(a)

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini commented on a case involving alleged violations of federal and state securities laws and state common law in an alleged scheme to defraud customers and investors in several...more

Massachusetts High Court Rules that Investors and Board Members are not Personally Liable for Unpaid Wages Under State Law

by Littler on

The Massachusetts Supreme Judicial Court recently held that individuals acting as board members and investors cannot be held personally liable under the Massachusetts Payment of Wages Law, M.G.L. c. 149, § 148, for a...more

No Individual Liability for Board Members and Investors Under MA Wage Act

by Burns & Levinson LLP on

As I have written before, the Massachusetts Weekly Payment of Wages Act obligates employers to pay all earned wages to employees in a timely fashion. The Wage Act also specifies that the “president and treasurer of a...more

Company Investors And Board Members Off The Hook For Unpaid Wages In Massachusetts

by Seyfarth Shaw LLP on

Seyfarth Synopsis: In an important decision, the Massachusetts Supreme Judicial Court clarified the scope of personal liability for unpaid wages under the Massachusetts Wage Act. The SJC held that board members and directors...more

Massachusetts SJC Limits Wage Act Liability for Board Members and Investors

by Foley Hoag LLP on

In an otherwise quiet week in the world of employment law, the Massachusetts Supreme Judicial Court (SJC) issued an important decision limiting the scope of personal liability under the Massachusetts Wage Act. In Andrew Segal...more

Risky Business: Protecting the Assets of Directors

by Pepper Hamilton LLP on

Directors and officers are exposed to potential liability from suits by the company, shareholders, and debt holders, among others. There are, however, a number of protections available to protect the assets of directors and...more

Navigating the Safe Harbour – To Disclose or not to Disclose?

by K&L Gates LLP on

The Safe Harbour reforms that became law on 19 September 2017 aim to create a better environment for the effective corporate rescue of distressed companies. By removing the perceived fear of insolvent trading from directors...more

I Get Knocked Down, But I Get Up Again

by K&L Gates LLP on

Australia has long been known for its “have a go” attitude and it appears that this sentiment has been behind major reform in Australia’s restructuring and insolvency laws over the past year. Originally published in INSOL...more

Eliminating Fiduciary Duties in a Closely Held Business

by Burns & Levinson LLP on

Longstanding Massachusetts law holds that officers, directors, partners, and even equity holders in closely held corporations owe their respective entities and related equity holders a fiduciary duty to act with the utmost...more

DOJ Announces Revised FCPA Corporate Enforcement Policy

In a speech yesterday at the 34th International Conference on the Foreign Corrupt Practices Act, U.S. Deputy Attorney General Rod Rosenstein announced the Department of Justice’s (DOJ) revised Foreign Corrupt Practices Act...more

Serving as a trustee: What is the job description?

by Thompson Coburn LLP on

You may have had conversations with family members about whether you would be willing to serve as a trustee of a trust for the children of a family member, particularly in the event that both parents should die while the...more

First Department of New York Loosens the Standard for “Piercing the Corporate Veil”

One of the general and principal benefits of incorporating a business entity is limited liability; the owners of a corporation are not liable for the corporation’s actions or debts. There are, however, exceptions. One of the...more

Corporate Actors Held Individually Accountable in Recent False Claims Act Settlement

The Department of Justice (“DOJ”) has sent a clear message that individuals cannot hide behind the corporate shield in its recent settlement with Med-Fast Pharmacy, Inc. and the charges brought against its associated...more

Individual Accountability for PE Executives Continues to Increase Under Legal and Regulatory Changes

by Latham & Watkins LLP on

Corporate accountability has been a key focus for UK legislators and regulators since the credit crisis, as authorities have taken action against corporate failings. In our view, this focus is evolving to emphasise individual...more

Q&A with Jake Krattiger

by GableGotwals on

Q: Does joining a corporate board impose any personal liability on board members? A: Joining a board doesn’t impose any personal liability on an individual per se, but improper actions taken while serving on a board can...more

Employment Law Commentary, September 2017 - Volume 29, Issue 9: Workplace Bias And Gender Pay Equity In Silicon Valley 2017

by Morrison & Foerster LLP on

It was only a couple of years ago, on March 27, 2015, that a jury rejected Ellen Pao’s gender discrimination claims and rendered a defense verdict in favor of her former employer, a prominent Silicon Valley venture capital...more

Danger in the Neighborhood: When Kids Get Hurt at a Friend’s House

by Howard Ankin on

Property owners have a duty of care to protect people on their property, including neighborhood kids who may be visiting their friends. When kids get hurt at a friend’s house, the property owner can be held liable for...more

Veil-Piercing Under California Law – Heightened Risks for Fund Managers

We recently posted about the risks associated with veil-piercing claims and the ways in which fund managers can protect themselves from exposure to these claims. Our first post on veil-piercing focused on Delaware standards,...more

How One Attorney Leveraged Experience to Overcome Millions of Dollars in Tax Claims - Quick Take Q&A

by JD Supra Perspectives on

Q&A with Roger Cukras, partner with law firm Ingram Yuzek Gainen Carroll & Bertolotti LLP, on how he achieved great results for a client facing millions of dollars in tax claims....more

Deceptive Business Practices & The FTC Act

by Revision Legal on

Businesses that engage in deceptive and unfair internet practices are subject to injunctions and large monetary damage awards under the Federal Trade Commission Act (“FTC Act”). Just as importantly, the owners and principals...more

Veil Piercing/Alter Ego Determinations – How Fund Managers Can Protect Themselves

A veil piercing claim can be a worst-case scenario for a private fund manager dealing with a struggling portfolio company investment – the company fails, and ensuing legal claims are brought not only against the portfolio...more

SFC Obtains Disqualification and Court Orders Against Hanergy’s Former Chairman and Current Directors

by Latham & Watkins LLP on

The Court of First Instance’s decision has important implications for directors of listed companies when failing to act in the best interests of the company. Background - On July 15, 2015, the Securities and Futures...more

The Devil's Dictionary of Bankruptcy Terms: Order for Relief

by Polsinelli on

The "Devil's Dictionary" is a quick-reference guide for commercial lenders and other restructuring professionals. In this series, we highlight many of the buzz words found in the Dictionary and used in today's bankruptcy...more

Single Purpose Limited Liability Companies for Liability Protection: A Word of Caution

by Williams Mullen on

It has become a fairly common practice among commercial and investment real estate owners to hold title to their various parcels in single purpose entities (“SPE’s”), most commonly limited liability companies (“LLC’s”). Many...more

Blind Spots Remain as SELF DRIVE Act Passes House

by Jones Day on

The first federal bill on autonomous vehicle technology passed the full U.S. House of Representatives unanimously on September 6, 2017. The bill addresses important privacy, preemption, exemptions, testing, safety standards,...more

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