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Fiduciary Duty › Corporate Counsel › Bankruptcy Court

Warner Norcross + Judd

Key Update on WARN Act: Bankruptcy Court Limits Employer Liability in Mass Layoffs

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The Federal Worker Adjustment Retraining Notification (WARN) Act requires employers to give workers 60 days’ written notice of a plant closing or mass termination. In the latest update to an important case interpreting the...more

Falcon Rappaport & Berkman LLP

WARN Update: Delaware Bankruptcy Court Issues Decision Analyzing the Application of the WARN Act in Chapter 11

Falcon Rappaport & Berkman LLP on

The Worker Adjustment Retraining Notification Act (“WARN Act”), as well as certain state statutes, require employers to provide employees with advance notice of a plant closing or a mass layoff. A company’s failure to provide...more

Mintz - Bankruptcy & Restructuring Viewpoints

Delaware Bankruptcy Court Grants Derivative Standing to Creditors’ Committee to Sue Members and Officers of Delaware LLC

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In early February, a Delaware bankruptcy judge set new precedent by granting a creditors’ committee derivative standing to pursue breach of fiduciary duty claims against a Delaware LLC’s members and officers. At least three...more

Proskauer Rose LLP

Suing Directors of a Troubled Business: When Form Trumps Substance

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Creditors of distressed businesses are often frustrated by shareholder-controlled boards when directors pursue strategies that appear to be designed to benefit shareholders at the creditors’ expense. In these circumstances,...more

Dorsey & Whitney LLP

Bankruptcy Court Opinion Clarifies California Law on Duties of Directors & Officers Upon Insolvency

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It is not unusual in the lifecycle of a start-up for the company to hit road blocks and have cash flow issues. During these times, the board and its members will ask the company’s professionals what their fiduciary duties are...more

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