News & Analysis as of

Fiduciary Duty Corporate Officers Commercial Bankruptcy

Bradley Arant Boult Cummings LLP

Using Construction Lien Law to Pierce the Corporate Veil: Court Upholds Breach of Fiduciary Duty Claims Against Officers of...

The corporate veil is a fundamental concept of American jurisprudence that generally shields owners and officers from the lability of the corporation. Unless the corporate veil is pierced or otherwise avoided, owners and...more

Allen Matkins

Is There No Protection For The Innocent When A Corporation Transfers Its All To Secured Creditors?

Allen Matkins on

Last Friday, this space addressed itself to Vice Chancellor J. Travis Laster's ruling in  Stream TV Networks v. SeeCubic, C.A. No. 2020-0310-JTL (Dec. 8, 2020).   He concluded that stockholder approval was not required when...more

Sheppard Mullin Richter & Hampton LLP

Nota Bene Episode 94: Mapping COVID-19’s Impact on American Bankruptcy and Restructuring with Edward Tillinghast

Multinational boards are facing a major dilemma in response to COVID and its impact on their business forecasting. Many companies are facing insolvency and are left to decide how to approach bankruptcy proceedings. We’re...more

Rivkin Radler LLP

New York Insurance Coverage Law Update

Rivkin Radler LLP on

United States District Court Orders Insured To Produce Certain Pre-Litigation Documents But Not Others Deemed Work Product 99 Wall sued Allied World seeking coverage under a property policy for water losses at 99 Wall’s...more

Dorsey & Whitney LLP

The Supreme Court - January 14, 2020

Dorsey & Whitney LLP on

Today, the Supreme Court of the United States issued two opinions: Ritzen Group, Inc. v. Jackson Masonry, LLC, No. 18-938: After petitioner Ritzen Group brought a breach of contract claim against respondent Jackson Masonry...more

Pillsbury Winthrop Shaw Pittman LLP

Officers’ Duty to Obey Board of Directors’ Instructions Overrides Duty to Provide Information

Citing duty to obey the board’s lawful instructions, the Seventh Circuit rejects breach of fiduciary duty claims under Indiana law against bankrupt bank holding company’s former officers. Corporate officers of a distressed...more

Patterson Belknap Webb & Tyler LLP

Third Circuit Enforces Plan Releases Against Later-Purchasing Shareholders Bringing Claims Concerning Post-Confirmation Conduct

Bankruptcy plans often include provisions releasing debtors and their officers and directors from certain potential liability. In Zardinovsky v. Arctic Glacier Income Fund, No. 17-2522 (3d Cir. Aug. 20, 2018), the United...more

Herbert Smith Freehills Kramer

Fifth Circuit Affirms Dismissal of Claims Relating to Pre-Petition Payments to D&O’s

The Fifth Circuit, in In the Matter of: ATP Oil & Gas Corp. (Tow v. Bulmahn, et. al.), dismissed breach of fiduciary duty claims and fraudulent transfer claims brought by a chapter 7 trustee relating to cash bonuses and...more

Mintz - Bankruptcy & Restructuring Viewpoints

Exculpatory Provisions Under Delaware Law: Say What You Mean And Mean What You Say

Exculpation provisions in operating agreements must be carefully crafted in order to protect members, managers, directors and officers for breaches of fiduciary duties...more

McCarter & English, LLP

Delaware Law Updates - 2016 Year in Review

Our Delaware Corporate and Alternative Entity Law attorneys closely followed the opinions coming from Delaware’s Supreme Court and Court of Chancery. Our 2016 Year in Review is a collection of brief summaries of selected...more

Dorsey & Whitney LLP

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

Dorsey & Whitney LLP on

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

Mintz - Employment, Labor & Benefits...

A WARNing to Directors and Officers — Failure to give proper WARN Act notice may breach your fiduciary duty

At first glance, Stanziale v. MILK072011, looks like someone suing over a bad expiration date and conjures up images of Ron Burgundy proclaiming “milk was a bad choice.” But in actuality Stanziale is much more interesting: it...more

Carlton Fields

Florida District Court Affirms Bankruptcy Court Bar Order In Favor Of Former Ds & Os

Carlton Fields on

On September 24, Southern District of Florida District Court Judge James I. Cohn issued an opinion affirming an order approving the settlement of a debtor’s breach of fiduciary duty, corporate waste, and mismanagement claims...more

BakerHostetler

The ABI Commission on Business Bankruptcy Reform: Director and Officer Fiduciary Duties and Lender Liability

BakerHostetler on

Will Congress Finally Act? This is the third in a series of Alerts regarding the proposals made by the American Bankruptcy Institute’s Commission to Reform Chapter 11 Business Bankruptcies. It covers the Commission’s...more

Davis Wright Tremaine LLP

Directors of Nonprofit Held Financially Liable for Relying on Incompetent Officers and Lack of Oversight

In a striking decision earlier this year, the 3rd Circuit Court of Appeals affirmed a jury’s findings of liability for breach of fiduciary duties and ‘deepening insolvency,’ and the award of $2.25 million in compensatory...more

Bilzin Sumberg

$2.8 Million First NLC Settlement

Bilzin Sumberg on

Fall-out from the subprime and Alt-A mortgage crisis continued recently with court approval of a multi-million dollar settlement of a lawsuit filed against former top officers of what had been one of the country’s leading...more

16 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide