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'Faithless Servant' Must Surrender All Income
The Second Circuit, in a rare venture into the realm of damages resulting from a breach of the duty of loyalty, has ruled that a “faithless servant” must surrender all income, including investment opportunities, after the date the disloyal acts began. Phansalkar v. Andersen Weinroth & Co., 2003 WL 22130902 (2d Cir. 9/16/03) (Jacobs and Straub, Cir. Judges and Wood, D.J., sitting by designation).
Rohit Phansalkar was employed as a nominal partner in the merchant-banking firm of Andersen Weinroth. As such, Phansalkar was paid a salary and received options and warrants, and “carried interest” in certain of the firm's investments. Phasalkar sat on various boards as the company's representative, was awarded stocks and options, and was paid director's fees. Under company policy, all director compensation belonged to the firm and therefore Phasalkar was obligated to disclose this compensation and turn it over. He did not do this. In turn, Phansalkar alleged that Andersen Weinroth converted his interests in various deals that he worked on for them.
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