Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
'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.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.