This article examines the federal government's growing use of 18 USC § 1346 to prosecute public company executives for breaching their fiduciary duties. Section 1346 is a controversial but under-examined statute making it a felony to engage in a scheme "to deprive another of the intangible right of honest services." Although enacted by Congress over twenty years ago, the Supreme Court repeatedly declined to review the statute, until now. The questions before the Supreme Court are of particular interest to public company executives and their professional advisors. Traditionally, Delaware law has governed the content and enforcement of executives' legal duties, largely protecting public company fiduciaries from civil liability. Now, with the emergence of honest services fraud as a weapon ...
Credible reports of criminal violations within a company may cause management's... as to identify all potential avenues of liability. . Reviewing Internal Documentary Evidence - This ... require criminal punishment to enforce corporate compliance. . The decision to self-report violatio...Some corporate executives may not feel comfortable waiving privilege and for...
... may be banned based on the speaker’s corporate identity. In January 2008, appellant C...Concerned about possible civil and criminal penalties for violating §441b, it sought declarat..., a speaker wishing to avoid criminal liability threats and the heavy costs of defending against F...S. 127, 137–138 (1961)). Corporate executives and employees counsel Members of Congress and Pres...
Credible reports of criminal violations within a company may cause management's... as to identify all potential avenues of liability. Reviewing Internal Documentary Evidence – This... require criminal punishment to enforce corporate compliance. The decision to self-report violatio...Some corporate executives may not feel comfortable waiving privilege and for...
...Brown, Chair White Collar Defense, Corporate and International Human Rights Compliance Group. ... two sources of potential human rights liability. Sticky Business. In virtually every nation, f... On the other hand, international criminal charges have been lodged against militia leaders i... is no bar to the trial of corporate executives for violations of international humanitarian law. ...
... for conduct that does not invoke civil liability risks disrupting the current scheme of securities ... safe harbor in criminal cases may chill corporate disclosure and may affect what information reasona... and wire fraud to prosecute corporate executives' wrongdoing when it passed the White Collar Crime ...
... like those noted above may deter corporate crimes. (8) However, because of how corporations (... to isolated confessions of individual executives or officials; . 5. Where possible, the corporation... the optimality of various corporate liability legal regimes, particularly in regards to monitori...
... assumed responsibility for tortuous liability for pure economic loss. The decision also highligh... possible embezzlement by Anstead's executives, the Swiss authorities successfully froze the acco... even if it hasn't acted dishonestly or criminally . Les Laboratoires Servier and others v Apotex Inc...BNY Corporate Trustee Services Ltd v Eurosail-UK (2011) . The Co...
In July 2008, bankruptcy courts across the US prepared themselves for a busy season. As many as 5,664 companies sought to liquidate or restructure that month alone, a 57% increase from the prior year. This Note looks behind the shield of D&O insurance and examines its treatment under the Bankruptcy Code. Part I provides an overview of the duties of directors and officers of a corporation, as well as the protections they receive under the business judgment rule and indemnification contracts. Part II explains the three different "sides" of D&O insurance policies. Part III discusses basic bankruptcy concepts including directors' and officers' duties in bankruptcy, automatic stay, and property of the estate provisions of the Code, as well as the treatment of contracts in bankruptcy....
... directors and officers from personal liability (except for criminal wrongdoing) that might arise ... [violation."23 With respect to executives in particular, the AIG policy defines a "Wrongful ...
... procedural protections to ensure that corporate defendants are treated fairly. Courts or legislatu... that blend the deterrence function of criminal law with the compensatory function of the law of t...(44) Transocean's liability stems from its operation of the Deepwater Horizon'... requested maintenance and safety, BP executives had ordered the company to 'bank the savings.' BP ...
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