The corporate director and officer liability team at Tiffany & Bosco is comprised of veteran corporate and business attorneys who are available to represent directors, officers, closely held corporations and public companies. The team is available to advise corporate directors and officers on their legal duties as well as to advise corporations on any breach of those duties and the subsequent damages.
Each attorney is highly experienced in handling arbitration and litigation involving a breach of fiduciary duties and pursuing the best possible outcome under the circumstances.
Directors and officers of corporations have specific legal duties they must uphold. Each director is a fiduciary and is responsible for acting in the best interests of the corporation at all times. Directors must remain informed, act loyally and avoid conflicts of interest. They must put the corporation and shareholders’ needs ahead of their own personal gain.
Similarly, corporate officers owe fiduciary duties to the corporation and its shareholders. Officers must perform their tasks in good faith and act in such a way they reasonably believe is best for the business.
When a director or officer acts within their duties and in the best interests of the corporation, that director or officer is not personally liable for the results of that act. Only when a director or officer breaches their fiduciary duty or violates a federal or state law can they be held liable to the corporation for any financial, reputational or other injuries.
In many cases, whether a director or officer violated an aspect of their fiduciary duty is not clear cut. Shareholders, other corporate officers, or other members of the board of directors may believe an officer or director violated a legal duty or law, leading to a contentious and costly dispute.
Tiffany & Bosco’s corporate director and officer liability team has substantial expertise in handling allegations of a breach of fiduciary duties. We provide advice and counsel to avoid litigation and mitigate the consequences of such disputes, and we are available to represent directors or officers in litigation or arbitration.
A breach of duty by a director or officer is a serious issue — one that could result in significant financial or reputational damage to a corporation. A legal dispute in regard to that breach could result in a director or officer being liable for the corporation’s damages. This can be extremely costly for a director or officer, which is why it is essential that professionals holding a fiduciary duty are protected by directors’ and officers’ liability insurance (D&O insurance).
A D&O insurance policy will typically cover defense costs for the policyholder and will pay out to the directors, officers, or corporation for losses suffered due to a director’s or officer’s wrongful act. However, D&O insurance does not cover intentional illegal conduct.
Our firm has substantial expertise in providing advice and counsel to avoid or minimize a dispute, and representing directors and officers in litigation and arbitration. Whether a corporation is small and closely held or a public company, our attorneys can provide representation for the directors, officers, or the corporation regarding the difficult questions concerning duties, any breach of those duties, defenses, and appropriate relief.
If you have questions about a case involving corporate director and officer liability or are seeking representation, contact us today. Call 602-255-6000 for immediate assistance.