Miami Director & Officer Liability Attorney
Corporate directors and officers play a very important role in Florida businesses, applying their knowledge, guidance, skills, talent, and other critical qualities to steer the company in a positive direction. The Florida Business Corporation Act sets out the general standards for these key executives, requiring them to act in good faith and in the best interests of the company. Therefore, when directors and officers make decisions or do business in a way that violates these requirements, they can be held accountable for resulting losses.
Our team at Alhalel Law has extensive knowledge of the laws covering the duties of officers and directors, as well as the legal concepts that apply when these executives are accused of breach. Whether you want to know your options or need to defend allegations of misconduct, we are prepared to diligently represent your interests. Please contact us to set up a consultation with a Miami director & officer liability attorney, and check out a summary of Florida law.
Liability of Certain Corporate Executives
The duties of directors and officers are dual in nature: They are required to serve the organization and stakeholders in accordance with the concepts of good faith and due care that a reasonably prudent person in their position would exercise. They must also act based upon their beliefs in what is the best interests of the company and place the company’s interests above their own.
Directors and officers may be liable for breaching their legal duties in connection with:
- Breaches of fiduciary duty, such through self-dealing and conflicts of interest;
- Embezzlement, co-mingling, and fraud;
- Theft and/or misappropriation of trade secrets, trademarks, copyright, confidential information, and other intellectual property;
- Employment matters, including employment contracts, discrimination issues, and wrongful termination;
- Compliance with regulations covering environment, securities, licensing, and related issues; and
- Mergers, acquisitions, and other business transactions.
Remedies for Director and Officers Misconduct
When a breach of duty or other wrongdoing causes losses to the company and its stakeholders, by extension, it is possible for the aggrieved party to seek compensation. Because of the relationship between a corporation, LLC, or related entity and its shareholders, the legal remedy in such a case is often a derivative lawsuit: The stakeholders bring a suit against the directors and officers on behalf of the company, since these executives are already engaged in misconduct and are not likely to take corrective action themselves.
Our Miami director and officer liability lawyers at Alhalel Law are knowledgeable about derivative lawsuits, as well as how D&O insurance may impact the legal process for recovering compensation. Because there may be a policy that protects the company, you may need to file an insurance claim for monetary damages.
Consult with a Miami Director and Officer Liability Attorney Today
As you can see, cases involving liability and misconduct of corporate executives are very complex. Because you have important interests to protect, it is wise to trust our team at Alhalel Law for legal help. For additional details, please call 305.563.9060 or visit our website to schedule a case assessment with a Miami director and officer liability lawyer.