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The Second Circuit affirmed the District Court's finding in favor of Kodak. The court found that since Atex was incorporated in Delaware, that Delaware laws applied. The court then considered both an alter ego theory and an agency liability theory that could impute responsibility for Atex's actions to Kodak. The court also briefly discussed and ...
Use of the corporation as a façade for personal dealings (alter ego theory) Not all of these factors need to be met in order for the court to pierce the corporate veil. Further, some courts might find that one factor is so compelling in a particular case that it will find the shareholders personally liable.
Prior to this case the primary means of imposing liability on a corporation was through vicarious liability, but that applied only to employees of the company, which excluded the directors. After the Lennard case, the alter ego theory has become the most powerful method of imposing liability on a corporation.
The domination of the parent company over the subsidiary had to be complete for the parent company to be treated as liable for the debts of the subsidiary. It was needed that the subsidiary be merely the alter ego of the parent, or that the subsidiary be thinly capitalized, so as to perpetrate a fraud on the creditors. Cardozo J said the following.
Tesco Supermarkets Ltd. v Nattrass [1971] UKHL 1 is a leading decision of the House of Lords on the "directing mind" theory of corporate liability.. This is a leading case on the Trade Descriptions Act 1968 section 24(1), where Tesco relied upon the defence of the 'act or omission of another person' i.e. their store manager, to show that they had taken all reasonable precautions and all due ...
The New York judge who ordered Donald Trump to pay a nearly $500 million civil fraud judgment said Thursday he won’t step aside from the case, rebuffing concerns that the verdict was influenced ...
Musk’s post also referred to immigrants illegally in the U.S. who are accused of assaulting New York City police officers. New York Gov. Kathy Hochul, a Democrat, said the reported migrants who ...
The extent of authority is a question fact and is significantly more than the fact of an employment that gave the employee the opportunity to carry out the fraud. In Panorama Developments (Guildford) Ltd v Fidelis Furnishing Fabrics Ltd [1971] 2 QB 711, a company secretary fraudulently hired cars for his own use without the managing director ...