Publication
UK Carbon Border Adjustment Mechanism: how will it work?
In February, we reported on the Department of Energy Security and Net Zero’s confirmation that a UK Carbon Border Adjustment Mechanism (CBAM) would be bought into force by 2027
United States | Publication | October 2022
The corporate opportunity doctrine precludes fiduciaries from “divert[ing] and exploit[ing] for their own benefit any opportunity that should be deemed an asset of the corporation.” O’Mahony v. Whiston, No. 652621/2014, 2019 WL 4899030, at *6 (N.Y. Co. Oct. 4, 2019) (citing Alexander & Alexander of N.Y., Inc. v. Fritzen, 147 A.D.2d 241, 246 (1st Dep’t 1989)).
The doctrine is premised on the notion that a corporate officer or director may not personally profit at the expense of the corporation. See Troffa v. Troffa, No. 6095102016, 2022 WL 3140457, at *6 (Suffolk Co. Aug. 2, 2022). When a fiduciary usurps or diverts a corporate opportunity, “he may be held accountable for the fruits of his wrongdoing.” Sheiffer v. Petry Holding, No. 601792/2004, 2005 WL 6578258 (N.Y. Co. 2005).
New York courts generally use two non-exclusive tests to determine whether the opportunity at issue was a corporate opportunity: (1) the tangible expectancy test and (2) the line of business test. While these tests help assess what constitutes a “corporate opportunity,” some courts take a more general approach assessing all relevant factors.
Read the full New York Law Journal article, "Usurpation of corporate opportunities."
Publication
In February, we reported on the Department of Energy Security and Net Zero’s confirmation that a UK Carbon Border Adjustment Mechanism (CBAM) would be bought into force by 2027
Publication
International financial markets have started to show significant interest in nature and biodiversity. Whilst climate change and greenhouse gas emissions have made the headlines in recent years, there has been much less focus on their equally important counterparts, nature and biodiversity. However, that has started to change.
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