Philadelphia and Wilmington partner Andy Kassner and associate Joe Argentina published an article in The Legal Intelligencer titled, “Fiduciary Duties of Bankrupt Nursing Home’s Officers, Directors.”
The article discusses the Third Circuit Court of Appeals case, Official Committee of Unsecured Creditors on Behalf of the Estate of Lemington Home for the Aged v. Baldwin, et al.
In the article, Andy and Joe revisit the Lemington case, which they first reported on four years ago. The issues include how directors’ and officers’ fiduciary duties are examined as a corporation approaches financial distress, whether the doctrine of “deepening insolvency” is recognized in Pennsylvania (spoiler: it is), and whether and under what circumstances officers and directors might face punitive damage awards.
To read the full article, click here.