Is an insider liable for an action brought by a third party?
MultiRegion, United States of America
The following excerpt is from Portnoy v. Memorex Corp., 667 F.2d 1281 (9th Cir. 1982):
3 There may be circumstances in which an an action by a third party will be attributed to the insider for purposes of 16(b) liability. If an insider transfers a security interest to a third party, but maintains some control over, and a profit interest in, the security, he may be held liable for a subsequent action by the third party. See Blau v. Mission Corp., 212 F.2d 77 (2d Cir.), cert. denied, 347 U.S. 1016, 74 S.Ct. 872, 98 L.Ed. 1138 (1954).
"The most advanced legal research software ever built."
The above passage should not be considered legal advice. Reliable answers to complex legal questions require comprehensive research memos. To learn more visit www.alexi.com.
Other Questions
Can someone who has been granted rights by a co-owner of a copyright have a valid defense in a copyright action brought by a third party? (MultiRegion, United States of America)
Can a defendant seek suppression of evidence obtained by the police from a third party in violation of the third party's rights? ("New York", United States of America)
What are lawyer's and expert fees to the prevailing party in cases brought under a cause of action created by other causes of action? (MultiRegion, United States of America)
What is the test for determining whether a plaintiff has been successful in obtaining an order for a third party to sue for damages from the third party? (MultiRegion, United States of America)
What is the difference between an order compelling a third party to produce information as part of a criminal investigation and a subpoena compelling that third party produce information once a criminal proceeding has commenced? ("New York", United States of America)
What is the test for establishing cause of action where a party has been spied on by a third party? ("New York", United States of America)
Can a third party enforce a contract if the contract was entered into for the express benefit of the third party? (MultiRegion, United States of America)
Can a probation officer order that a defendant must notify a third party that he poses a risk to that third party after serving his sentence? (MultiRegion, United States of America)
Can a defendant be held liable for the actions of a third party? (MultiRegion, United States of America)
Is a party seeking judicial review of an administrative action not required to "draw in question" the constitutionality of the action? (MultiRegion, United States of America)
