New Questions Over Corporate Officers' Legal Duties
By David Lopez, Arthur Kohn and Margot Mooney ( May 14, 2019, 12:13 PM EDT) -- In late March 2019, the Hertz Corporation and Hertz Global Holdings Inc., filed two complaints against its former CEO, chief financial officer, general counsel and a group president seeking recovery of $70 million in incentive payments and $200 million in consequential damages resulting from Hertz's 2015 decision to restate its financial statements and an ensuing U.S. Securities and Exchange Commission settlement against Hertz and federal class action lawsuit (which was dismissed). At the same time, the defendants in those actions each filed separate complaints (which have been consolidated in the Delaware Chancery Court) demanding advancement of their legal fees in the damages proceedings....
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