Representing Organizations Flashcards
1
Q
When representing an organization, Does the attorney also have a duty to the people in the org?
A
No
2
Q
What if lawyer learns of a persons actions that will affect or be imputed upon the org?
A
Lawyer must protect interest of the org and report to a higher authority
3
Q
What can lawyer do if highest authority of org fails to act on clear violation of law that will substantially injure the org?
A
Resign or decline rep
4
Q
Do securities lawyers have a duty to report illegal conduct and to whom?
A
Yes it is mandatory. Reporting up to CEO, chief legal officer, or next highest authority
5
Q
What if a securities lawyer reports up to highest authorities and nothing is done?
A
Lawyer may disclose the matter to the SEC to prevent substantial injury to org and investors
