The New York Court of Appeals has been asked to clarify the law on when the misconduct of corporate insiders can be imputed to the corporation in suits by a bankruptcy trustee against third parties.
The U.S. Court of Appeals for the Second Circuit has sent to the state’s highest court several questions on the “adverse interest” exception to the normal rule that a trustee lacks standing to sue third parties on behalf of a debtor corporation for the misconduct of the debtor’s controlling officers and managers.
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