Supervisors Not Liable For Brokers' Bad Realty Deals: Court

Law360, New York (June 19, 2012, 5:54 PM EDT) -- Supervisors at corporate real estate brokerages can't be held liable for their employees' bad real estate deals under California law, even though those so-called designated officers are legally required to oversee brokers' agents and salespeople, a state appeals court ruled Monday.

The published decision, which affirms a Los Angeles County Superior Court’s ruling, said that designated officers — who by law are responsible for supervision and control of a corporate broker’s employees — owe that responsibility only to the corporation and not to outside entities. The...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.