My guess is that lawyers terrified of liability exposure came up with that beauty.
For example, one often overlooked liability exposure in our daily lives is driving.
Because our daily lives are filled with liability exposure, it makes sense to protect your assets from lawsuits and creditors.
The lawyer has an absolute duty to his client to warn of civil and criminal liability exposure when such exposure exists.
The pre-eminent statutory authority for civil and criminal liability exposure for failure to disclose in securities transactions is Section 10(b) of the 1934 Act and its regulatory offspring Rule 10b-5.
There are no limits on liability exposure for passengers and crew, but the industry will receive protection from claims filed by those killed and injured on the ground in New York and Virginia.
And if things do not work out and Chrysler slides into bankruptcy, Fiat has no liability exposure but would be in pole position to pick up the assets it needs to implement its North American strategy at fire-sale prices.
The point of this one, narrowly scripted example is not to analyze the liability exposure of the registration statement of the now defunct Dow Jones Islamic Portfolio Fund, but rather to illustrate how marketing an investment product as Shariah-compliant incorporates a whole set of factual predicates, many of which are material to the investment decision.
For purposes of the analysis, rather than examine any particular fact situation, and to avoid an overbroad, far-ranging analysis of the plethora of compliance issues relative to the various SCF investments and transactions, this analysis will begin instead with those specific duties and obligations that might give rise to civil and criminal liability exposure implicated in SCF.
To this point, the civil liability and criminal exposure surrounding SCF have been ignored by legal academia.
Mr. Yerushalmi's memo makes a compelling case that there is both civil liability and criminal exposure associated with SCF.
The particular duties examined are certainly not exhaustive but have been chosen because they appear to give rise to the greatest areas of civil liability and criminal exposure.
Mr. Gaffney provided each bank and fund with a legal memorandum entitled Civil Liability and Criminal Exposure for U.S. Financial Institutions and Businesses engaged in Shariah-Compliant Finance .
CENTERFORSECURITYPOLICY: The perils of Shariah-compliant finance
Given the panoply of civil liability and criminal exposure issues analyzed at various levels in this memorandum, and given the preliminary nature of any such effort of first impression, legal minds will most certainly approach the specifics of any fact pattern cautiously and differently.
Failure to conduct such due diligence might very well lead to civil liability, if not criminal exposure.
It also entails open-ended and murky exposure to legal liability, much of which stems from reporting requirements imposed by the Sarbanes-Oxley Act.
They developed country-level data by examining how much property insurance companies bought in each country and then used that to estimate their level of legal exposure, backing out the cost of liability insurance cost from that.
FORBES: Study Pins Higher U.S. Liability Costs On Lawyers, Court System
Given that in most recent big bank bailouts, non-deposit creditors have been made whole, a huge potential liability for the U.S. government on top of its exposure to deposits insured by the thinly-capitalized Federal Deposit Insurance Corp.
It recommends that policymakers consider "steps that would increase the exposure of software and system vendors and system operators to liability for system breaches" as an incentive to face up to security issues instead of ducking their costs.
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