Liability for loss of customer or employee data is not typically covered under a corporate insurance policy.
So, if the fraud were undetectable, is the manager free of liability for the loss of client funds?
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Ask yourself: What trustee would want to be in the position of having agreed to a limitation of liability once a major financial loss attributable to the consultant has been discovered?
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He is an expert source on issues of internet safety and the associated organizational threats of data loss, data theft, security breaches, productivity loss, and human resource liability.
Without a causal link between the failure to investigate and the loss, is there no manager liability?
FORBES: Money Manager Use of Tainted Wall Street Research (Oct 1, 2002 )
With few exceptions, current and former partners, especially retired partners, are reluctant to speak out about the loss of professionalism and the legal liability their former firms are facing.
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It will be better for the US to realise that the principle of compensation is inevitable - and negotiate a limit on Loss and Damage rather than leave the liability unlimited.
David Smith, Deputy Commissioner in the Information Commissioner's Office, said the latest loss showed that personal information could be a "toxic liability" if not handled properly.
For example, until a new tax law was put into place last December, the loss on a foreclosed home wasn't exempt from tax liability.
However, by combining the credits with book value depreciation of the property meant that corporations could receive the double-dip Congress had explicitly argued against individual receiving: with the passive loss provision still in place for corporations, the opportunity existed to take the tax liability and turn it into an investment for corporations.
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The consequence of allowing individuals with no injury to be plaintiffs, and to sue for damages set by statute and not tied to any actual loss, is to allow the aggregation of large numbers of claims, giving rise to vast potential liability and undermining the just adjudication of claims.
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