Comment Re: Where's the line (Score 2) 31
Itâ(TM)s not the share holderâ(TM)s being sued (the owners) itâ(TM)s the officers. The law is clear in regards to what is required by them, and that if they fail to do that, and are found to have failed to do they, they can be held responsible.
They accept this responsibility and risk for the paychecks that they get.
If they follow the rules, and lose money they are fine.
I donâ(TM)t know all the details on the charges. But limited legal liability does not apply here. I do know that. If they are guilty or not in the eyes of existing laws, thatâ(TM)s for the court to determine.
How do I know, Iâ(TM)ve worked in the banking sector on and off for 20 years, and regularly recieved training about the things that if I fail to do, or in some cases do, that I might be legally liable with fines and up to jail.
As to the Boeing example, if any of those developers were Professional Engineers, they absolutely can be legally liable. Limited liability is a good thing, but does not apply in all cases is not a protect me from negligence, when my role at the company is specifically to not be lawfully negligent.