Wrongful Act

Wrongful Act

An accidental or deliberate violation of fiduciary responsibility by a member of a board of directors. Examples include relatively minor mistakes like misstatements to reporters that affect stock prices, as well as felonies such as theft or fraud. Wrongful acts can result in lawsuits. Directors and officers insurance protects companies from liability due to wrongful acts.
References in periodicals archive ?
In other words, the insured committed a wrongful act by not paying the workers' wages.
WAG points to item 5 in the list of wrongful acts (oral or written publication of material that slanders) and seeks coverage under its professional liability policy.
It usually takes the form of a lawsuit alleging professional negligence (malpractice) or a deliberate wrongful act. A patient claiming harm as a result of a professional's deviation from the standard of care of the profession is entitled to compensation (damages).
In a resource-deficient environment, liability for medical malpractice depends on whether there was intentional or negligent wrongful conduct by the parties concerned, or whether they were vicariously liable for the wrongful acts or omissions of others.
The articles distinguish between "injury" and "wrongful act:" "[t]he notion of a sufficient causal link which is not too remote is embodied in the general requirement in Article 31 that the injury should be in consequence of the wrongful act." (30) Thus, an injury is distinct from the wrongful act, and the obligation of a State to make reparation in accordance with Article 31 depends on the existence of material or moral damage.
The words "wrongful act" and "business services" are defined in Part I--Covered.
This Policy shall pay the Loss of each and every Director or Officer of the Company arising from any Claim first made against the Directors or Officers during the Policy Period or the Extended Reporting Period (if applicable) for any actual or alleged Wrongful Act, except and to the extent that the Company has indemnified the Directors or Officers.
The initiative--supported by hospitals, drug companies, and the insurance industry--would have established a $350,000 cap on noneconomic damages for injuries caused by a health care professional's wrongful act or omission.
Your new policy's inception date is January 1, 2006, and an otherwise covered claim is made on March 1, 2006, alleging a wrongful act that occurred on December 31, 2005.
'The conclusion has been reached that whatever suspicion there may be it would not be appropriate to seek to persuade a jury to the standard of proof that would be necessary in this prosecution, namely the criminal standard of proof, that any wrongful act had been committed,' he said.
6 from the Pakistani government, which asserted, through a senior official in its nuclear programme, that "Pakistan should not be blamed for any individual's wrongful act".