2007 Issue 1 - New York City Bar Association

R E C E N T C O M M I T T E E R E P O R T S
have ultimate authority over the hiring and supervision of both in-house
and outside lawyers. The report also argues that New York should amend
its ethical rules for lawyers to permit them to disclose to regulatory authorities
criminal or fraudulent conduct by a client company’s management
utilizing the lawyer’s services, as well as clearly illegal conduct. However,
such a permissive right to disclose would be recognized only as a last
resort, and the report opposes imposing a mandatory duty to report client
wrongdoing.
Employee Benefits
“Employer Stock Litigation: The Tension Between ERISA Fiduciary Obligations
and Employee Stock Ownership,” a report. The recent litigation
involving employer stock held in Eligible Individual Account Plans (EIAP)
raises numerous issues for courts, plan sponsors, plan fiduciaries and
anyone with a personal or professional interest in U.S. employee benefits
policy. These issues include: should the holding of employer stock
in employee benefit plans be subject to the same fiduciary standards as
other plan investments, to the standards set forth in the securities laws,
or to some other standards And does, or should, ERISA impose any
special duty on a plan fiduciary who obtains non-public information
about a company’s prospects in his or her role as a corporate officer
The report examines these issues and others, and offers for consideration
suggestions and recommendations that are based on experience
in this field.
Energy
Report: Electric Regulation in the State of New York, looks at a number of
issues pertinent to the regulation of the electric industry in New York. The
report concludes that the State’s most significant energy issue is the encouragement
of construction of new generating capacity in New York State
where it is needed and that new generating capacity is needed to address
reliability issues and the market conditions in southeast New York over
the next few years. In addition the report recommends that the State reinstate
some form of energy planning.
Environmental Law
Letter to the New York Department of Environmental Conservation regarding
proposed changes by the New York State Department of Environmental
Conservation (“DEC”) to its air permit regulations at 6 NYCRR
Parts 200, 201 and 231. The letter expresses support for the DEC’s decision
T H E R E C O R D
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