If you work for someone, can you be held liable?

Discussion in 'Professional Trading' started by midlifeguy, Jun 9, 2006.

  1. For an error?

    Just curious.....this came up and I honestly don't know the answer.
     
  2. You can search respondeat superior in Google. The spelling may look wrong -- it isn't.

    Good luck.
     
  3. In a nutshell:

    A company is responsible for it's employees

    and...

    A principal is responsible for its agents...

    therefore....

    If a buyer goes out and buys product from a supplier, the company or principal must pay.
     
  4. marketsurfer

    marketsurfer Vendor

    it depends who the employee is and the nature and or cause of the liability.

    many factors come into play here--was the employee acting within the scope of his employment, etc....

    even, is the employee an employee ? agency also has a multitude of sub meanings.....

    the question is way too broad to answer.

    surfer
     
  5. surf...

    then that would be a matter between the principal or the company..... and the employee.

    My example that I stated with the buyer would not hold the third party to have the responsibility to do a "due-diligence" and verify a buyers authority...

    It comes down to this....if the buyer is an agent or employee of said company...the company or principal must pay...(now if the buyer signs a personal guarantee when making the purchase, this is another matter)

    so the burden in court is to access the payroll records...

    If not Bill Gates would need to personally buy the toilet paper...



     
  6. marketsurfer

    marketsurfer Vendor


    i have seen a case where an employee "represents" or holds himself out to the public as something he is not--- a rep saying he is the president of the company to a client is one example-- whereby the employee can bind the company and or the company can disown the employee causing the employee to be responsible for whatever transpires......

    perceived authority can throw a wrench into agency relationships.

    surfer
     
  7. surf...

    our AV rated trial atty's would get that "agent" employee or rep off....and hold the company liable...

    now as far as the lawsuit between the company and the agent, rep or employee that is another story...

    But OUR third party that we represent would not be left holding the bag....

    Bill Gates! I demand to meet you if I trade Microsofts money...


    Late Edit ...ok...but now I remember a cival case where the salesman AND the company were named as a defendent and the plantiff prevailed...(the salesman did not even have representation show up in court) Later the company went BK and the salesman was left holding the bag to our client. The salesman was a "cocaine using jailbird" and had nothing
     
  8. If you work for the US Army in a lowly postion then you are liable.
    If you hold senior ranking in the US Army then you are not.
    If you work for the White House administration , then you are never, let me repeat that, NEVER liable for anything that you say or do.
    If you are called to account for your actions then you say "get over it and move on"
     
  9. What I meant by error was this:
    A trading error...or error in judgment related to trading..
     
  10. Were you negligent? Did you puposley set out to defraud? Were you arranging with another to defraud the tape? I could imagine there would be trading related cases to look to...

     
    #10     Jun 9, 2006