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Is anyone aware of a court case where the owners or shareholders sued the condo/co-op Board and the Board President ended up selling his or her property in the building to pay for damages?
I am conducting searches for actual court cases where Board President is being held personally liable for his or her decisions or actions for a condo or co-op.
Thank you in advance for your help or suggestions.
Broome v. Biondi, a sublet discrimination case, is the best-known example. Biondi's legal fees were covered, but he was held personally liable for the punitive damages, which insurance cannot cover under NY law. Biondi ended up selling his apartment to pay the six-figure punitive damages.
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The scenario you mention (a board president having to sell his apartment to cover legal fees) isn't ringing any bells for me, but I'm interested in the question of boards being sued by shareholders for negligence/breach of warrant of habitability and would appreciate it if you would check back and let us know what you find out.
Officers generally have insurance to buffer them against such action. See, e.g.: http://www.cnyc.com/code/archive/conference/conference-sum04.htm
Also, here's a rather old article from the NYT that is not without interest: http://query.nytimes.com/gst/fullpage.html?res=940DE3DF103AF937A15757C0A96E948260&sec=&spon=&partner=permalink&exprod=permalink
Good luck and please keep us posted.
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