Tag

Randall Lane

All articles tagged with #randall lane

business1 month ago•8 min saved

NTL Co-Founder Ousted by Forbes Over Undeclared $6 Million Payment

Randall Lane, co-founder of the National Thoroughbred League and former Forbes chief content officer, was fired by Forbes after the New York Times reported he received about $6 million from Shook Research, paid after Shook sold a stake to PPC Enterprises. Lane says the payment was a gift and that he should have disclosed it, calling it a serious error in judgment he deeply regrets. The incident comes as the NTL, launched with a six-team, $1 million prize concept, failed to gain traction, never secured horses, and did not deliver on its promises.

via thoroughbreddailynews.com|

#business #forbes #national-thoroughbred-league

business1 month ago•17 min saved

Undisclosed $6M gift could trigger century-old loyalty doctrine at Forbes

Forbes fired Randall Lane after discovering he received an undisclosed roughly $6 million payment from SHOOK Research founder RJ Shook. While lawyers say Lane probably didn’t break the law, the case hinges on New York’s century-old faithless servant doctrine, which could allow Forbes to claw back or disgorge compensation if an employee’s disloyalty is proven. The gift was described as personal, but questions about disclosure, the source of the funds, and potential tax implications complicate the matter; Forbes is unlikely to sue, but the incident underscores how loyalty duties can affect executive pay and relationships with business partners.

via Yahoo Finance|

#business #conflict-of-interest #faithless-servant-doctrine

media1 month ago•101 min saved

Forbes Fires Top Editor Over Seven-Figure Gift Linked to Ranking Firm

Forbes fired Randall Lane, its chief content officer, after learning he received about $6 million from RJ Shook of Shook Research—a longtime partner in Forbes’ adviser rankings—and described it as a “gift.” The payment raised conflict-of-interest concerns given Forbes’ relationship with Shook Research, and Lane acknowledged he should have disclosed it, a misstep that led to his ouster; Kerry Lauerman was named interim editor.

via The Daily Beast|

#conflict-of-interest #forbes #gift