Q: Is a co-op board legally required to let shareholders know what lawsuits are pending against the building?
I think one of the tenants (shareholders) in my building may have filed a lawsuit against the building for a "slip and fall". I would like to know if this could create significant risk to the building.
A: The easiest way to find out is just to look it up on the court docket. A board does not have to discuss litigation with shareholders. There is no risk, as insurance covers this claim.
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