A Forbes spokesperson told Fortune: “When this undisclosed conflict of interest was brought to our attention, we examined the situation closely and took the appropriate action immediately. We will not comment further per company policy regarding the confidentiality of personnel information and other considerations. We have a strong editorial leadership team in place, including Kerry Lauerman, Executive Editor, Forbes, who is overseeing editorial operations in the interim. Forbes remains focused on delivering trusted journalism and world-class storytelling across our platforms.”
A faithless servant doctrine
But the more interesting question, legally, isn’t whether Forbes was justified in firing Lane. It’s whether Lane broke any criminal law, and the answer, according to one employment attorney, is probably not. What he likely violated is a New York common-law doctrine dating back more than a century that requires employees to remain loyal to their employers.
Richard Friedman, an employment attorney who negotiates contracts and separation agreements for executives, said Forbes was within its rights. “I believe he was properly terminated, based on what I’ve read,” Friedman said.
Friedman said Forbes’ employee handbook—which, according to the Times, requires staff to seek permission before engaging in outside business activities and bars personal gain from company relationships—likely functions as a binding contract. “Employee handbooks have been upheld as contracts because the consideration is the ongoing employment,” he said.
