§ 725. Enforcement of fiduciary obligations. 1. Where an officer or
agent of a labor organization has violated or is violating any of his
obligations provided in sections seven hundred twenty-two and seven
hundred twenty-three, such labor organization and the parent
organization of such labor organization shall each have the right to
bring an action or proceeding in any court of competent jurisdiction for
legal or equitable relief to redress such violation of obligation. Any
member of such labor organization shall have the right to bring such
action or proceeding if (a) after request by any member that such action
or proceeding be brought, such organization shall fail to do so, or (b)
such request would be futile, or (c) such organization has failed to
prosecute diligently any such action or proceeding which it has brought.

2. If any such action or proceeding is determined in favor of such
organization or any such member, the court may award, in addition to
other costs authorized by law, reasonable attorneys' fees and
disbursements out of any moneys awarded or funds or assets recovered in
such action or proceeding.

3. Any employer, employer organization, labor relations consultant, or
other person who knowingly participated in or induced any conduct or act
which violates any of the obligations of an officer or agent of a labor
organization provided in sections seven hundred twenty-two and seven
hundred twenty-three, shall be subject to the same liabilities and
judicial remedies as such officer or agent, including but not limited to
joint and several liability with such officer or agent for any losses
suffered by the labor organization, or any member thereof, as a result
of any such violation of obligation, and joint and several liability to
pay over to such labor organization or such member any gains or profits
made as a result of such knowing participation or inducement.

4. Each wilful and knowing violation of any of the provisions of
sections seven hundred twenty-three or seven hundred twenty-four of this
article shall constitute a misdemeanor, punishable by imprisonment for
not more than one year, or by a fine of not more than one thousand
dollars, or by both.