News & Analysis as of

Enforcement Actions D&O Insurance

Woodruff Sawyer

Earnings Management Red Flags: Part One

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Public companies are under tremendous pressure to meet or beat stock analyst earnings estimates. This pressure caused Warren Buffet to observe: “Managers that always promise to ‘make the numbers’ will at some point be tempted...more

Woodruff Sawyer

CISOs Under the (Liability) Gun

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Chief information security officers (CISOs) face an increased likelihood of legal scrutiny after a significant breach. It’s par for the course for CISOs to be scrutinized when security programs don’t hold up under attack—but...more

White and Williams LLP

A Changing Climate: the Rising Tide of ESG Liability and Implications for D&O Coverage

The latest legal buzzword, ESG, represents the environmental, social and governance factors that many corporations are now required to consider and disclose alongside traditional financial information such as operating...more

Woodruff Sawyer

An Easy-to-Understand Guide to Private Company D&O Insurance

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8 Reasons to Buy D&O Insurance - 1. Attracting New Directors: D&O insurance makes board seats more attractive. 2. Investor Requirements: Some venture capital and private equity firms require that their portfolio...more

Wiley Rein LLP

Delaware Federal Court: No Coverage Under D&O Policy For Claims Based On Acts Alleged To Have Occurred Prior To Insured Entity’s...

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Applying Delaware Law, the United States District Court for the District of Delaware has held that there is no coverage for acts undertaken by an insured’s directors and officers that occurred prior to the formation of the...more

Locke Lord LLP

SPACs and the Implications for D&O ‎Insurance

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Special Purpose Acquisition Companies or “SPACs” have emerged as a significant part of the ‎financial and transactional markets. A SPAC is a company with no commercial operations, formed ‎strictly for the purpose of publicly...more

Carlton Fields

New York Court Finds Securities Settlements Not Covered by D&O Policies Due to Insured Capacity and Uninsurable Loss Issues

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A New York trial court recently granted summary judgment to a group of excess D&O insurers seeking a declaration that their policies do not cover settlements and consent judgments the defendants paid in connection with...more

Lowenstein Sandler LLP

Managing The Risk Of Emerging COVID-19 Securities Liabilities With D&O Insurance

With a new year and the introduction of multiple vaccines, there is much hope that the end of the COVID-19 pandemic is in sight. Nevertheless, the pandemic will have wide-ranging consequences far beyond its end date...more

Pillsbury Winthrop Shaw Pittman LLP

The SPAC Explosion: Beware the Litigation and Enforcement Risk

SPACs have seen exponential growth in 2020, but SPAC sponsors, investors and targets should beware the scrutiny de-SPAC transactions are receiving from the plaintiffs’ bar and the SEC. 2020’s SPAC IPO explosion will...more

Goodwin

Delaware Supreme Court Holds Appraisal Action Is Not “Securities Claim” Covered By D+O Insurance Policy

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Delaware Supreme Court Holds Appraisal Action is Not “Securities Claim” Covered by D&O Insurance Policy; Delaware Supreme Court Affirms Dismissal of Derivative Claims Against Life Sciences Company For Failure to Plead Demand...more

Pillsbury Winthrop Shaw Pittman LLP

Developments Highlight Secondary Liability Risks for Private Funds

DOJ settlement signals need for enhanced False Claims Act scrutiny. Private funds continue to face heightened secondary liability risks arising from their portfolio investments....more

White and Williams LLP

ICO-Related Claims and Insurance Coverage: Questions You Should Be Asking

In this post, we provide a brief overview of initial coin offerings (ICOs), discuss certain recent enforcement actions involving ICOs and highlight potential coverage issues under management and professional liability...more

Bradley Arant Boult Cummings LLP

SEC Action Highlights Importance of Specific Language in Directors and Officers Insurance for Fintech and Other Startup Companies

The founder of Mozido, the fintech startup once claimed to be valued at $5.6 billion, has been named as a defendant in a civil lawsuit filed by the Securities and Exchange Commission (SEC). The complaint names Michael Liberty...more

Troutman Pepper

Risky Business: Protecting the Assets of Directors

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Directors and officers are exposed to potential liability from suits by the company, shareholders, and debt holders, among others. There are, however, a number of protections available to protect the assets of directors and...more

Carlton Fields

SDNY Rules SEC Investigation Is A “Claim” Within Pending And Prior Acts Exclusion

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The U.S. District Court for the Southern District of New York has held that a long-running investigation by the SEC constituted a “Claim” triggering the pending and prior claims exclusion in an excess directors and officers...more

WilmerHale

2016 IPO Report

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Our 2016 IPO Report offers a detailed analysis of, and outlook for, the IPO market, plus useful IPO market metrics. We look at rates of adoption of JOBS Act relief by emerging growth companies, and recent FAST Act amendments...more

Fenwick & West LLP

Securities Litigation and Enforcement Newsletter

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In this our second edition of Fenwick’s Securities Litigation and Enforcement Newsletter, we continue to provide you with short insights about timely securities litigation and enforcement developments. This edition’s topics...more

Goodwin

Financial Services Weekly News - October 2015 #4

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Regulatory Developments - SEC to Vote on Final Title III Crowdfunding Rules Oct. 30: The SEC has announced that it will vote on whether to adopt rules and forms related to the offer and sale of securities through...more

Holland & Knight LLP

DOJ Targets Executives and Individuals in Corporate Investigations

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Responding to criticism stemming from a lack of individual prosecutions as a result of the financial crisis, Deputy Attorney General Sally Yates has issued a new guidance memorandum establishing six new steps for federal...more

Mintz

Foreign Corrupt Practices Act (FCPA): Israel Beware – Trends in Enforcement.

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Intuitively, Israeli companies and their directors would likely assume that their businesses are immune to investigation and the assessment of penalties by US regulators that are separated by a vast ocean and located more...more

King & Spalding

Maximizing Insurance Coverage for CFPB Investigations and Enforcement Actions

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Seven years removed from the 2008 financial crisis, an increasing number of financial institutions are now finding themselves in the crosshairs of the Consumer Financial Protection Bureau (“CFPB”), a new federal agency...more

K&L Gates LLP

Individual Liability in CFPB Enforcement Proceedings

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To date, the CFPB has brought 12 cases—out of more than three dozen total CFPB enforcement cases—in which it named individuals as defendants or respondents liable for violations of consumer protection statutes. Below, we...more

Mintz - Privacy & Cybersecurity Viewpoints

Cyber Risks for the Boardroom Part 5: Coverage for Privacy Violations

The last installment in our series – “Coverage for Privacy Violations” - Part 5 of 5: Coverage For Privacy Violations: As we previously noted, recent SEC actions on the topic of cybersecurity indicates...more

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