News & Analysis as of

Securities Violations Insurance Industry

Woodruff Sawyer

[Webinar] D&O Insurance Trends Looking Ahead to 2024 - September 26th, 10:00 am - 11:00 am PT

Woodruff Sawyer on

The softening D&O market has continued into 2023, with 91% of our clients experiencing a cost reduction in their renewal in the first half of the year. Self-insured retentions have also continued to fall. The soft market is a...more

Proskauer - Whistleblower Defense

CA District Court: Insurance Policy Covering Securities Claims May Extend to SOX Whistleblower Claims

A recent California district court addressed the question of whether, for insurance coverage purposes, a SOX whistleblower claim is a “securities claim,” and answered that question in the affirmative. Skye Bioscience v....more

Wiley Rein LLP

SEC Investigation of Company Not a “Claim” or “Securities Claim”

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Applying New York law, the United States District Court for the Southern District of New York has held that an SEC investigation of the insured company did not constitute a “Securities Claim,” where the term expressly...more

Carlton Fields

Even Disclaiming ‘Magic Words’ Won’t Save Plaintiffs from SLUSA Preclusion

Carlton Fields on

In 2016, a putative class action lawsuit was filed in California state court on behalf of all persons over the age of 60 who were issued a variable annuity policy by defendants within the state....more

Carlton Fields

SEC Settles Claims Against Individual And Entities It Claimed Used Investments In Reinsurance Business To Finance Lavish Lifestyle

Carlton Fields on

A federal district court in Connecticut has entered final judgments pursuant to agreements between the SEC and three defendants—David Haddad, Trafalgar Square Risk Management, LLC, and New England RE, LLC—in a case alleging...more

Carlton Fields

SEC Whistleblower Awards to Insurance Department Employees?

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Many federal, state, and local governmental employees may be eligible for awards pursuant to the SEC’s whistleblower program under the Dodd-Frank Act. If a report to the SEC leads to an enforcement action that results in...more

Carlton Fields

Regulators Continue to Scrutinize Initial Coin Offerings

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As reported in the most recent issue of Expect Focus, the SEC issued an investigative report in July cautioning market participants that distributed ledger (blockchain) technology-based offers and sales of digital "tokens" or...more

Carlton Fields

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

Carlton Fields on

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

Carlton Fields

Chief Compliance Officers Beware

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In recent years, financial regulators have increasingly taken enforcement action against chief compliance officers (CCOs) and others in compliance oversight roles, rather than just against their employers....more

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