Edwards Angell Palmer & Dodge Hosts Seminar on Directors’ Duties and Sub-prime Issues

On 6 March 2008 Edwards Angell Palmer & Dodge hosted a seminar in London for over 90 representatives from a broad cross section of the insurance and reinsurance industry. Helen Clark and Antony Woodhouse, partners in the London office, spoke about codified duties and shareholder actions in the UK following the coming into force of the Companies Act 2006, which introduces a new statutory statement of directors’ duties and reforms to shareholder derivative actions. One aspect under consideration was whether a consequent escalation of litigation against directors was likely. This was followed by a presentation by John Hughes, a partner in the Boston office, on sub-prime lending in the US, the potential claims and likely losers. An interesting and informative discussion was had about the entities under fire and the classes of insurance most likely to be impacted by claims.

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