D&O Liability

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During a candid discussion about his role as the federal government’s compensation czar, keynote speaker Kenneth Feinberg described his role in setting executive compensation for institutions that received substantial TARP funds. Though Mr. Feinberg agrees that, to an extent, his work is a “sideshow,” he made a compelling case that the true impact of his work has less to do with the companies that are subject to his mandate and more to do with those entities that voluntarily adopt his approach to executive compensation. 

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Read More PLUS D&O Symposium Day 2: Luncheon Speaker Kenneth Feinberg

This session’s panel began by discussing the role of brokers and the rising use of external legal consultants by insureds.  Panel members mostly agreed that the added use of these legal consultants, so long as the relationships among the all parties involved are managed correctly, are beneficial to ensure that insureds maximize their coverage. …
Read More PLUS D&O Symposium Day 2: Morning Session II

In a significant ruling with potentially wide-reaching implications, Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York dismissed the Securities Act of 1933 causes of action (Sections 11, 12, and 15) against McGraw Hill and Moody’s (the “Rating Agencies”) in In re: Lehman Brother Mortgage Backed Securities Litigation. …
Read More Rating Agencies Dismissed from Section 11 Mortgage-Backed Securities Class Action

On December 30, 2009, the United States District Court for the Southern District of New York in MBIA, Inc. v. Federal Ins. Co. et al., Civ. No. 08cv4313 (S.D.N.Y. Dec. 30, 2009), held that, in certain instances, legal costs incurred by a special litigation committee in connection with a shareholder derivative litigation may be covered under a D&O policy. …
Read More D&O Update: Court Addresses Coverage for Legal Costs Incurred by a Special Litigation Committee