D&O Liability

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In a matter of first impression in the circuit, the U.S. Court of Appeals for the Eleventh Circuit recently affirmed a lower court’s dismissal order on the ground that the longer statute of limitation contained in the Sarbanes-Oxley Act (“SOX”) does not serve to revive claims that had already expired under the previous, shorter statute of limitations. 

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Read More Eleventh Circuit: SOX Does Not Save Previously Time-Barred Claims

Barney Frank (D-MA), Chairman of the House Financial Services Committee, and Paul E. Kanjorski (D-PA), Chairman of the House Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, recently sent an open letter to SEC Chairman Christopher Cox urging the SEC to take action concerning auction rate securities. 

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Read More Auction Rate Securities: Prominent Congressmen Urge SEC To Take Action

On Thursday, May 8th at 1:00 PM (EST), attorneys from Edwards Angell Palmer & Dodge’s Securities and Government Enforcement team will present a webcast entitled:  What The Subprime/Credit Crisis Means For Your Company as part of the ongoing Association of Corporate Counsel webcast series. 

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Read More Webcast: What The Subprime/Credit Crisis Means For Your Company

For our readers who are interested in the specific allegations contained in the recent shareholder class action complaint against Bear Stearns arising from the JPMorgan buyout, a copy is attached here.The suit, entitled Eastside Holdings, Inc. v. Bear Stearns Cos. Inc. et al., No. 08-CV-2793 (S.D.N.Y. Mar. 17,

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Read More Interested In Reading The Bear Stearns Shareholder Class Action Complaint? See Attached…

Earlier this month, shareholders filed a securities class action against Blackstone Group L.P. (“Blackstone”), its CEO and its CFO over their alleged failure to warn investors that some of the investments managed by Blackstone were performing poorly and that Blackstone was at risk of having to pay back some of its performance fees. 

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Read More Shareholders Sue Blackstone Over FGIC and Other Poorly Performing Investments

An Ohio federal court recently denied an insurer’s motion to dismiss a bad faith claim brought by its insured on the basis that, accepting the insured’s allegations as true for the purposes of a motion to dismiss, the insurer could not show that the insured had failed to state a claim for bad faith. …
Read More Ohio Federal Court Denies D&O Insurer’s Motion to Dismiss Bad Faith Claim

Earlier this year, the United States District Court for the District of Massachusetts granted an insurer summary judgment, ruling that claims brought by shareholders of First New England Dental Centers (“FNEDC”) against an officer of FNEDC were excluded under the policy’s so-called Insured versus Insured exclusion. 

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Read More Federal Court Rules that Insured v. Insured Exclusion Applies to Claims By Shareholders in Imprimis Action