Topic: D&O Liability

Barclays to Face First LIBOR Trial in October 2013

D&O carriers and brokers will want to keep October 2013 on their calendars.  At a hearing three weeks ago, a UK High Court judge set that month as the date for trial in Graiseley Properties Limited v. Barclays Bank PLC.  It is the first civil suit against a major UK bank concerning manipulation of the London Interbank Offered Rate to be allowed to proceed. 

Read More

Are Mutual Fund Investors Seeking an End Run Around Ameriprise Financial v. Gallus?

Investors in various mutual funds managed by Principal Financial Group filed a derivative action under Section 36(b) of the Investment Company Act of 1940 in Iowa federal court in late October, alleging that the company charged excessive fees.  The complaint in Curran et al. v. Principal Management Corporation & Principal Funds Distributor, Inc., S.D. Iowa No. 12-513, is available here

Read More

SEC’s Asset Management Unit Continues to Probe Valuation Methods of Hedge Funds with Latest Case Against Yorkville

On October 17, the SEC filed a lawsuit in the Southern District of New York against hedge fund Yorkville Advisors LLC, as well as its President Mark Angelo and CFO Edward Schinik.  The action, brought by the SEC’s Asset Management Unit, is the latest alleged fraud brought to light by its “Aberrational Performance Inquiry,” which uses risk analytics to identify returns from hedge funds that appear to be too good to be true. 

Read More

Alleged Mutual Fund Kickback Case Allowed to Proceed as Class Action

Financial lines insurers may want to take a closer look at revenue-sharing agreements between pension plan administrators and the mutual funds they offer plan participants as investment options, in the wake of a Connecticut federal court’s decision to certify a class action against ING Life Insurance & Annuity Company. 

Read More

New York Court Dismisses Madoff Claim Against Investment Advisors & Fund Managers

A New York State trial court recently dismissed claims by the holders of variable life insurance policies, some of whose excess cash value was invested with Bernard Madoff’s securities firm, against various investment advisors and hedge fund managers.  The decision is SSR II, LLC v. John Hancock Life Insurance Company, et al., No. 652793/2011 (N.Y. Sup. Ct. – N.Y. Co. – Sept. 28, 2012). 

Read More

Market Timing Case Goes to U.S. Supreme Court

D&O and E&O carriers alike will want to keep a close eye on the US Supreme Court this term.  On September 25, the court accepted the matter of Gabelli v. SEC, No. 11-1274.  Another market-timing case against investment advisors, at issue in Gabelli is when a claim accrues under the 5-year statute of limitations for SEC enforcement actions. 

Read More

Edwards Wildman to Attend Premier Industry Fracking Conference in Philadelphia

The  Marcellus Shale Coalition will be hosting SHALE GAS INSIGHT™ 2012 at the Pennsylvania Convention Center in Philadelphia from Wednesday, September 19, through Friday, September 21.  Edwards Wildman attorneys Marc Voses, Tony Hopp, Len Kurfirst and Greg Hoffnagle will provide live updates throughout the conference at and @EdwardsWildman on Twitter. 

Read More




Email the Editor

Click here to Email the Editor

Locke Lord LLP

For the latest information about our Firm visit