The U.S. District Court for the Southern District of New York recently dismissed most of the claims in the long-running litigation over transfer agent fees collected on the Smith Barney family of funds. See In re Smith Barney Transfer Agent Litig., No. 05 Civ. 7583 (WHP) (decision available here).
Read MoreThe New York Supreme Court, Appellate Division, First Department, issued a ruling this past week in which it adopted a “clear approach” for determining the difference between direct and derivative claims. The decision clarifies heretofore murky New York law on the topic. A copy of the slip opinion, Yudell v. Gilbert, 2012 N.Y. Slip Op. 05896 (N.Y. App. Div. 1st Dep’t Aug. 7, 2012), is available here.
Read MoreThe Second Circuit recently held that, even if a stock recovers its value after dropping following a corrective disclosure, this does not necessarily negate a showing of loss causation at the pleading stage in a claim for securities fraud. See Acticon AG, et al. v. China North East Petroleum Holdings Ltd., et al., No. 11-4544-cv (2nd Cir., August 1, 2012). A copy of the decision is available here.
Read MoreWhen a tsunami’s waves recede, they leave behind the flotsam and jetsam that have been caught in their tumultuous path. So too with global financial crises.
Read MoreThe 2012 PLUS D&O Symposium concluded with a roundtable discussion, where brokers and carrier representatives offered their frank opinions on a host of topics confronting the industry.
Read MoreThe third panel on Day 2 of the PLUS D&O Symposium discussed foreign exposures for U.S. companies. They noted that this encompasses two broad categories: claims brought in the U.S. relating to activities abroad, and claims actually brought abroad against U.S. companies.
Read MoreThe 2012 PLUS D&O Symposium continued with a panel that focused on D&O claims activity in the private company and non-profit space. Traditionally, these sectors of the market have comprised the vast majority of the D&O universe, and the types of claims that tend to arise under these polices have not significantly changed for a generation.
Read MoreThe second day of the PLUS D&O Symposium began with a discussion of recent developments in D&O coverage. The first big topic was coverage for investigation costs for entities only. Insurers had already been offering entity coverage for formal investigations where an individual insured was also a target.
Read MoreThe fourth and final panel of the 2012 PLUS D&O symposium’s first day focused its discussion on the current claim cycle, and where the industry finds itself. The panel’s discussion was driven largely by questions from the moderator and the audience.
Read MoreThe third panel on day one of the PLUS D&O Symposium addressed developments arising from the financial crisis and the implications of these developments for D&O insurers, and assessed the current and potential future impact on the underwriting of financial institutions. One panelist believes that the industry has weathered the financial crisis fairly well.
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