Archives: International D & O

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Guest Post: U.S. Parent Company Enters U.K.-Style Deferred Prosecution Agreement for Bribery

Deferred prosecution agreements have long been a part of the U.S. criminal enforcement environment, but they relatively new in the United Kingdom. In addition, as the U.K. has begun to adopt the use of deferred prosecution agreements, it has adopted the agreements to its own system and legal requirements. In the following guest post, Francis … Continue Reading

Guest Post: “New India”

No doubt like a number of you, I read Kevin’s blog on his recent travels to India with interest. As a first generation British Indian I was as unfamiliar with India as Kevin was, until the age of 13 when I first visited India with my parents, and I too was overwhelmed with the poverty, the amount … Continue Reading

Dutch Court Dismisses Collective Investor Action Against BP on Jurisdictional Grounds

As the rise of collective investor actions has gone global, one of the questions that has arisen is whether a country other than the U.S. would become a preferred forum in which investors might pursue their claims, even investors from outside the forum country. Australia is among the countries that have been suggested. Another country … Continue Reading

D&O Liability: More Litigation Globally against a Broader Range of Defendants

In conjunction with my July 2016 visit to Munich for meetings at Munich Re, I sat down for an interview with Christian Furhmann, Chief Executive Manager at Munich Reinsurance Company. The interview, which Munich Re previously published here, is reprinted below. I would like to thank my friends at Munich Re for their permission to … Continue Reading

Guest Post: Company Directors Who Cannot Read or Understand English Warned by Australian Court

In our increasingly global economy, corporate boards are increasingly diverse, and among the diversities boards increasingly encompass are geographic and cultural diversity. However, while diverse directors may serve for many reasons, they still must be able to discharge their duties to the corporation. In the following guest post, Christopher Smith of the Sydney office of … Continue Reading

Securities Regulators Around the World Adopt Whistleblower Reporting Programs

One of the Dodd-Frank Act’s signature features was its creation of potentially massive bounties for whistleblowers that reported financial fraud to the SEC. During the time that the Dodd-Frank whistleblower program has been in place, the agency has made a number of significant bounty awards. Mary Jo White, the SEC chairwoman, has said that the program … Continue Reading

Global Litigation Trend Lines Converge in Massive U.K. Collective Action Competition Claim Against MasterCard

There have been few more powerful forces acting recently on the litigation environment around the world than third-party litigation financing. The recent rise of litigation funding, often accompanied by the active involvement of U.S. law firms, is changing the face of litigation in numerous countries. The collective action to be filed against MasterCard later this … Continue Reading

Is Australia About to Become the Global Forum of Choice for Securities Class Action Litigation?

As I have noted in prior posts, in recent years, there has been a significant growth in shareholder class action litigation in Australia. There are a number of reasons for this development; among other things, Australia’s class action regime is, by comparison to the procedures available in many other jurisdictions, plaintiff-friendly. For these and other … Continue Reading

Securities Litigation in Japan

As I have previously noted, the prevalence of misrepresentation-related securities litigation in Japan increased significantly after the 2004 revisions to the Japanese securities laws. The increase largely has been due to the legislative changes and to a number of high-profile accounting and financial scandals. There are features of the Japanese law that, according to a … Continue Reading

Public Enforcement of Directors’ Duties in Australia

Australia has long been in the vanguard when it comes to enforcement of duties of corporate directors. Australia was the first English-speaking jurisdiction to introduce statutory directors’ duties in 1896, and the first English-speaking jurisdiction to introduce criminal sanctions to enforce statutory directors’ duties in 1958. However, following the recent global financial crisis, questions were … Continue Reading

Guest Post: Independent Directors in India: Risk Exposures, Safeguards, and Insurance Protection

In the following guest post, Umesh Pratapa takes a look at the law in India governing the duties and responsibilities of independent directors, and discusses the ways that independent directors can manage their exposures and safeguard themselves from liability, and protect themselves with D&O insurance. Umesh is an independent insurance consultant in India. I would … Continue Reading

Guest Post: Developments Under Indian Anti-Corruption and Securities Laws

I am always pleased to be able to publish updates on important developments in other jurisdictions. In following guest post, I reproduce two articles about important developments in India. The first article discusses the widening scope of India’s Prevention of Corruption Act. The second article discusses a recent decision of the Supreme Court of India … Continue Reading

Massive $1.3 Billion Settlement of Fortis Investor Actions Under Dutch Collective Settlement Procedures

In what is by far the largest investor settlement ever under the Dutch collective settlement procedures, several shareholder foundations have reached an agreement to settle the Fortis shareholder claims for a total of €1.204 billion ($1.3 billion). The shareholder foundations’ settlement with Ageas, as Fortis is now known, relates to Fortis’s ill-fated October 2007 participation … Continue Reading

Dutch Shareholder Foundation Seeks to Represent Global Class of VW Investors

Several years ago, when investors’ representatives used class claims settlement procedures available under Netherlands law to reach securities claim settlements involving Royal Dutch Shell (about which refer here) and Converium (about which refer here), there was a great deal of speculation whether the Dutch procedures could become an important vehicle for aggrieved investors to recover … Continue Reading

NERA: Canadian Securities Class Action Filings in 2015 at Lowest Level in Years

In the United States, securities class action lawsuit filings were at their highest level in years in 2015. The situation in Canada during 2015 was completely the opposite. According to a February 11, 2016 report from NERA Economic Consulting, securities class action lawsuit filings in Canada during 2015 were at their lowest levels since 2003. … Continue Reading

Spanish Class Action is the Latest Collective Investor Action Filed Outside U.S.

The filing of securities class action lawsuits is, of course, well-established in the United States, and in recent years has become a regular phenomenon in Australia and Canada as well. In the wake of various recent scandals, numerous group or mass investor actions, if not full-blown class actions, have been filed or will be filed … Continue Reading

Litigation Funding Firm Announces German Securities Action on Behalf of Volkswagen’s German Shareholders

The recent revelation that Volkswagen had been using a sophisticated software “defeat device” to rig the emissions performance of some of its diesel-engine base vehicles devastated the price of the company’s shares, leading to the filing of a securities class action lawsuit in the U.S. on behalf of purchasers of the company’s ADRs, as well … Continue Reading

A New U.K. Class Action Litigation Wave?

Is collective action litigation in the U.K. about to get a significant boost? That is the question many are asking as the new collective action regime introduced by the Consumer Rights Act of 2015 goes into effect on October 1, 2015. The Act’s provisions facilitate collective proceedings for competition law breaches before the Competition Appeal Tribunal (the … Continue Reading

Guest Post: Marshall Plan for D&O Policies in Germany

This blog’s primary focus is on developments in the directors’ and officers’ liability and insurance in the United States, but we do also try to cover important developments elsewhere. In the following guest post, Burkhard Fassbach, who is Of Counsel with the Dusseldorf based D&O-Specialist Law Firm Hendricks, and Niklas Rahlmeyer, who is an attorney … Continue Reading

Guest Post: D&O Insurance on the Agenda of Shareholders’ Meetings in Germany

In the following guest post, Dr. Burkhard Fassbach and Dr. Niklas Rahlmeyer imagine a possible shareholder presentation about D&O insurance at an annual meeting of shareholders in Germany.  Fassbach is an Of Counsel with the Dusseldorf based D&O-Specialist Law Firm Hendricks. Rahlmeyer is an attorney in the corporate practice group of the Dusseldorf office of … Continue Reading