As I have noted in earlier posts, questions of whether or not two sets of circumstances are interrelated for purposes of determining insurance coverage can be vexing; at a minimum, they are always fact-intense. In a recent decision, the Tenth Circuit examined the question of whether or not a later civil lawsuit was interrelated with an earlier SEC investigation, and therefore deemed first made at the earlier date (prior to the policy period). The appellate court affirmed the district court’s conclusion that the lawsuit was interrelated with the investigation, precluding coverage for the claim. As discussed below, while the appellate court’s conclusion arguably is unremarkable, it still does highlight the elusive problems involved with relatedness issues. The Tenth Circuit’s September 10, 2018 decision in the case can be found here. Continue Reading
Dutch Court OKs Petrobras Claim Jurisdiction Despite Brazilian Arbitration Clause
In a development with significant implications both for Petrobras investor claims and for the global pursuit of investor claims generally, a Dutch court has accepted jurisdiction for a securities fraud action filed in the Netherlands against Petrobras, and also ruled that the arbitration clause in Petrobras’s bylaws do not preclude the Dutch proceeding. As discussed below, the court’s rulings could have important global ramifications for the viability of Dutch procedures for investors seeking collective redress, even (as is the case in the Petrobras action) with respect to companies based outside of the Netherlands. Continue Reading
Guest Post: Stronger UK Pensions Regulator: Risks for Directors and Officers
In the following guest post, Tristan Hall, Andrew Milne, and Emma Boulding of the CMS Cameron McKenna Nabarro Olswang LLP law firm take a look at the increased risks to directors and officers in the U.K. for non-compliance with employer pension schemes, as well as the implications of those increased risks for D&O insurance purposes. I would like to thank the authors for their willingness to allow me to publish their article as a guest post on this site. I welcome guest post submissions from responsible authors on topics of interest to this blog’s readers. Please contact me directly if you would like to submit a guest post. Here is the authors’ article. Continue Reading
Guest Post: Top Tips on Getting ‘Insurance Ready’ for an ICO
Liam Fitzpatrick
As I have noted in a number of recent posts, the question of providing appropriate insurance solutions for cryptocurrency companies – particularly for companies about the complete an initial coin offering (ICO) – continues to be a significant challenge. In the following guest post, Liam Fitzpatrick, Head of Public Offerings Focus Group for Marsh in London, takes a look at the characteristics of an ICO company that could make the company a more acceptable risk to prospective insurers. A version of this article previously appeared on Marsh’s Risk in Context blog. I would like to thank Liam for his willingness to allow me to publish his article as a guest post on this site. I welcome guest post submissions from responsible authors on topics of interest to this blog’s readers. Please contact me directly if you would like to submit a guest post. Here is Liam’s article. Continue Reading
Plaintiffs Files Cannabis-Related Securities Class Action Lawsuits
For those of us involved in day to day D&O insurance transactions, it is a recognized fact that cannabis-related companies represent a tough class of insurance business. Different insurers take different approaches to the business, but at best it is a risk class that most carriers approach warily. There are reasons for the caution, mostly having to do with questions relating to legality across and between jurisdictions. The question of potential claims is a little less certain, as there arguably are relatively few claims examples. However, a recent securities class action lawsuit involving a Canadian-based cannabis business may provide some insight into the kinds of claims in which these kinds of companies may become involved – at least those that are publicly traded. Continue Reading
A Stop in Singapore
The Merlion statute, the symbol of Singapore
The D&O Diary ended its Asia Pacific itinerary with a final stop in the prosperous city state of Singapore. The primary purposes of my visit were to speak at the PLUS Singapore Professional Liability Symposium and to attend one very important dinner. My stop in Singapore was brief and I had only a short opportunity to look around the city. I did have a chance to see some of the city’s more famous sights, as reflected in the pictures below. Continue Reading
A Visit to Mumbai
The Gateway of India
The D&O Diary’s Asia Pacific itinerary continued this week with a stop in India’s largest city and financial capital, Mumbai. My primary reason for traveling to Mumbai was to participate in a professional liability insurance program co-sponsored by PLUS and the local Indian professional liability insurance organization, Bima Gyaan. Despite the travel distances involved and the time required, my visit to India was relatively brief. My opportunities to explore Mumbai were limited. I had just enough touring time to be reminded what an amazing place Mumbai is. Continue Reading
Sydney in September
The D&O Diary is on assignment in the Asia Pacific region this week, with a first stop on the itinerary in Sydney, Australia. The primary purpose of my visit was to attend the annual conference of the Australia Professional Indemnity Group (APIG), but I did have a little time before and after the conference to roam around Sydney a bit. Though my visit coincided with the last days of the Southern hemisphere winter, the weather was cooperative enough to allow for some very enjoyable sightseeing and hiking. Continue Reading
Guest Post: Cryptocurrencies – To Insure or Not to insure?
Karen Boto
As prior posts on this blog have noted (most recently here), the rise of cryptocurrencies is one of the most important and interesting recent developments in the financial arena. The rise of cryptocurrencies presents a number of challenges. Among the challenges is providing appropriate insurance solutions for cryptocurrency companies. In the following guest post, Karen Boto, a Legal Director at Clyde & Co law firm, takes a look at these cryptocurrency-related insurance issues. A version of this article was previously published as a Clyde & Co client alert. I would like to thank Karen for her willingness to allow me to publish her article as a guest post. I welcome guest post submissions from responsible authors on topics of interest to readers. Please contact me directly if you would like to submit a guest post. Here is Karen’s article. Continue Reading
Guest Post: Cyber and Privacy Risks: The Next Australian Securities Litigation Frontier?
As readers of this blog know, data breach, cyber, and privacy-related issues have become a new important area of securities class action litigation in the U.S. In the following guest post, Andrew Miers, Jason Symons, and Shonagh Rasmussen of the HWL Ebsworth law firm review the possibilities or this type of securities lawsuit in Australia. I would like to thank the authors for allowing me to publish their article as a guest post on this site. I welcome guest post submissions from responsible authors on topics of interest to this site’s readers. Please contact me directly if you would like to submit a guest post. Here is the authors’ guest post. Continue Reading
