In what is as far as I know the first determination of liability in connection with the recent wave of litigation filed against U.S. listed Chinese companies, a Hong Kong-based arbitration panel has entered an award in favor of an investment unit of C.V. Starr of over $77 million against China MediaExpress Holdings and related
Guest Post How Officers and Directors of Financial Intermediaries Can Avoid Personal Liability in the Post-Dodd-Frank Market
As the current wave of bank failure litigation has unfolded, the directors and officers of banking institutions rightly have become more concerned about the own potential liability exposures and interested in learning more about how they might be able to reduce their risks and exposures. In the following guest post, Joseph T. Lynyak III
Wal-Mart Decision, Wage & Hour Cases Continue to Roil Employment Practices Litigation Arena
The U.S. Supreme Court’s 2011 decision in Wal-Mart Stores v. Dukes continues to agitate the employment practices litigation arena while at the same time both EEOC enforcement activity and wage and hour litigation continue to surge, according to the annual review of workplace litigation by the Seyfarth Shaw law firm. The law firm’s January
Dismissal Granted in Significant Life Sciences Securities Suit Ruling
On January 10, 2013, in a detailed and interesting opinion with features that may be helpful to other life sciences securities suit defendants, Middle District of Tennessee Judge Kevin Sharp granted the motion of Biomimetic Therapeutics to dismiss the securities class action lawsuit that had been filed against the company over its disclosures concerning developments
“You are Here” — So What?
One of the reasons Saul Steinberg’s iconic 1976 New Yorker cover – the one showing that civilization ends at the Hudson River – is so humorous is that it accurately captures the way some (many?) New Yorkers look at the rest of the world.
Before moving to Cleveland almost two decades ago, I lived
Book Review: “Director and Officer Liability in Financial Institutions”
A distinctive feature of the current wave of FDIC failed bank litigation is the aura of déjà vu surrounding the suits. The resemblance of the current lawsuits to those filed during the S&L crisis is uncanny. And not only are the suits similar, but in many instances they even involve the same lawyers as last
Guest Post: Who’s to Blame for Inadequate Bank D&O Insurance?
One of the most vexing problems that can arise in the D&O claims context is when the amount of insurance available proves to be insufficient to resolve the pending claims. Although this problem can arise in many claims contexts, one particular context in which the problem can arise is in the context of claims by
D&O Insurance: “Ambiguity” Whether Insured vs. Insured Exclusion Bars Coverage for FDIC’s D&O Claims
As I have discussed in prior posts (refer here for example), one of the recurring D&O insurance coverage issues that has arisen in connection with the FDIC’s failed bank litigation is the question whether or not the FDIC’s claims as receiver for the failed bank against the bank’s former directors and officers trigger the D&O
More Year-End Retrospectives from Around the Web
If you were among the many who extended the holiday vacation all the way through the short week following New Year’s Day, you may not have seen the year-end retrospective articles that I posted last week, including my list of the Top Ten D&O Stories in 2012 (here), and my year-end analysis of
Former Satyam Directors Win Dismissal of Securities Claims
Seven former independent directors of Satyam – the Indian company known as the “Indian Enron” due to the high-profile accounting scandal that swamped the firm in 2009 – have secured their dismissal from the U.S. securities litigation the company’s shareholder filed in the scandal’s wake. Southern District of New York Judge Barbara Jones’s January 2