D&O insurance claims can sometimes lead to intricate coverage disputes, often involving disagreements over the meaning of technical policy terms and provisions. A recent Delaware Supreme Court opinion illustrates the kinds of disputes that can arise. Among other things, the coverage issues the court considered involved disagreements over the meaning and application of the No Action Clause. The result of the court’s opinion is that there will be further proceedings in the court below on the No Action Clause issue. Among other things, the Court’s consideration of the extent to which a policyholder may bring an action against the insurer before the resolution of the underlying claim raises interesting and important issues.  A copy of the Delaware Supreme Court’s July 23, 2025, opinion can be found here.

It has now been over five years since the initial COVID-19 outbreak in the U.S. in March 2020, but the pandemic’s disruptive effects continue reverberate through the economy. In a newly filed securities lawsuit against auto rental company Avis Budget Group, investors claim that the company concealed an auto fleet-related business move that the company made because of earlier pandemic-caused supply chain disruptions. The new lawsuit’s allegations show how the pandemic’s lingering effects continue to influence companies’ decisions and actions – and lead to litigation. A copy of the April 25, 2025 lawsuit can be found here.

Those who follow securities class action lawsuit filing trends know that a significant number of the new securities suit filings each year involve non-U.S. companies with listings on U.S. exchanges. The number of lawsuit filings fluctuate year to year, but the long-term trends are important to follow for those advising non-U.S. companies with U.S. securities litigation exposure. A recent report from the Dechert law firm takes a detailed look at the 2024 securities suit filings against non-U.S. companies. The March 2025 report, which is entitled “U.S. Securities Fraud Class Actions Against Non-U.S. Issuers: 2024 Developments” can be found here.

At a time when the future of the Public Company Accounting Oversight Board (PCAOB) appears uncertain, a recent report shows that the agency’s enforcement activity levels in 2024 were a multi-year highs and the agency’s monetary recoveries were at all-time highs. The agency’s enforcement actions are detailed in a Cornerstone Research report entitled “Public Company Accounting Oversight Board (PCAOB) Enforcement Activity: 2024 Year in Review,” which can be found here. Cornerstone Research’s February 26, 2025, press release about the report can be found here.

ESG has been and remains a serious concern for corporate executives. However, the role that it plays as a part of the corporate risk equation has changed. From a time not that long ago where companies were under pressure to establish their ESG credentials and promote ESG objectives, many companies now face an opposite politically charged backlash, that, among other things, has pushed some companies to walk back their ESG-related initiatives. For example, just this past week Walmart became the latest company to drop its DEI program in response to right-wing pressure, joining similar moves by Ford, Harley-Davidson, and Lowe’s, among others.  

In the latest example of ways that politically-motivated activists are attempting to turn companies’ ESG initiatives against them, last Wednesday a groups of eleven states’ attorneys general led by Texas AG Ken Paxton filed a federal court suit against Blackrock, Vanguard, and State Street, alleging that the three institutional investors conspired to restrict the availability of coal, to the alleged detriment of consumers, and in alleged violation of federal and state antitrust laws. A copy of the Texas AG’s November 27, 2024, press release about the lawsuit can be found here. A copy of the state AGs’ complaint can be found here.