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Kevin LaCroix

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Kevin M. LaCroix is an attorney and Executive Vice President, RT ProExec, a division of RT Specialty. RT ProExec is an insurance intermediary focused exclusively on management liability issues.

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For several years, cybersecurity has been a perennial D&O liability issue. Although there has never quite been the volume of cybersecurity-related D&O litigation that some anticipated, cybersecurity-related D&O claims do continue to arise. In the latest example, last week a plaintiff shareholder filed a securities suit against cloud data storage company Snowflake, alleging, among many other things, that the company failed to disclose shortcomings in its customer data security arrangements that allegedly allowed key customers to experience a data breach. There are a number of noteworthy aspects of this new complaint and its cybersecurity-related allegations, as discussed below. A copy of the plaintiff’s complaint can be found here.

Continue Reading Cybersecurity-Related Securities Suit Hits Cloud Data Storage Company

Those who observe securities class action litigation filing patterns know that life sciences companies are frequent securities litigation targets. Though the number of securities suit filings against life sciences companies fluctuates from year to year, more recently the number of life sciences company filings has stabilized at higher levels, according to the latest annual report from the Sidley law firm. A copy of the law firm’s recent memo, entitled “Securities Class Actions in the Life Sciences Sector: 2025 Annual Survey,” can be found here. A two-page summary of the report can be found here.

Continue Reading A Detailed Look at the 2025 Securities Litigation Against Life Sciences Companies
Hvar, Croatia

The D&O Diary’s European assignment continued this week with a long weekend visit to Croatia, the southeastern European country located along the Adriatic Sea with a long, irregular coastline marked by numerous islands. This was a long overdue return visit to Croatia for us, after a memorable 2018 visit to Dubrovnik.…

It is a well-established fact that securities class action lawsuits rarely go to trial. In most cases, the lawsuits are either dismissed or settled. However, there has been an interesting recent uptick in the number of securities suits going all the way to a jury verdict. In the latest example of this development, on May 14, 2026, a federal court jury entered a defense verdict following trial in the long-running ExxonMobil securities class action lawsuit. As discussed below, this verdict is the latest of several post-trial verdicts entered in securities suits this year. A May 14, 2026, Law360 article about the verdict can be found here.

Continue Reading Rare Securities Suit Trial Results in Defense Verdict in ExxonMobil Case
Englischer Garten, Munich

The D&O Diary is on assignment in Europe this week, with a first stop in the Bavarian city of Munich. Munich is such a comfortable, walkable place, with rich history, interesting local traditions, and a vibrant arts culture. Munich is one of my favorite places to visit and I was glad to be back again to enjoy the city.

Continue Reading Munich
Ashwin Ram

Historically, companies have resolved SEC enforcement proceedings by agreeing to pay a fine or penalty, with the payment funds drawn from the corporate treasury. More recently, the agency has signaled an interest in ensuring that enforcement action resolutions involving individual liability, as a means of encouraging both accountability and deterrence. In the following guest post, Ashwin J. Ram, a partner at the Buchalter LLP law firm, examines the SEC’s individual accountability approach and considers the implications. I would like to thank Ashwin for allowing us to publish his article as a guest post on this site. Here is Ashwin’s article.

Continue Reading Guest Post: The SEC Wants Your Officers, Not Just Your Checkbook

As Sarah Abrams noted in a post on this site last September, President Trump, in a social media post, proposed eliminating quarterly report for public companies. On May 5, 2026, the SEC acted on the President’s suggestion and proposed a rule that would provide companies currently subject to the agency’s quarterly reporting requirements with the option to instead file interim reports semiannually. It seems likely that optional semiannual reporting will soon be put into effect. The question is whether this is a good idea or will produce the intended benefits, as discussed below.

Continue Reading SEC Proposes Allowing Optional Semiannual Reporting
Shabnam Karim
Simon Lamb

The current conflict in Iran has enormous implications for the global and regional Middle East economy. The conflict also has important insurance implications, including with respect to D&O insurance in the Middle East region. In the following guest post, Shabnam Karim and Simon Lamb examine the ways that the current military, political, and diplomatic circumstances in the region are affecting both corporate risk exposure and the D&O insurance underwriting and claims environment. Shabnam is a partner and Simon is an associate at the Norton Rose Fulbright law firm’s Dubai office. We would like to thank Shabham and Simon for allowing us to publish their article on this site. Here is Shabnam and Simon’s article.

Continue Reading Guest Post: Middle East D&O Claims Exposures in a Time of Tension

As followers of the financial markets know, in recent months, trouble has been brewing in the private credit sector. In at least some cases, the problems in the private credit markets have translated into D&O claims, including both securities class action lawsuits (for example, here) and shareholder derivative lawsuits (here). In the latest example of a private credit-related D&O claim, a shareholder plaintiff has filed a securities class action lawsuit against one of KKR’s private credit ventures, alleging that the firm overstated asset valuations and the effectiveness of its restructuring efforts. A copy of the May 4, 2026, securities class action lawsuit complaint can be found here.

Continue Reading Yet Another Private Credit Firm Hit With Securities Suit

It was 20 years ago this week – on May 6, 2006 – that The D&O Diary published its first blog post. Two decades and literally thousands of blog posts later, The D&O Diary is still at it, still a “Periodic Journal,” still publishing “Items of Interest from the World of Directors and Officers Liability, With Occasional Commentary.”  

Continue Reading The D&O Diary Celebrates Its 20th Anniversary