Photo of Kevin LaCroix

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

Gregg Glick
Erin Ringbloom

As regular readers know, I have written frequently in the past about late notice issues. In the following guest post, Gregg Glick, Senior Vice President, Private Company/Not-For-Profit Practice Lead at Allied World, and Erin M. Ringbloom, Esq. Vice President, North American Claims Group at Allied World, provide an insurer perspective, both from an underwriter and claims advisor point of view, on the issue of late notice. I would like to thank Gregg and Erin for allowing me to publish their article on my 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 Gregg and Erin’s article.
Continue Reading

In prior posts on this site (for example, here), I have noted the phenomenon of directors’ and officers’ liability claims arising in the wake of antitrust enforcement actions. These follow-on civil actions arguably represent one part of an increasing trend toward trying to hold individual directors and officers accountable for their companies’ antitrust violations. According to a recent paper, as a result of trends in relevant doctrines and enforcement policies, the risk to directors and officers from these developments is “likely to continue rising in the foreseeable future.” In his February 12, 2020 paper entitled “D&O Liability for Antitrust Violations” (here), University of Arizona Law Professor Barak Orbach details the developments contributing to these trends and reviews the implications for director and officer liability. Professor Orbach’s paper raises a number of interesting considerations, particularly from an insurance perspective, as discussed below.
Continue Reading

As was the case for the last two reporting years, there were relatively few larger securities class action lawsuit settlements during 2019 compared to prior years. As reported in latest large securities class action lawsuit settlement report from ISS Securities Class Action Services (ISS), there were only two settlements finalized in 2019 large enough to make the list of all time large settlements. However, there are a number of pending tentative securities class action lawsuit settlements that are likely to be finalized in 2020, and thus are likely to lead to an increase in the number of Top 100 settlements during the year. The February 20, 2020 report, entitled “The Top 100 U.S. Class Action Settlements of All Time (as of December 31, 2019)” can be found here.
Continue Reading

Over the last several years, plaintiffs’ lawyers have filed a number of D&O lawsuits against companies that had been hit with a cybersecurity incident. These suits have largely been unsuccessful, with the exception of the lawsuits filed against Yahoo in the wake of that company’s data breach. While the plaintiffs’ track record in data breach-related D&O lawsuits so far has not been good, a recent development could suggest that that has changed. On February 13, 2020, the parties to the Equifax data breach-related lawsuit filed a stipulation of settlement stating that the case has been settled based on the defendants’ agreement to pay $149 million. The settlement is subject to court approval. This settlement has a number of interesting implications, as discussed below. A copy of the parties’ stipulation of settlement can be found here.
Continue Reading

Several years ago when my wife (also a lawyer) and I were in London on holiday, we took the opportunity to visit Old Bailey, London’s famous criminal courthouse. We were fortunate on the day we visited to see a portion of rather sensational murder trial. The facts surrounding the underlying crime, while lurid, were also fascinating, but the most striking thing for us about the trial day we observed was the quality of the advocacy, which was absolutely brilliant. Witnessing the spectacle was a completely enthralling experience.
Continue Reading

As a follow-up to my year-end activities, including publishing a list of my own top ten 2019 travel pictures, I have also been publishing pictures that readers have submitted of their 2019 travels. My first installment of readers’ 2019 travel pictures can be found here, the second installment can be found here, and the third installment can be found here. In this post, I am publishing the latest round of readers’ travel pictures, including some very distinctive pictures from Central Asia.
Continue Reading

Paul A. Ferrillo

In the following guest post, Paul A. Ferrillo takes a look at the recent findings that the SEC Office of Compliance, Inspections and Examinations issue with respect to its cybersecurity examinations of registered investment advisers and broker dealers. The findings, Paul suggests, provides good guidance from a number of perspectives with regard to cybersecurity governance issues. Paul is a partner with McDermott, Will & Emery. I would like to thank Paul for allowing 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 Paul’s article.
Continue Reading

Jeff Hirsch

As I have noted in prior posts, and as a result of a number of factors, the current marketplace for D&O insurance marketplace is disrupted, with many buyers experiencing significant price increases. In the following guest post, Jeff Hirsch, Head of Product at Scale Underwriting, takes a detailed look at current D&O insurance pricing trends. A version of this article previously was published on the Foundershield blog. I would like to thank Jeff and Foundershield for allowing me to publish this article. 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 Jeff’s article.
Continue Reading

The number of workplace discrimination and harassment charges filed with the U.S. Equal Employment Opportunity Commission  (EEOC) during Fiscal Year 2019 (which ended September 30, 2019) declined to the lowest level since at least FY 1997 (the earliest year reported on the agency’s website), according the EEOC’s recent statistical release. The number of charges overall had also declined in the 2018 fiscal year, but in 2018, the number of sexual harassment charges had increased, apparently in response to  the #MeToo movement. However, in FY 2019, the number of sexual harassment charges also decreased as part of the overall decrease in the number of charges, suggesting that the impact of the #MeToo movement diminished during the most recent fiscal year. The agency’s January 24, 2020 press release about the charge statistics can be found here. The agency’s enforcement and litigation statistics can be found here.
Continue Reading

A recent judicial ruling out of the U.K. provides an interesting perspective on director’s duties under applicable law when a bankrupt company is in liquidation. As discussed below, the Court held that the director’s duties continue in relevant respects even if the director’s powers cease as of the date of the bankruptcy filing. The circumstances of the case provide an interesting example of a claim that arose against a former director post-liquidation. As discussed below, the circumstances also provide an illustration of why the purchase of post-liquidation run-off coverage is advisable. Though the circumstances arose under U.K. law, the situation bears enough similarities to what might arise under equivalent U.S. law that the liability and insurance lessons are instructive even in the U.S. context.
Continue Reading