The volume of misstatement-related securities litigation in Japan has “increased dramatically” since the 2004 revisions to Japanese securities laws, according to a June 2013 report from the consulting firm Alix Partners. The report, entitled “Recent Trends in Japanese Securities Litigation: 2000-2012,” can be found here. Even though misstatement-related securities suit filings in Japan were
Cornerstone Research: Securities Suits “Depressed” in Year’s First Half
Securities class action lawsuit filings “remained at depressed levels” during the first half of 2013 according to the latest report from Cornerstone Research and the Stanford Law School Securities Class Action Clearinghouse. The report, entitled “Securities Class Action Filings: 2013 Mid-Year Assessment,” can be found here. The organizations’ July 24, 2013 press release about
Picture Gallery: Readers’ Mug Shots (Third Edition)
The collectors’ edition D&O Diary mugs that we have sent to interested readers have proven to be both ceremonial and functional, as reflected in the latest round of readers’ pictures. And the mugs have once again proven to be well-travelled, as well.
Readers will recall that in a recent post, I offered to
UK Ministry Proposes Expanding Director Liability.
As part of its scheme to improve corporate transparency and director accountability, a UK government ministry has proposed what UK Business Secretary Vince Cable calls “tough measures” to “give the public greater confidence that irresponsible directors will face consequences for their actions.” These proposals, if adopted, could significantly increase UK corporate directors’ liability exposures in
Professional Liability Insurance: Problems with Pure Claims Made and Reported Policies
The difficulty with pure “claims made and reported” insurance coverage was put into sharp relief in a recent decision out of the South Carolina federal court. The question before the court was whether there is coverage for a claim made during the policy period of one claims made and reported policy but not reported to
Seventh Circuit: D&O Insurance Covers Multiplied Portion of Attorney Fee Award
Does the multiplied portion of an attorneys’ fee award constitute the “multiplied portion of multiplied damages” such that it is precluded from coverage under a D&O insurance policy? That was the question addressed in a July 16, 2013 decision from the Seventh Circuit. In an interesting opinion from Chief Judge Frank Easterbrook, the
Protection for Public Company Directors and Officers: Indemnification and Insurance
In an environment where public company directors and officers face increasing scrutiny and expanding liability exposures, the indemnification and insurance protections available to them are increasingly important. A July 15, 2013 memorandum from the Gibson Dunn law firm entitled “Director and Officer Indemnification and Insurance – Issues for Public Companies to Consider” (here)
Advisen Reports on Second Quarter 2013 Corporate and Securities Litigation
New corporate and securities lawsuits filings in the second quarter of 2013 were “down dramatically” compared to 2013’s first quarter, according to the quarterly D&O Claims Trends report of insurance industry information firm Advisen, which was released today and which can be found here. At the current filing level, the total of all corporate
FDIC Failed Bank D&O Litigation Update
On July 15, 2013, the FDIC provided the latest update on the web page on which the agency is tracking the litigation it has filed and that has been authorized against the directors and offices of failed banks. According to the latest update, the FDIC has now filed a total of 69 lawsuits against failed
The Confidential Witness Problem in Securities Litigation
Largely as a result of the pre-dismissal motion discovery bar and the heighted pleading standard Congress and the courts have imposed, the plaintiffs in these cases increasingly have come to rely on the statements of confidential witnesses in attempting to plead securities fraud cases, a development that has become the target of extensive criticism.