Citing the “obvious magnitude” of the Libor-related antitrust litigation, Southern District of New York Judge Naomi Reice Buchwald has given the plaintiffs leave to attempt to amend their complaints to address the shortcomings that previously led her to grant the defendants’ motion to dismiss. Judge Buchwald granted the plaintiffs’ request for leave to file a motion
Management Liability Insurance for Law Firms and the Dewey & LeBoeuf Bankruptcy
The collapse of the venerable Dewey & LeBoeuf law firm is a cautionary tale from which observers have drawn many lessons, including cautions about the perils associated with large law firm mergers and the challenges associated with various forms of law firm partner compensation. The firm’s failure and the claims that have subsequently arisen against
Guest Post: The German Two-Tier Corporate Board Structure and its Impact on D&O Insurance Cover
The liabilities of corporate officials are a reflection of the laws of the jurisdiction in which the corporation is chartered. The jurisdiction’s liability provisions in turn have important implications for the structure of the insurance put in place to protect the corporate officials.
In the following guest post, Michael Hendricks (pictured above left), the
Libor-Scandal Litigation: After Federal Court Dismissal, Schwab Pursues State Court Suit
When Southern District of New York Judge Naomi Reice Buchwald entered her order in the consolidated Libor litigation on March 29, 2013, she dismissed the plaintiffs’ antitrust and RICO claims against the Libor rate-setting banks, and she also declined to exercise supplemental jurisdiction over the plaintiffs’ state law claims, which she dismissed without prejudice. The upshot of
Advisen Reports on First Quarter 2013 Corporate and Securities Litigation
During the first quarter of 2013, new corporate and securities lawsuits and regulatory enforcement actions increased slightly compared to the fourth quarter of 2012 but remained well below annual averages over the last two years, according to a new report from Advisen, the insurance information firm. The April 2013 report, which can be found here
The Best Things in Life are Free
According to an adage from the Internet’s early days, information wants to be free. These days, the free Internet is being challenged. Many sites have recently imposed pay walls or otherwise started to charge visitors.
Here at The D&O Diary, we are about to celebrate our seventh anniversary of providing information and
D&O Insurance: Notice to Claims Department Required to Satisfy Notice Requirements
Disputes over notice of claim requirements usually involve questions about the timing or content of the notice. A recent notice dispute involving UnitedHealth Group raised neither questions of timing or content; rather, the dispute involved the question of “to whom” the notice must be sent. In an April 25, 2013 opinion (here), District of
An “Exotic Permutation” of Rule 10b5-1 Trading Plans
The Wall Street Journal is reporting again on the alleged misuse of Rule 10b5-1 trading plans. In its latest article on the topic, the newspaper examines what an SEC spokesman called an “exotic permutation” on the use of trading plans – that is, outside directors’ use of trading plans to allow investment funds they own
Will Obstacles Deter the SEC’s Dodd-Frank Whistleblower Program?
Whistleblower information may be one of the SEC’s “most effective weapons in its new enforcement arsenal,” but the agency’s whistleblower program “faces challenges on many fronts,” according to an April 23, 2013 New York Times Dealbook article entitled “Hazy Future for Thriving S.E.C. Whistle-Blower Effort” (here). As evidence of the whistleblower program’s promise
Smaller Companies Should Consider Cyber-Liability Insurance
Smaller companies increasingly are the subject of data breaches and those smaller companies “are the number-one target of cyber-espionage attackers,” according to a recent study detailed in a April 24, 2013 CFO.com article entitled “Should You Consider Cyber Insurance?” (here). Smaller companies increasingly are the subject of cyber attacks due to “inadequate security