In a July 18, 2007 publication entiled "IPO Executive Insights 2007" (here) the Nixon Peabody law firm published the results of its survey of 100 chief executive officers and chief financial officers whose companies conducted initial public offerings in the past three years. The report contains a number of interesting observations, but perhaps
Defense Expense and D & O Claims
One of the increasingly critical features of the current D & O claims environment is the growing likelihood of disputes arising over defense fees. A June 20, 2007 decision in Delaware Superior Court for New Castle County in connection with coverage litigation arising out of the Hollinger International claims reflects many of the recurring aspects
Corrupt Practices: Corporate Risk on an International Scale
In prior posts (most recently here), I have noted the threat of Foreign Corrupt Practices Act (FCPA) investigations as a growing area of corporate risk. Several recent reports substantiate this concern and help explain why this area of risk continues to grow, and also highlight some of the barriers to antibribery enforcement.
A June
The New Private Securities Exchanges
The July 17, 2007 Wall Street Journal reports (here, subscription required) that private equity firm Apollo Management L.P. will (after selling a portion of the firm to the Abu Dhabi Investment Authority) be listing its shares on the new Goldman Sachs private securities exchange. The Apollo listing follows a couple of months
The KPMG Defendants’ Dismissal: Consequences, Implications and Pending Congressional Action
In a 64-page opinion dated July 16, 2007 (here), U.S. District Court Judge Lewis Kaplan granted the dismissal motions of thirteen of sixteen of the individual defendants in the KPMG tax shelter litigation, ruling that he had no choice but to dismiss the charges because prosecutors had violated the constitutional rights of
“This Year’s Model” (2007 Edition): Subprime Lending Lawsuits
In early 2006, I nominated (here) the then-beginning wave of options backdating lawsuits as “this year’s model” – that is, the hot litigation trend that was being driven by the business scandal most prominent at the time. We are now well into 2007, but I have only just now determined the 2007 nominee
Cornerstone Releases Mid-Year Securities Filings Report
In a prior post (here), I took a preliminary look at the securities class action filings for the first half of 2007. In a July 10, 2007 press release (here), Stanford Law School and Cornerstone Research released their own mid-year report discussing the year-to-date filings through June 22, 2007. The full
Bershad’s Plea Deal and What it May Mean
The agreement by now-former Milberg Weiss partner David Bershad to enter a guilty plea in connection with the government’s investigation of the firm’s alleged kickbacks to individual class plaintiffs represents a watershed event, not only in connection with the criminal investigation but also potentially for the Milberg firm and even for the plaintiffs’ class action
A Look at the 2007 Securities Lawsuits (So Far)
At the beginning of 2007, I took a closer look at the 2006 securities class action lawsuits (here). Now that we have reached the halfway point of 2007, it seems like a good time to take a look at the securities suits that have been filed so far this year.
I have based
More Tellabs Thoughts: Does it Change D & O Exposure?
The Supreme Court’s decision in the Tellabs case (about which refer here) is still new and as yet untested in the lower courts. But post-decision publications and discussions are continuing, as key players wrestle with its possible implications. In particular, D & O industry participants have been struggling to discern whether or not the