Photo of Kevin LaCroix

Kevin LaCroix

Subscribe to Kevin LaCroix's Posts

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.

Follow:Read more about Kevin LaCroixKevin's Linkedin ProfileKevin's Twitter Profile

In a development with interesting implications, the video gaming company Activision Blizzard has agreed to pay $35 million to settle an SEC enforcement action based on allegations that the company lacked controls and procedures to ensure that disclosures about the company’s workforce were adequate. The SEC’s allegations also pertained to alleged whistleblower violations at the company. The enforcement action, underscores the agency’s willingness to use its authority, as one law firm memo put it, to transform workplace misconduct allegations into securities law violations. The SEC’s February 3, 2023, Press Release about the settlement can be found here. The SEC’s Order relating to the allegations can be found here.Continue Reading SEC’s Brings an “S”-Related ESG Enforcement Action Based on Alleged Human Capital Control Violations

The D&O Diary was on assignment this week at the PLUS D&O Symposium. As reflected the accompanying picture of Times Square, the weather in New York was uncharacteristically sunny and warm for this time of year. The Symposium itself was also superlative; the event was surprisingly well-attended and the sessions were great. My congratulations to the event co-chairs, and to the PLUS staff and volunteer leadership for another successful event. Continue Reading PLUS D&O Symposium in New York

Jeff Lubitz
Jarett Sena

In the following guest post, Jeff Lubitz, Managing Director, ISS Securities Class Action Services, and Jarett Sena, Director of Litigation Analysis, ISS Securities Class Action Services, take a look at the recent jury verdict in the securities class action lawsuit investors filed against Tesla CEO Elon Musk about his infamous “take private” tweet. I would like to thank Jeff and Jarett for allowing me to publish their 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 Jeff and Jarett’s guest post.Continue Reading Guest Post: Musk & Tesla Win Rare Securities Class Action Trial

In the following guest post, Brian Baney, Senior Vice President, Head of Management and Professional Liability Claims, Ascot Group, Peter Trochev, Senior Vice President, Financial Institutions, Ascot Group, Elan Kandel, Member, Bailey Cavalieri LLC and James Talbert, Associate, Bailey Cavalieri LLC, survey the current risk environment for private equity firms. I would like to thank the authors for allowing me to publish their 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 the author’s article.Continue Reading Guest Post: The State of Private Equity in 2023: Is a Maelstrom on the Horizon?  

In what it calls the “world’s first” of its type, the environmental advocacy group ClientEarth has filed a shareholder derivative action against the board of Shell plc, claiming that the company’s directors have failed to take sufficient steps to protect the company from the future impacts of climate change. The action seeks to compel the board to “strengthen its climate transition plans, in the best interests of the company in the long term.” A copy of ClientEarth’s February 9, 2023 press release about the new lawsuit can be found here. The group’s statement of FAQ’s can be found here.Continue Reading Advocacy Group Sues Shell’s Board for Insufficient Climate Change Action

Wellington Harbor, viewed from Mount Victoria

The D&O Diary’s antipodean sojourn continued this week with a quick visit to the pleasant and prosperous country of New Zealand. Readers who saw my description of our recent Australia visit know we enjoyed beautiful summer weather while we were there. Although I would never had thought it possible, the summer weather in New Zealand may have been even better, as the pictures below show. Continue Reading New Zealand

In my recent round-up of the top D&O stories of 2022, one of the stories I identified was the contribution of macroeconomic factors to the filings of securities class action lawsuits during the year. Among the macroeconomic factors I identified, beyond interest rate increases, economic inflation, and supply chain disruption, was the disruption to the labor force following, or perhaps resulting from, the pandemic. A recently filed securities suit shows how these kinds of factors can translate into securities litigation.Continue Reading Labor Supply Disruption Contributes to Recently Filed Securities Suit

       

Readers will recall that in my recent wrap-up of top D&O liability and insurance issues of 2022, I included on the list the continuing prevalence of COVID-related securities class action lawsuit filings. Now, even though the coronavirus pandemic is about to enter its fourth year, the COVID-related lawsuits continue to be filed. In the first COVID-related lawsuit filing of 2023, a plaintiff shareholder has filed a securities class action lawsuit against the vaccine development company Invivyd, Inc. (formerly known as Adagio Therapeutics, Inc.). A copy of the January 31, 2023, complaint against the company can be found here.Continue Reading First COVID-Related Securities Suit Filing of the Year      

Jonathan Meer

In the following guest post, Jonathan Meer answers the question of how the crypto asset meltdown has translated in to D&O claims. Jonathan is a Partner in the Wilson Elser law firm’s New York office. I would like to thank Jonathan 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 the blog’s readers. Please contact me directly if you would like to submit a guest post. Here is Jonathan’s article.Continue Reading Guest Post: The Midas Curse? How Cryptocurrency Has Impacted Directors and Officers

The D&O Diary was on assignment this past week in the Asia Pacific region, with the first stop in the great country of Australia. It is always great to be in Australia, but the Southern Hemisphere Summer is a particularly good time to be there. After a day or two of clouds and some rain on arrival, the weather turned particularly glorious, as reflected in the pictures below. Continue Reading Summer Down Under