As I noted in my recent round up of current trends in the world of D&O, one of the most important recent developments in the D&O claims arena has been the rise of collective investor actions outside of the U.S. I amplified on this theme in a Q&A that I also recently published on this site. In a recent blog post, Columbia Law Professor John Coffee underscored the recent significant rise in collective investor actions in Europe and Asia. In a September 19, 2016 post on the CLS Blue Sky Blog entitled “The Globalization of Securities Litigation” (here), Professor Coffee details how entrepreneurial U.S.-based plaintiffs’ law firms have managed to circumvent apparent local obstacles and succeed in pursuing collective investor actions even in otherwise inhospitable legal environments. As I have previously noted and as I discuss further below, the rise of collective investor actions outside the U.S. is one of the most significant recent developments in the global D&O claims arena. Continue Reading The Global Rise in Collective Investor Actions
Sixth Circuit: Data Breach Victims’ Heightened Risk of Future Harm Establishes Article III Standing
One of defendants’ most significant arguments in opposing data breach victims’ negligence and breach of privacy claims has been that the claimants that have not suffered actual fraud or identity theft can show no cognizable injury and therefore lack Article III standing to assert their claims. Appellate decisions in the Seventh and Ninth Circuit have previously taken a bite out of this defense, in rulings holding that the victims’ fear of future harm is sufficient to establish standing. Now the Sixth Circuit in a case involving alleged victims of a data breach at Nationwide Mutual Insurance Company has joined these other circuits, holding that the claimants’ heightened risk for fraud and mitigation costs were sufficient to establish Article III standing. The Sixth Circuit’s September 12, 2016 opinion, which can be found here, represents the latest in a series of developments evincing courts’ increasing willingness to recognize fear of potential future harm as sufficient to establish standing, which in turn may make it easier for the plaintiffs’ claims in these kinds of data breach cases to go forward. Continue Reading Sixth Circuit: Data Breach Victims’ Heightened Risk of Future Harm Establishes Article III Standing
A Mumbai Experience
The D&O Diary’s Asia Pacific tour ended last week with a final stop in Mumbai for meetings and for an educational event PLUS was co-sponsoring with the local management liability insurance education group, Bima Gyaan. I enjoyed the chance to be back in Mumbai. It is a vibrant, dynamic, fascinating place, a place that is experienced more vividly and more viscerally than more ordinary destinations. Continue Reading A Mumbai Experience
Guest Post: Upcoming Appellate Decisions: Rebutting the Basic Presumption of Reliance
In its 2014 decision in Halliburton v. Erica P. John Fund, the U.S. Supreme Court reaffirmed the presumption of reliance under the fraud on the market theory. The Court also held that at defendant may rebut the presumption of reliance by showing that the alleged misrepresentation at issue did not affect the defendant company’s share price. In the following guest post, David Topol and Jennifer Williams of the Wiley Rein law firm take a look at the way that the lower courts have applied the Court’s holding in the 2014 decision, and review some pending cases that could have important implications for this way that the decision is applied in the lower courts. I would like to thank David and Jen for their willingness to publish their article 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 David and Jen’s guest post. Continue Reading Guest Post: Upcoming Appellate Decisions: Rebutting the Basic Presumption of Reliance
A Visit to Singapore
The D&O Diary’s swing through the Asia Pacific region continued last week with a short stop in Singapore. The same hot and steaming conditions that prevailed in Hong Kong were also in effect in Singapore, although because Singapore is only about 90 miles from the equator, the conditions were the same but more so. Singapore is a small, wealthy city state. Its geographic size is comparable to that of New York City, although Singapore’s population (about 5.8 million) is less than that of New York (about 8.9 million); Singapore’s population is larger than every U.S. city other than New York. Continue Reading A Visit to Singapore
Guest Post: Professional Services: What Does this Term Mean in an Exclusion Clause?
As I have noted in several posts on this site (most recently here), one of the recurring D&O insurance coverage questions is the extent of the preclusive effect of the professional services exclusion. In the following guest post, Rehana Box and Marie Vlassis of the Ashurst law firm take a look at judicial developments in Australia regarding this issue. This article previously appeared in the LexisNexis Australian Insurance Law Bulletin. I would like to thank Rehanna and Marie for their willingness to publish their article 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 publish a guest post on this site. Here is Rehana and Marie’s guest post. Continue Reading Guest Post: Professional Services: What Does this Term Mean in an Exclusion Clause?
D&O Liability: More Litigation Globally against a Broader Range of Defendants
In conjunction with my July 2016 visit to Munich for meetings at Munich Re, I sat down for an interview with Christian Furhmann, Chief Executive Manager at Munich Reinsurance Company. The interview, which Munich Re previously published here, is reprinted below. I would like to thank my friends at Munich Re for their permission to republish the interview on this site. Continue Reading D&O Liability: More Litigation Globally against a Broader Range of Defendants
A Visit to Hong Kong
The D&O Diary’s Asia Pacific travels continued this past week in Hong Kong for meetings and to participate in the PLUS Hong Kong Professional Liability Symposium. Early September is late in Hong Kong’s monsoon season, which meant that conditions were generally hot and steamy throughout my visit. It also meant periodic drenching downpours that discouraged any idea of outdoor activities. Despite the less than ideal weather conditions, I did manage to get a little bit of a look around while I was in Hong Kong. Continue Reading A Visit to Hong Kong
Guest Post: Arbitration in India – Is it Now Feasible?
In keeping with my goal of presenting important topics concerning jurisdictions outside the United States, I am pleased to present this guest post by Sakate Khaitan of Khaitan Legal Associates about recent legislative changes in Indian that will impact the availability of arbitration procedures in that country. I would like to thank Sakate for his willingness 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 site’s readers. Please contact me directly if you would like to submit a guest post. Here is Sakate’s guest post. Continue Reading Guest Post: Arbitration in India – Is it Now Feasible?
Yet Another Round of Frisbee Photos
With summer winding down, more readers have been sending in pictures of their Tenth Anniversary D&O Diary Frisbees, with many of the pictures taken on family vacations. It always a pleasure to see the many places where readers have taken their Frisbees for their photo shoot. Readers will recall that in connection with The D&O Diary’s recent tenth anniversary, I offered to send out a D&O Diary Tenth Anniversary Frisbee to anyone who requested one – for free — but only if the Frisbee recipient agreed to send me back a picture of the Frisbee and a description of the circumstances in which the picture was taken. I have already published several rounds of Frisbee Photos (all of which can be found here), and now it is time for the next round. Continue Reading Yet Another Round of Frisbee Photos