Because so many of you were out of the office or away from your desks last week, I am posting a reminder that, along with my colleagues Marissa Streckfuss and Chris Bertola, I will be hosting a free, one-hour seminar on The Top Ten D&O Stories of 2025 on Thursday, January 15, 2026 at 11:00 am EST. In the webinar, we will be discussing the top developments in the World of D&O during 2025, including AI, the Trump Administration’s Tariff Policies, the impact of changes at the SEC, cybersecurity, ESG, DEI and DExit. Registration for the webinar can be found here. I hope all of you can join us. My Top Ten D&O Stories of 2025 blog post can be found here.

Please also be sure to see my post below about the Trump administration’s use of the False Claims Act in support of its campaign against “illegal DEI.”

The Trump Administration has already shown that it intends to use the False Claims Act (FCA) as one of the primary tools in its arsenal to enforce its policy priorities. For example, as discussed in prior posts on this site (most recently here), the administration is actively using the FCA to enforce its tariff policies. In the latest demonstration that the FCA may now be the administration’s preferred enforcement tool, the administration appears to be actively gearing up to use the FCA as a primary weapon in its campaign against “illegal DEI,” in an apparent use of the FCA commentators agree would be, at a minimum, “novel.” The administration’s use of the FCA for these purposes could pose significant challenges for companies — and their insurers.

Continue Reading The Trump Administration Use of the False Claims Act in Anti-DEI Campaign
Chris Quirk

In the following guest post, Chris Quirk, a wholesale broker at ARC Excess & Surplus, part of CRC Group, takes a detailed look at the cyber liability insurance implications of text messaging fraud schemes. I would like to thank Chris for allowing me to publish his article as a guest post on this site. Here is Chris’s article.

Continue Reading Guest Post: Insuring Against SMS Pumping Schemes
Sarah Abrams

The Trump administration has already demonstrated that it intends to actively pursue tariff enforcement, as discussed in prior posts on this site (most recently here). One of the enforcement tools the administration is using is the False Claims Act. In the following post, Sarah Abrams, Head of Claims Baleen Specialty, a division of Bowhead Specialty, takes a look at the ways the administration is using the False Claims Act as an enforcement tool, in the context of two recent enforcement actions. My thanks to Sarah for allowing me to publish her article as a guest post on this site. Here is Sarah’s article.

Continue Reading Guest Post: False Claims Act Tariff Enforcement

There’s lots to worry about as we enter the New Year, not least a newly emboldened and militarily active U.S. There are also things to worry about in the financial markets, even as the various indices trade at or near record levels. Much of the recent run-up in market valuations is due to investor enthusiasm for artificial intelligence (AI). Some commentators worry that the current investor AI enthusiasm may prove to be a bubble – that is, that valuations have gotten out of whack and that infrastructure investment have run far ahead of any possible (or profitable) need. Some (including me) are concerned that things could get messy if investors sour on AI or lose confidence or patience.

One of the possible consequences from an AI bubble burst could be a wave of corporate and securities litigation. A lawsuit filed earlier this week against the start-up AI energy support company Fermi, which just completed an IPO in October, may suggest what post AI-bubble litigation might look like. A copy of the complaint can be found here.

Continue Reading Worried About a Possible AI Bubble Burst?
Sarah Abrams

Bankruptcy is a fraught circumstance for D&O insurance. As discussed in the following guest post from Sarah Abrams, Head of Claims Baleen Specialty, a division of Bowhead Specialty, the usual bankruptcy complications are further amplified in the crypto context. I would like to thank Sarah for allowing me to publish her article as a guest post on this site.

Continue Reading Guest Post: D&O Insurance Coverage in a Crypto Mining Bankruptcy

The directors’ and officers’ liability environment is always changing, but 2025 was a particularly eventful year, with important consequences for the D&O insurance marketplace. The past year’s many developments also have significant implications for what may lie ahead in 2026 – and possibly for years to come.  I have set out below the Top Ten D&O Stories of 2025, with a focus on future implications. Please note that on Thursday, January 15, 2026 at 11:00 am EST, my colleagues Marissa Streckfus, Chris Bertola, and I will be conducting a free, hour-long webinar in which we will discuss The Top Ten D&O Stories of 2025. Registration for the webinar can be found here. Please join us for the webinar.

Continue Reading The Top Ten D&O Stories of 2025

After two consecutive years in which the annual number of federal court securities class action lawsuit filings increased, the number of federal court securities class action lawsuit filings decreased slightly in 2025 compared to 2024, to the lowest level since 2022. The number of federal court securities class action suit filings during past year reflected the impact of several ongoing securities lawsuit filings trends, such as the new lawsuit filings relating to artificial intelligence (AI) and cryptocurrencies. The slight decline in the annual number of filings reflects the diminishing impact of certain long-term trends that waned during the year, as discussed below.

Continue Reading Federal Court Securities Suit Filings Declined Slightly in 2025

In a few days’ time, I will be posting my annual survey of the Top Ten D&O Stories of the year. For now, though, we are all enjoying the holidays. The last thing most of us want to think about is the latest case decision or the most recent developments in D&O insurance coverage. With that in mind, I thought I would go off-topic and turn to the lessons from my travel experiences. The fact is that I travel a lot. I have gotten pretty good at maintaining my equilibrium while traveling. But we all know that along with joy and surprise, travel can also entail a lot of bumps and bruises. I thought it might be useful for me to share some of the things I have learned to make travel easier, as well as some of my travel likes and dislikes.

Continue Reading Travel Hacks, Gripes, and Likes       
Old Town Square, Prague

In just a few days’ time, I will be publishing my annual survey The Top Ten D&O Stories of the year. For now, though, we are all celebrating the holidays, and no one really wants to be reading about case law developments or insurance coverage issues. So instead, I thought I would do a post featuring my favorite travel pictures from 2025. I freely concede that this is totally self-indulgent, allowing me to bask in the delight of some of my favorite travel experiences. But just to show that this isn’t just about me, below I invite readers to send in their favorite 2025 travel pictures, which I will publish on this site over the coming weeks. Please see the instructions below on how to submit your travel pictures.

Continue Reading Top Travel Pictures of 2025