News & Analysis as of

D&O Insurance Investigations

Wiley Rein LLP

SEC Tolling Request Not a Securities Claim Against Insured Company Under D&O Policy

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A Delaware Superior Court, applying Delaware law, has held that the United States Securities and Exchange Commission’s (“SEC”) request to toll the statute of limitations did not constitute a “Securities Claim” under a D&O...more

Foley & Lardner LLP

SEC Enforcement Action Against Church & Dwight Director: Lessons for Outside Directors

Foley & Lardner LLP on

The SEC’s settlement with James R. Craigie, former CEO, chairman, and director of Church & Dwight Co. Inc., for violating proxy disclosure rules by standing for election as an independent director without disclosing his close...more

Davies Ward Phillips & Vineberg LLP

Better Late Than Never? Not So for Directors’ and Officers’ Liability Coverage

Directors and officers facing liability claims, including investigations and enforcement proceedings, must pay careful attention to the notice provisions of their directors’ and officers’ (D&O) liability coverage policies and...more

A&O Shearman

Chief Information Security Officers and cyber whistleblowing: considerations for PE firms

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Managing these risks at a single company should be straightforward.  Executives and CISOs may be personally held accountable for cyber failings, negligence, breaches, and inadequate disclosure around cyber vulnerabilities and...more

Woodruff Sawyer

SEC Investigations and D&O Insurance Coverage

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In my last post, I explained why a full-blown Securities and Exchange Commission (SEC) investigation often results in legal fees and expenses that run well into seven or eight figures. (Again, this is just for legal costs at...more

Pillsbury - Policyholder Pulse blog

Closing Up the SPAC Shop: Insurance Consequences and Opportunities for Liquidating SPACs

In 2020 and 2021, Special Purpose Acquisition Companies (SPACs) were all the rage. A SPAC is a “blank check company,” publicly traded, and organized for the purpose of merging with a private company. It’s a mechanism for a...more

Wiley Rein LLP

Kentucky Supreme Court Holds Prior Notice Exclusion Does Not Bar Coverage for Claims Related to Investigation Noticed and Accepted...

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Applying Kentucky law, the Kentucky Supreme Court has held that a prior notice exclusion did not bar coverage for a claim related to a government investigation noticed and accepted by a prior insurer because the insurers were...more

Wiley Rein LLP

Professional Services and Contract Exclusions Do Not Bar Coverage for Settlement of False Claims Act Investigation

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The Delaware Superior Court has held that a professional services exclusion and a contract exclusion in a D&O policy do not bar coverage for a False Claims Act settlement. Guaranteed Rate, Inc. v. ACE Am. Ins. Co., 2022 WL...more

Wiley Rein LLP

Delaware Federal Court: No Coverage Under D&O Policy For Claims Based On Acts Alleged To Have Occurred Prior To Insured Entity’s...

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Applying Delaware Law, the United States District Court for the District of Delaware has held that there is no coverage for acts undertaken by an insured’s directors and officers that occurred prior to the formation of the...more

Wiley Rein LLP

Court Declines to Dismiss Coverage Litigation Based on Potential Applicability of Prior Notice Exclusion

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The United States District Court for the District of Delaware has held that, where the matters at issue in securities litigation and attendant claims plausibly did not “arise out of” the matters underlying a notice of...more

Lowenstein Sandler LLP

In the Know: The Lowenstein Insurance Recovery Group’s Tip of the Month - October 2021

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A recent coverage case from Illinois is a helpful reminder to policyholders that they should not take no for an answer when insurers deny a claim based on uninsurability, restitution, disgorgement, or fraud. In fact, those...more

Carlton Fields

New York Federal Court Rejects Argument That SEC Investigation Constitutes a “Securities Claim” Under D&O Policies

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Recent Delaware decisions reveal a trend of insureds seeking to expand the definition of “Securities Claims” in their D&O policies, and Delaware courts refusing to do so. You can read our discussion on those rulings here and...more

Pietragallo Gordon Alfano Bosick & Raspanti,...

Hiding in Plain Sight: Obtaining Insurance Coverage in White Collar Criminal Investigations and Complex Civil Litigation

An attorney is outside counsel to a midsized, closely held corporation. The attorney reports to a group of officers and directors. The client was just served at corporate headquarters with a grand jury subpoena in connection...more

Lowenstein Sandler LLP

Managing The Risk Of Emerging COVID-19 Securities Liabilities With D&O Insurance

With a new year and the introduction of multiple vaccines, there is much hope that the end of the COVID-19 pandemic is in sight. Nevertheless, the pandemic will have wide-ranging consequences far beyond its end date...more

Troutman Pepper

Claims: Government Investigations, Enforcement and Triggering Insurance Coverage Under D and O Insurance

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Recently, Pepper attorneys Frank A. Mayer, III and Charles E. Leasure, III gave a presentation on when an examination of a regulated institution triggers a claim and benefits under an insurance policy. They discussed the...more

Troutman Pepper

Claims: Government Investigations, Enforcement And Triggering Insurance Coverage Under D And O Insurance

Troutman Pepper on

In this Presentation: - FDIC D&O Insurance and “Claim” Issues ..Definition of “Claim” in a D&O Policy ..So, what constitutes a “claim” ..“Claim” definition Denials and Cases ..Timing of a “claim” ...more

K&L Gates LLP

Insurance Coverage for CFPB Investigations and Enforcement Actions

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Many companies and individuals that are facing investigations or subsequent enforcement actions by the Consumer Financial Protection Bureau (“CFPB”) will be forced to incur substantial sums to defend such claims, to settle...more

King & Spalding

Insurance Coverage for Healthcare False Claims Act, Stark, and HIPAA/HITECH Government Investigations

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Federal enforcement of False Claims Act (FCA), Stark anti-kickback, and HIPAA/HITECH claims against healthcare companies continues to rise rapidly. FCA recoveries by the U.S. Department of Justice (DOJ) exceeded $9.5 billion...more

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