News & Analysis as of

D&O Insurance Shareholders Insurance Industry

Latham & Watkins LLP

Recent Developments for Directors July 2025

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The D&O insurance market has become more favorable for insureds, with many insurers competing for placements, allowing enterprising companies and their counsel to negotiate expanded coverage and policy enhancements....more

Bradley Arant Boult Cummings LLP

Hodl or Fold? The Insurance and Liability Minefield of Bitcoin for Business

Cryptocurrency isn’t just for tech startups and X (formerly Twitter) enthusiasts anymore. Mainstream corporations are increasingly forced to consider Bitcoin—the undisputed “king” of crypto—and other investments into digital...more

McGuireWoods LLP

The SEC’s Cybersecurity Incident, Governance, and Management Reporting Requirements: What you Need to Know to Avoid Cyber and D&O...

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The SEC public company cyber disclosure rule raises issues that companies should consider in reviewing existing insurance coverage and in assessing overall risk....more

Woodruff Sawyer

Looking Ahead to 2025: Navigating a Shifting D&O Insurance Landscape

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In a market known for volatility, public company D&O (directors & officers) insurance has certainly lived up to its reputation in recent years—pricing has been on a roller coaster, fluctuating between skyrocketing increases...more

Wiley Rein LLP

Bump-Up Provision Bars Coverage for Settlement of Post-Merger Claims by Shareholders of Target Company

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On remand from the U.S. Court of Appeals for the Fourth Circuit, the U.S. District Court for the Eastern District of Virginia, applying Virginia law, has held that a bump-up provision in directors and officers liability...more

Woodruff Sawyer

From Mars Back Down to Earth: Lessons from the Rescission of Elon Musk’s $55.8B Option Grant

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CEO compensation can be a source of concern for shareholders, which makes it a concern for the Delaware Chancery Court. Another major concern is director independence. The decision by the Delaware Chancery Court to void Elon...more

Farella Braun + Martel LLP

Disputes Between Shareholders May Not Be Governed by Fiduciary Duties but Could Be Covered by Insurance

Disputes regarding ownership interests often arise in the context of closely held corporations, particularly when directors, officers, or majority shareholders sell or acquire ownership interests in the company. These...more

Kennedys

Stillwater: Delaware Supreme Court addresses choice of law principles and insurance coverage for shareholder appraisal actions

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The majority of publicly traded companies are incorporated in Delaware but have their principal place of business in another state. This can raise thorny issues of what state’s laws should apply to an insurance coverage...more

Carlton Fields

Delaware Court Finds Appraisal Proceeding Is Not a Claim “for a Wrongful Act” and Dismisses $177M Coverage Action

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The Superior Court of Delaware rebuffed efforts by a policyholder to recover defense costs and interest it incurred in connection with an underlying appraisal proceeding, agreeing with the defendant-insurers that the...more

Wiley Rein LLP

Alleged Breach of Fiduciary Duty Not a “Securities Claim”

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The United States District Court for the District of Delaware, applying Delaware law, has held that lawsuits alleging breaches of fiduciary duty did not constitute “Securities Claims” under a D&O policy.  Calamos Asset Mgt.,...more

Wiley Rein LLP

Coverage for Stockholder Suits Not Barred By Prior Acts Exclusion or Bump-Up Provision

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Judge Paul Wallace of the Delaware Superior Court has held that a bump-up provision did not operate to preclude coverage for a settlement of a Section 14(a) cause of action.  Northrop Grumman Innovation Sys., Inc. v. Zurich...more

Lowenstein Sandler LLP

California Court Broadens A D&O Policy’s Bump-Up Exclusion To Bump Out Coverage

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Recently, a California state court expanded a “bump up” exclusion in excess D&O policies to bar coverage for a settlement of a shareholder class action lawsuit against Onyx and its directors and officers. The shareholders...more

Troutman Pepper Locke

Equifax Lax About Hacks, Says Shareholder Lawsuit

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In early September, Equifax disclosed a now well-known data breach that ultimately affected a reported 146 million customers in the United States. The breach allegedly occurred in May 2017, as a result of an online security...more

Carlton Fields

Who is an Insured and What is a Claim? Circuit Courts Offer Guidance in Applying the “Insured vs. Insured” Exclusion in D&O...

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Typical directors and officers (“D&O”) liability policies exclude from coverage claims brought by one of the company’s directors or officers against another, or between the company and any of its directors or officers. The...more

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