Securities and Exchange Commission (SEC), Insurance Industry, Investigations

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

Wiley Rein LLP on 7/11/2025

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

Financial Services Insurance in an Era of Regulatory Risk

Woodruff Sawyer on 5/31/2024

These folks often go through some version of the Kubler-Ross stages of grief, including denial (“The SEC must be confused!”), anger (“This is an abuse of power!”), bargaining (“With this one weird trick, we can convince the...more

SEC Investigations and D&O Insurance Coverage

Woodruff Sawyer on 10/12/2023

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

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

Wiley Rein LLP on 6/6/2022

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

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

Wiley Rein LLP on 4/26/2022

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

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

Carlton Fields on 7/13/2021

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

New York Insurance Coverage Law Update - April 2021

Rivkin Radler LLP on 4/29/2021

Kenneth Jacobson was injured on a construction site, and he sued the owner of the premises and the general contractor (“GC”). The owner and GC filed a third-party action for contribution against a subcontractor insured by...more

SEC Investigation of Company Not a “Claim” or “Securities Claim”

Wiley Rein LLP on 4/14/2021

Applying New York law, the United States District Court for the Southern District of New York has held that an SEC investigation of the insured company did not constitute a “Securities Claim,” where the term expressly...more

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