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Directors & Officers: Are you covered? ( February 2006 )
A sea change in laws, corporate governance standards and attitudes of institutional investors has dramatically increased the personal risk for directors and officers. Although suitable compliance programs will reduce the risk, bad things happen to good people—and good people need considerable resources to defend themselves. -
These Settlements are the Beginning ( February 2005 )
The WorldCom settlement was recently torpedoed by the investment bank defendants in the case. The Judge agreed with their argument that the proposed settlement improperly limited a potential damages reduction for the directors' responsibility to which the banks would be entitled. Nevertheless, as a firm of trial lawyers primarily representing businesses in litigation, we expect that unhappy shareholders will continue the trend and we will see more cases where plaintiffs seek to hold directors personally liable for mismanagement occurring during their tenure. -
When Compliance Fails: Current Issues in Directors' and Officers' Liability Coverage ( October 2004 )
It goes without saying that corporate boards and management, including general counsel, must be more vigilant than ever in ensuring appropriate corporate governance and compliance with acceptable financial reporting standards. The strictest attention to compliance, however, does not ensure that the corporation will escape a shareholders' suit if its stock drops unexpectedly, no matter what the reason. Fortunately, despite gloomy prognostications of a future hardening of the insurance market, directors' and officers' liability insurance currently is, for most corporations, available and affordable. -
Significant Issues with Respect to Directors' and Officers' Insurance Policies in the Post Sarbanes-Oxley Era ( February 2000 )
The passage of the Sarbanes-Oxley Act of 2002 and the adoption of related SEC rules have reinforced the fact that fully-engaged, independent directors, in addition to a well-informed management team, are essential for ensuring a company's financial and ethical well-being. At the same time, the Act and related regulatory mandates may increase actual and threatened litigation, administrative proceedings and investigations for directors and officers. -
Return to Basics: D&O Lessons From Recent Claims ( July 2002 )
A summary of numerous D&O lessons which can be gleaned from recent corporate debacles and some D&O insurance implications resulting from those debacles. -
Directors and Officers Liability Insurance ( January 2000 )
In recent years, directors and officers liability insurance has become a core component of corporate insurance. As many as 95% of Fortune 500 companies maintain directors and officers (“D&O”) liability insurance today. Furthermore, it has become a commonplace of the financial world that disappointed investors will charge corporations and their officers and directors with securities fraud whenever a company’s stock drops significantly in price. -
Emergency Preparedness: D&O Lessons From September 11 ( December 2002 )
As a result of the September 11 events, the importance of effective emergency preparedness and management is now greater than ever and requires fresh attention by virtually every company. -
California Court of Appeal Upholds "Prior Or Pending Action" D&O Policy Exclusion ( March 2000 )
This article summarizes a recent California Court of Appeals decision whereby the court upheld a "prior or previous litigation" exclusion in a Director & Officer liability policy. -
Protection from Disgruntled Employees ( August 1999 )
It all started innocently enough. J.Q. Employee was having problems on the job (tardiness, excessive absences, perf.
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