With data breaches affecting companies across virtually every industry, cyber security has remained front page news. Lawsuits brought by aggrieved consumers and financial institutions against companies that have suffered data breaches are not uncommon. Increasingly, companies are also being subjected to shareholder derivative suits against directors and officers alleging breach of fiduciary duty relating to… Continue Reading
A recent pair of opinions from New York and Pennsylvania shows the importance of evaluating all parts of director and officer (D&O) insurance coverage, down to each definition. These cases, one holding for the insured and one for the insurer, demonstrate that a policy’s terms can be absolutely critical if the insured seeks indemnification for… Continue Reading
Proskauer on Management Liability, Risk Management and Insurance Managing the Risk of Government Investigations Thursday, July 17, 2014 Noon – 1:00 p.m. ET 11:00 a.m. – Noon CT 9:00 a.m. – 10:00 a.m. PT Protecting directors and officers from the legal and reputational risks of government investigations is a tough task, but one that the leaders… Continue Reading
Steven Gilford and John Failla recently authored an article for National Underwriter explaining that D&O insurance is more important than ever because of heightened regulatory scrutiny of a wide range of issues including accounting improprieties, antitrust, and Foreign Corrupt Practices Act (FCPA) investigations. Click here to read the article.
On March 31, 2014, the First Circuit reaffirmed the breadth of an insurer’s duty to defend. In W Holding Co., Inc. v. AIG Ins. Co.-Puerto Rico, No. 12–2008, 2014 WL 1280246 (1st Cir. Mar. 31, 2014), the appellate court ruled that AIG Insurance Company (“AIG”) must advance defense costs to former directors and officers of… Continue Reading