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Superior court erred in finding fraudulent transfer claims filed by a bankruptcy litigation trust to be derivative and falling under the definition of a "securities" claim in a corporate insurance policy where such claims only benefitted creditors rather than the company and thus were direct in nature.
Recent Developments In D&O Claims
This article summarizes many of the more important recent legal developments involving D&O claims. During these uncertain times, it is especially important for those who advise and insure directors and officers to carefully monitor and react to these and other developments.Constitutional challenges to audit under state escheat law overruled where there was no showing that state would undertake estimation of escheated property held by entity and where seizure of property owned by entities with foreign last known addresses did not violate the foreign commerce clause.
No insurance coverage was available for costs incurred by a company in connection with a statutory appraisal proceeding, because that action did not constitute a "wrongful act" under the policy.
The court granted summary judgment in favor of insureds because they had an indemnity claim under the plain language of the policies.
Superior Court: Verizon Can Recoup $24M in Defense Costs From Insurer
Superior Court Judge Eric M. Davis applied a broader definition of the insurance contract term "securities claim" that required coverage in a case over a challenge to a corporate spinoff and merger that was funded by debt instruments.Superior Court: Insurance Definition Covers Verizon's $24M in Defense Costs
Superior Court Judge Eric M. Davis applied a broader definition of the insurance contract term "securities claim" that required coverage in a case over a challenge to a corporate spinoff and merger that was funded by debt instruments.An administrative subpoena was not overly broad and was allowed under the state's revised escheat law.
Sidley Austin Vows to Fight Claims It Aided $1.3B Ponzi Scheme
"We believe the claims asserted against the firm and Mr. Sullivan are without merit, and we intend to defend the case vigorously," a spokesman for Sidley said.Sidley Austin Fighting Claims the Firm Helped $1.3B Woodbridge Ponzi Scheme
Attorneys for receiver Michael Goldberg, an Akerman partner in Fort Lauderdale, claim several firms helped extend the life of the real estate investment fraud at Woodbridge, which was founded in Boca Raton.Law Firm Operational Considerations for the Corporate Transparency Act
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Countdown to Compliance: SEC Private Fund Reforms
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