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First Circuit remands D&O coverage dispute for allocation

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • November 2 2010

Reversing a district court holding to the contrary, the First Circuit has declared that Massachusetts public policy does not prohibit D&O carriers from insuring against damages allegedly incurred by one class of shareholders as a result of an unfair benefit conferred on another class of shareholders

Proposed $700 billion bailout plan sparks shareholder derivative action

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • September 29 2008

While Congressional leaders continue to negotiate the terms of a bailout plan to relieve mortgage lenders and investment banks of their distressed mortgage debt, a shareholder derivative action has been filed against PFBB Bancorp ("PFBB") and several of its directors and officers in the Delaware Chancery Court to enjoin a proposed merger between PFBB and FBOP Bancorp ("FBOP"

PLUS D&O Symposium 2012 -- Day 1 first panel: latest trends in securities litigation and Dodd-Frank

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • February 8 2012

The first panel of the 2012 PLUS D&O Symposium discussed some of the latest trends in securities litigation and opined on potential future developments which may impact the D&O industry

Court approves American Home Mortgage's settlement of a subprime securities class action

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • September 18 2009

On July 30, 2009, the US District Court for the Eastern District of New York approved a $37.25 million settlement of a subprime-related securities class action styled, In re American Home Mortgage Securities Litigation

Illinois appeals court affirms dismissal of derivative action against Aon

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • July 2 2009

An Illinois appeals court recently upheld the trial court’s dismissal of a derivative action brought against Aon based upon its alleged practice of collecting "contingent commissions."

Massachusetts Supreme Judicial Court expands consumer zip code privacy protection in Tyler v. Michaels Stores

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • March 12 2013

In a closely watched case with a somewhat unexpected result, the highest Massachusetts court decided in Tyler v. Michaels Stores that zip codes are

Shareholder brings derivative action against life carrier’s officers and directors targeting unclaimed property practices

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • February 3 2012

Yet another lawsuit has been filed targeting a leading life insurer’s claims settlement practices for unpaid death benefits

Demand not futile in shareholder derivative litigation arising out of proposed ACS buyout

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • April 14 2009

Shareholders for Affiliated Computer Systems, Inc. (ACS), a Fortune 500 company in the information technology sector, filed suit against ACS and certain of its directors in Delaware state court in early 2007

Delaware Supreme Court affirms oversight standard

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • January 17 2007

In Stone v Ritter, et al, 2006 WL 3169168 (Del Nov 6, 2006), the Delaware Supreme Court affirmed the Court of Chancery’s dismissal of a derivative action against certain current and former directors of AmSouth Bancorporation (“AmSouth”), a Delaware corporation which paid approximately $50 million dollars in fines and penalties in order to resolve investigations for alleged violations of the federal Bank Secrecy Act and federal anti-money laundering regulations

New York state court reverses demand futility dismissal although board had formed an SLC before litigation was filed

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • January 20 2009

New York's First Department recently issued a decision addressing the circumstances under which a company's appointment of a special litigation committee (“SLC”) can shield its directors and officers from shareholder derivative litigation