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U.S. Securities and Exchange Commission brings civil action against former New Century executives
- Edwards Wildman Palmer LLP
- -
- USA
- -
- January 6 2010
On December 7, 2009, the SEC charged three former executives of New Century Financial Corporation with securities fraud
White House to propose plan to recoup bailout costs
- Edwards Wildman Palmer LLP
- -
- USA
- -
- January 12 2010
When President Obama releases his FY 2011 budget proposal next month, included will be a mechanism to ensure the losses associated with the recent financial and auto industry bailout are recouped
ARS derivative suits will need to overcome business judgment rule
- Edwards Wildman Palmer LLP
- -
- USA
- -
- October 12 2010
In the past few months, several derivative suits against mutual fund issuers of auction rate securities (ARS) have hit the courts
PLUS D&O symposium: morning session II
- Edwards Wildman Palmer LLP
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- USA
- -
- February 3 2010
During the second morning session at the PLUS D&O Symposium, the panelists discussed the role of mediation in D&O claims resolution and the kinds of recurring issues that arise in the mediation context, as well as the best ways that these problems can be avoided or overcome
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
Virginia court follows First Circuit’s Genzyme reasoning, rejects carrier’s bid to recoup $15mm D&O payout
- Edwards Wildman Palmer LLP
- -
- USA
- -
- December 17 2010
Following the reasoning of the First Circuit in its Genzyme decision, a federal court in Virginia has granted summary judgment to an insured whose carrier had sued to recoup a $15 million settlement under a D&O policy
New York adopts revisions to Regulation 118 governing audited financial statements
- Edwards Wildman Palmer LLP
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- USA
- -
- January 12 2010
On December 28, 2009, the New York Insurance Department ("NYID") issued a Notice of Emergency adoption revising Regulation 118 to implement new audit and reporting standards on an emergency basis
Delaware Bankruptcy Court rules that directors & officers may access eroding policy despite company’s bankruptcy
- Edwards Wildman Palmer LLP
- -
- USA
- -
- July 22 2010
A federal judge has ruled that directors and officers of a company in bankruptcy proceedings may continue to access an eroding liability policy to cover their defense costs
