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U.S. Securities and Exchange Commission brings civil action against former New Century executives

Edwards Wildman Palmer LLP
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USA
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January 6 2010

On December 7, 2009, the SEC charged three former executives of New Century Financial Corporation with securities fraud

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

Edwards Wildman Palmer LLP
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USA
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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

SEC and NAIC take affirmative steps to address corporate disclosures regarding climate change

Edwards Wildman Palmer LLP
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USA
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October 27 2009

On October 2, 2009, as part of the 48th Annual Corporate Counsel Institute held at Northwestern University School of Law, SEC Commissioner Elisse B. Walter gave a speech entitled “SEC Rulemaking ‘Advancing The Law’ To Protect Investors.”

California federal court holds that D&O insurer is permitted to rescind policy based on nondisclosure in application

Edwards Wildman Palmer LLP
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USA
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November 11 2009

In a recent decision by the United States District Court for the Northern District of California, the court held that an insurer does not have to provide D&O insurance coverage to a group of bondholders who took on the responsibilities of the bankrupt insured

Accountants seek injunction to bar FTC Red Flags Rule enforcement

Edwards Wildman Palmer LLP
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USA
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November 24 2009

On November 10, 2009, the American Institute of Certified Public Accountants ("AICPA") filed a lawsuit in the U.S. District Court for the District of Columbia on behalf of its nearly 350,000 certified public accountant members against the Federal Trade Commission (“FTC”) to seek an injunction barring the FTC from applying its Red Flags Rule to AICPA members

California federal court rules that “insured v. insured” exclusion does not preclude insurer’s payments of defense costs in claim brought jointly by insureds and non-insureds

Edwards Wildman Palmer LLP
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USA
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December 1 2009

The United States District Court for the Northern District of California, applying California law, has held that an “insured v. insured” clause exclusion in a D&O policy for claims asserted by an insured against an insured did not preclude the insurer from paying for the entire defense costs incurred by insured and non-insured claimants

New York adopts revisions to Regulation 118 governing audited financial statements

Edwards Wildman Palmer LLP
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USA
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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

White House to propose plan to recoup bailout costs

Edwards Wildman Palmer LLP
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USA
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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

PLUS D&O symposium: morning session II

Edwards Wildman Palmer LLP
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USA
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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

Delaware Bankruptcy Court rules that directors & officers may access eroding policy despite company’s bankruptcy

Edwards Wildman Palmer LLP
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USA
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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