5 results found
Locke Lord LLP | USA | 19 Jul 2010
Changes in securities & insurance regulation affecting enforcement strategies ALI-ABA conference on insurance & financial services litigation
Speakers at the ALI-ABA's annual conference on insurance and financial services regulation in Chicago offered extensive commentary on changes in enforcement strategies for insurance and securities fraud, in light of recent overhauls to the regulatory scheme.
Locke Lord LLP | USA | 19 Nov 2009
Proposed financial regulation bill would allow investors to sue "aiders and abettors"
Section 984 of the "Discussion Draft" of the new financial regulation legislation sponsored by Senate Banking Committee Chairman Christoper Dodd (D-Conn) proposes to amend the Private Securities Litigation Reform Act of 1995 ("PSLRA") to allow investors a private right of action to sue "any person that knowingly or recklessly provides substantial assistance to another person in violation of the Securities Exchange Act of 1934."
Locke Lord LLP | USA | 11 Nov 2009
Pennsylvania Federal Court rules that fraudulent actswillful violation exclusion bars coverage based on CEO’s guilty plea and insurer entitled to recoupment of defense costs
The U.S. District Court for the Eastern District of Pennsylvania, applying Pennsylvania law, recently held that the fraudulent actswillful violation exclusion contained in the subject Executive Protection Portfolio policy (the “Policy”) precluded coverage of defense costs for a criminal action and related derivative and securities lawsuits against an insured CEO.