ERISA litigation, once considered a dull backwater of the law, has been gaining increased interest and attention in recent years: the result of an aging population and an increasingly sophisticated and aggressive plaintiffs' bar.
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.
The U.S. District Court for the Southern District of Texas recently ruled that a professional liability insurer must defend its insured, an insurance brokerage and consulting firm, against claims by victims of the alleged Stanford Financial (“Stanford”) Ponzi scheme.
Late last year, the United States District Court for the District of New Jersey dismissed a securities fraud litigation that had been brought against a payment card processor in connection with the theft, by cybercriminals, of credit and debit card information from the company's computer system.
On December 29, 2009, Broadcom announced that it had agreed in principle to pay $160.5 million to settle a securities class action pending in United States District Court for the Central District of California against the company and certain of its current and former officers and directors.
In 2002, Tyco became embroiled in a well-publicized scandal arising out of alleged corporate looting by the company’s top management.