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D&O Coverage for Corporate Criminal Investigations
Surprisingly few reported decisions discuss whether criminal investigations of corporate wrongdoing are covered under directors' and officers' liability (“D&O“) insurance policies. This is amazing because the past decade has been marked by waves of corporate scandals, and federal and state prosecutors and regulators will likely continue to launch broad investigations of corporate conduct in the decade to come. Meanwhile, the costs and risks of defending against these investigations are growing.
A criminal indictment can spell disaster, if not death, for a corporation. The most infamous example of this was Arthur Andersen LLP's indictment and conviction in 2002 for obstructing justice ' a conviction that was overturned by the Supreme Court three years after the accounting giant collapsed. Arthur Andersen LLP v. United States, 544 U.S. 696, 708 (2005). Despite the perceived or actual pro-corporate bent of the Bush Administration, federal prosecutors have resorted to aggressive enforcement tactics, prompting corporations anxious to avoid Arthur Andersen's fate to engage in unprecedented cooperation with the government. For example, federal prosecutors have successfully pressured corporations to refuse indemnification to corporate officers, to refrain from entering into joint defense agreements with their employees or others under investigation, and to waive the benefits of the corporation's attorney-client privilege.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.