With all the news surrounding the SEC’s headline-grabbing prosecution of Lynn Tilton and her firm, Patriarch Partners LLC, it is easy to miss the insurance coverage element of the case. It is no secret that in recent years, and particularly following the enactment of the Dodd-Frank Act in 2010, the SEC has dedicated more resources
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Second Circuit Affirms Insurance Coverage Available for Lawsuits Alleging Intentional Misconduct
By Joseph Saka on
Posted in Noteworthy Cases
Financial services companies and their directors and officers are frequently the target of lawsuits alleging dishonest or fraudulent conduct. Additionally, federal and state agencies increasingly target directors and officers for misconduct in the management of corporations and are devoting significant resources to investigating companies in the finance sector.
When properly structured, insurance provides one way…
The Professional Services Exclusion and Investment Management: Are You Purchasing Potentially Illusory Coverage?
By Joseph Saka on
Posted in Noteworthy Cases
Companies engaged in the capital markets are at risk of claims and lawsuits alleging investment mismanagement and other misconduct. For this reason, they typically purchase directors and officers liability (“D&O”) insurance policies to provide a defense against, and indemnification for, allegations of wrongful acts in the course of their delivery of financial services. To ensure…