Ransomware (a common form of cyber extortion) is malicious software that blocks access to a victim’s data by locking a system or encrypting data until the victim agrees to pay a ransom. The frequency of ransomware attacks has increased drastically since these extortions began to emerge several years ago. In addition to increased frequency, the attacks have become more complex with the realization that the parties responsible for the infections have access to malware capable of crippling an entire network, while also having the ability to originate in one organization’s system, and use it as a conduit to access and infect third-party systems.
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There is a great deal of press devoted to merger objection suits, that is, suits brought prior to closing, with an aim towards stopping the transaction. Those cases are generally fairly simple: the transaction is not fair because there isn’t enough information and/or the price isn’t right.
To take this in context, there were 274,552 civil cases filed in federal court in 2016, according to Public Access to Court Electronic Records or PACER 2. In each of those cases, the attorney filing the case must designate one — and only one — Nature of Suit (NOS), even if more than one designation could be applied.
Representations & Warranties (Reps & Warranties) insurance is designed to provide insurance coverage for breaches of representations and warranties statements made by the seller in a purchase agreement. This whitepaper will discuss quick marketplace history, items of the purchase agreement to insure and underwriting.
A frequent (and serious) misconception is that companies without publicly traded stock do not require Directors & Officers Liability insurance (D&O). In reality, much of the case law governing the duties of directors and officers arises in the context of private held companies. This paper is intended to identify the exposures faced by private company directors and officers, and how D&O insurance can mitigate their financial risks.
The question of whether to purchase a duty to defend or non-duty to defend/reimbursement policy form is a common issue we discuss with our clients. Ultimately, the answer is “it depends.”
Late notice is an issue that continues to concern insureds and insurers, especially under claims made and reported policies. A recent case decided by the United States Eighth Circuit Court of Appeals weighs in on the carrier’s side.
Federal securities law, upon occasion, relies on a delicate balance of interests, which may be difficult for the lay reader to comprehend. In this vein, the pleading of scienter, for example, while governed by a ruling of the United States Supreme Court, is still open to interpretation.
The issue of late reporting of claims to carriers is constant in management liability. It is a perfect reflection of the American legal system – that is, something of a cracked mirror.
Throughout 2016, the management liability marketplace as a whole showed a competitive rate environment across most product sectors. Moving into 2017 this rate environment will likely continue, though recent claim trends lend a level of uncertainty as to how long these conditions will last. Below you will find product sector market updates and relevant claims trends seen both nationally and within the Gallagher Management Liability Practice.