The Executive Risk Network covers the D&O, fiduciary, EPL, kidnap & ransom and some professional lines and is the definitive authority for anyone involved in or interested in the executive risk insurance sector.
The case is the first brought by the US Securities and Exchange Commission involving misstatements and omissions by an issuer of structured notes, a complex financial product that typically consists of a debt security with a derivative tied to the performance of other securities, commodities, currencies or proprietary indices.
In an exclusive interview with Advisen, Lou Iglesias shares his views on excess capital, industry consolidation, Allied World’s growth strategy and product innovation.
The Justice Dept. has sued Nebraska Beef Ltd. for failing to comply with the terms of a settlement agreement that the parties entered to resolve a civil rights investigation.
The audit committee is the portal through which IT security relevant to protecting a company's most valued digital assets should flow.
The proposals would also require that companies that choose to use arbitration clauses for individual disputes submit to the CFPB the arbitration claims filed and awards issued. This will allow the bureau to monitor consumer finance arbitrations to ensure that the process is fair for consumers.
Under the conciliation agreements with OFCCP, Fastenal has committed to hire 154 African American and 17 female class members and will pay $1,253,611 in back wages and interest to the 7,398 African American and 1,055 female job applicants in the affected class.
Without admitting or denying that it had violated the Foreign Corrupt Practices Act, the pharmaceutical company consented to returning $11.4 million of profits plus prejudgment interest of $500,000 and paying a civil penalty of $2.75 million.
Three private equity fund advisers within The Blackstone Group have agreed to pay nearly $39 million to settle charges by the US Securities and Exchange Commission that they failed to fully inform investors about benefits that the advisers obtained from accelerated monitoring fees and discounts on legal fees.
“It is virtually certain that additional payouts will be made on a significant portion of the claims in our dataset and therefore the costs in this study are almost certainly understated,” read the report.
“This is a visceral number,” Towers Watson's Steve Seelig said of the ratio of CEO pay to the median employee. “Other pay disclosures are for shareholders. This is the people’s pay disclosure.”
The US Dept. of Justice said it had reached a "global resolution of civil claims" against BP arising from the 2010 Deepwater Horizon oil spill worth $20.8 billion, the largest settlement with a single entity in the department’s history.
Truppel admitted that he engaged in a decade-long scheme to pay tens of millions of dollars in bribes to Argentine government officials in connection with the DNI project.
The Securities and Exchange Commission today announced a $55.6 million settlement with Focus Media Holding Limited and CEO Jason Jiang to resolve charges of inaccurate disclosures about the China-based advertising company’s partial sale of a subsidiary to insiders, including Jiang.
The Securities and Exchange Commission announced enforcement actions, including more than a combined $4 million in penalties, against 22 municipal underwriting firms for violations in municipal bond offerings.
An investigation found that Latour violated the SEC rules--the Market Access Rule and Regulation National Market System--over a nearly four-year period in which Latour sent millions of non-compliant orders to US exchanges.
Volkswagen AG this week took a “first step” toward addressing accusations from the Environmental Protection Agency (EPA) that the German automaker installed illegal devices in its diesel vehicles designed to subvert emissions testing.
The SEC alleges that Hitachi sold a 25-percent stake in a South African subsidiary to a company serving as a front for the African National Congress. This arrangement gave the front company and the ANC the ability to share in the profits from any power station contracts that Hitachi secured.
While US shareholders have a “facially very strong securities class action case," the number of people who can show that they bought Volkswagen ADRs in this country is much smaller, making “the risk in this jurisdiction manageable,” said Willkie Farr & Gallagher partner Todd Cosenza.
The R.T. Jones Capital Equities Management proceeding shows that cybersecurity regulators (whether the SEC, FINRA, the Federal Trade Commission or the Federal Financial Institutions Examination Council) are watching closely.
Volkswagen, which the US Environmental Protection Agency said installed illegal devises in diesel vehicles to fool emissions tests, has at least 450 million euros of directors and officers coverage, according to insurance industry sources.
Volkswagen faces potentially tens of billions of dollars in fines and has already had dozens of federal lawsuits filed against it from VW owners who say their cars are now less valuable.
Claims against directors and officers may, in the paraphrased words of one panelist here at Advisen's Executive Risk Insights Conference, be percolating at a relatively low level, but there is no reason to rest.
In this more complex, riskier world Peter Eastwood warns businesses to practice simplicity.
Employers must also take into consideration state laws, which can be broader than the 1987 Pregnancy Discrimination Act or the parts of the Americans with Disabilities Act that pertain to pregnancy, and they should beware of potential liability for retaliation claims under the Family and Medical Leave Act, Advisen panelists said.
What are the implications of a recent court decision as it applies to liability within joint employer relationships?
Bob Petrilli, CEO of North America At Swiss Re Corporate Solutions, told Advisen most challenges faced by executives are related to reputational risk.
Moore Actuarial Consulting published a report that provides some practical considerations when building a public company Directors’ and Officers’ Liability pricing model.
Cases such as Wyndham Worldwide, in which a breach-related derivative suit was dismissed, showed that defendants were unlikely to be found negligent and had given corporate boards a template to follow.
Today, kidnappings remain a large concern and still many—as many as 80 percent—go unreported but demand for KRE products may result more from globalization than headline-grabbing incidents.
Unfortunately, the DoJ’s policies are structured in order to encourage companies to sacrifice the individuals in order to protect the companies. A practical consequence of this may be that the company will feel compelled to step away from its obligations to its executives to advance defense expenses.
Ukrainian-based Jaspen Capital Partners Limited and CEO Andriy Supranonok have agreed to pay $30 million to settle allegations they profited from trading on non-public corporate information hacked from newswire services, the US Securities and Exchange Commission said.
Private equity firms accounted for 73 percent of the $4.05 billion in limits of the insurance—including warranty and indemnity or representations and warranties policies—as they seek ways to reduce indemnity requirements when buying and make clean exits when selling, the broker said.
A federal jury in Miami returned a unanimous verdict awarding a total of $17,425,000 to five former female employees of Moreno Farms Inc., a produce growing and packing operation in Felda, Fla., who suffered sexual harassment and retaliation, the EEOC said.
The US Justice Dept. laid out steps for its attorneys to take in holding to account individuals responsible for illegal corporate conduct, in an apparent bid to step up such enforcement.
A recent decision by the Second Circuit will likely make it more difficult for parties to enter into private Fair Labor Standards Act settlements in cases pending not only in the Second Circuit, but nationwide.
There is no one-size-fits-all answer, except that respect must be the guard rail for how the decision is implemented.
Taberna Capital Management has agreed to pay more than $21 million to settle charges that it fraudulently retained fees belonging to collateralized debt obligation clients, the US Securities and Exchange Commission said.
The case is one of the first involving arrest and conviction records the EEOC has filed since it began to track complaints on their use last year and updated guidance on existing policy in 2012.
Predictions that a graying workforce would fuel age discrimination claims appeared to come true from 2005 through 2008, when such claims spiked, but Advisen data show that the evidence has been uneven since then.
Funds allocated for performance-based incentives, bonuses and cash awards climbed to a non-inflation-adjusted 12.9 percent of payroll spending in 2015, the highest in the 39 years of the US salary increase survey.
The order is part of an arsenal of executive and regulatory actions the adminstration has deployed in recent months to increase worker pay and protections in the absence of Congressional support for such initiatives.
Doherty Enterprises conditioned employment on the signing of an arbitration agreement that barred employees from filing discrimination charges with the US Equal Employment Opportunity Commission or state and local Fair Employment Practices Agencies.
US District Judge Edward Chen in San Francisco issued the ruling Aug. 31, increasing potential damages in what has become a litmus-test case on worker classification and the technology-based companies that rely on contractors for whom they do not have pay minimum wage, overtime pay or expenses, including social security contributions, and other costs.
Of the cases housed in Advisen's Loss Insight database involving Foreign Corrupt Practice Act cases and other bribery cases not under FCPA, 50 percent had losses of nearly $1.2 million.
For the past 30 years, the control standard for joint employers had been both immediate and direct, insulating franchisers such as McDonald’s and companies that subcontract or outsource from employment liability and helping to fuel the growth in non-traditional work arrangements.
Even though the NLRA and the FLSA embody different tests for identifying employer-employee relationships (common law v. economic realities), the Wage and Hour Division will undoubtedly cite the NLRB’s expanded view of who can be a “joint employer” to support the Wage and Hour Division’s expected further efforts to expand the range of parties that may be found responsible for wage and hour violations.
The company refused to consider alternate means of tracking Butcher's time and attendance and informed him he would be disciplined up to and including discharge if he refused to scan his hand, according to the lawsuit.
The National Labor Relations Board has restored an earlier, more expansive definition of what it means to be a joint employer in a decision with ramifications for franchisers such as McDonald's and companies that use staffing agencies, independent contractors and other non-traditional work arrangements.
Federal law requires contractors to pay their workers the prevailing wage rates and fringe benefits in their geographic area.
For FLSA purposes, employers are required to count such time for compensation purposes if they “knew or should have known” the non-exempt employees were engaged in such work-related activities, regardless of whether they actually asked the employees to perform such tasks. Looking the other way can create real liability, and this issue may become the next wave of wage and hour class action lawsuits.