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Case review 14/10/2021
In a judgment handed down on 9 August 2021, the Privy Council further refined the principle of “reflective loss” following the landmark Supreme Court decision in Sevilleja v Marex Finance .
Cannabis and SPACs: the potential convergence of growing industries and opportunities for D&O underwriters to assess risk
Legal sales of cannabis in the United States set a new record of US$17.5 billion in 2020. This market is projected to grow to US$70 billion annually by 2028 according Grand View Research. The increasing size of the legal cannabis market has drawn more investors and corporations into this industry.
Following the publication of The Legal 500 UK 2022, we are proud to announce that the firm has once again achieved impressive rankings and recognition within the latest guide to leading law firms and lawyers.
We are pleased to announce the appointment of a new partner as we look to strengthen our presence in Bristol.
On August 18, 2021, the Eastern District of Wisconsin concluded in Joy Global Inc. v. Columbia Casualty Co., 2021 WL 3667077 (E.D. Wis. Aug. 18, 2021), that the “Bump-Up” carve-out from the definition of “Loss” in a Directors and Officers’ (“D&O”) policy precluded indemnity coverage for several shareholder lawsuits arising out of an acquisition transaction.
In this briefing, we consider the latest court decisions relating to aggregation of dishonesty claims, unregulated introducers, breach of confidentiality and misuse of private information, undertakings, director’s fiduciary duties, the rule against reflective loss and limitation.
The 2021 United Nations Climate Change Conference (also known as COP26) is taking place in Glasgow between 31 October and 12 November 2021. With the summit approaching, we have recently seen a plethora of proposed governmental policy supporting the UK’s commitment to transition to a net zero economy.
It will not come as a shock to most that climate change and climate action is at the forefront of the national agenda. The recently published Intergovernmental Panel on Climate Change report provided a stark warning as to the possible consequences of climate change, should action not be taken without delay.
We investigate and analyse whether there is a link between Disqualification cases and Directors and Officers Liability cases. The link is relevant for management- and board members and the insurance companies, who provide Directors and officers Liability insurances.
On May 11, 2021, in Global Fitness Holdings, LLC v. Navigators Management Co., Inc., the United States Court of Appeals for the Sixth Circuit upheld a broad-form contractual liability exclusion in a D&O policy. As discussed in this article, the decision is important for several reasons, including: (1) it reaffirms the principle that broad-form contractual liability exclusions apply to the entire “Claim,” even when the “Claim” includes tort-based causes of action; and (2) it extends the “but for” test for applying the carveback to the contractual liability exclusion for liability “in the absence of such contract or agreement.”