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Article 02/02/2023
The majority of publicly traded companies are incorporated in Delaware but have their principal place of business in another state. This can raise thorny issues of what state’s laws should apply to an insurance coverage dispute under the company’s directors and officers liability policy. In Stillwater Mining Company v. National Union Fire Insurance Company of Pittsburgh, PA et al., C.A. No. N20C-04-190 (Del. Jan. 12, 2023), the Delaware Supreme Court weighed in on choice of law principles under Delaware law as well as coverage under D&O policies for shareholder appraisal actions.
Report 06/05/2022
With mandatory climate disclosures becoming law in the UK, effective from 6 April 2022, and the United States Securities & Exchange Commission announcing its long awaited climate disclosure rule on 21 March 2022, this report provides a snapshot of the approach towards climate disclosures in some of the jurisdictions in which Kennedys operates, before focusing on what this means for our policyholder and insurer clients in the financial lines arena.
Article 29/03/2022
The broad-form contractual liability exclusion is a key exclusion in private company directors and officers liability policies. On January 28, 2022, in TriPacific Capital Advisors, LLC v. Federal Insurance Company, the United States District Court for the Central District of California addressed the broad-form contractual liability exclusion. The court held that the exclusion applied to bar coverage for an entire lawsuit, notwithstanding the fact that the plaintiff alleged breaches of fiduciary duty. The decision has significant implications for D&O insurers and policyholders.
Article 27/04/2021
SPACs are “blank check” companies that use money raised in an initial public offering to buy a company that won’t have to go through the IPO process itself. SPACs have exploded in popularity: there have been over 300 SPAC IPOs so far this year, with proceeds totaling over $99 billion.
Article 02/04/2020
COVID-19 has spread to every corner of the globe. The storm clouds are no longer on the horizon – we are in the storm. Investors are struggling to understand the implications of disrupted supply chains, containment measures, and roiled financial markets. The increased uncertainty has led to market volatility not seen since the global financial crisis. Moreover, the measures that governments are taking to fight the virus, including social distancing, has stalled economies and will likely usher in a recession.
Article 27/01/2020
Article 13/09/2019
Article 10/09/2019
The Ninth Circuit has certified a question to Arizona’s high court that should have insurers’ attention.
