Some Executive Liability Issues in the News
some of these are only circumstances that are potentials...
Aug 18th - Bear Lake Gold shareholder class action gets Ontario court approval - Bear Lake Gold Ltd. (TSX:BLG) said Wednesday that the Ontario Superior Court has approved the $1.3-million settlement of a shareholder class action. The suit was filed against Bear Lake Gold last summer over inconsistencies in exploration data at its Larder Lake property. Quebec-based Bear Lake Gold said the settlement was approved on Aug. 10, and is not an admission of wrongdoing by the defendants, who continue to deny the allegations against them. Siskinds LLP filed the suit against Bear Lake last August, alleging "serious material inconsistencies in its exploration data.'' 
Aug 9th - (Re)insurers face $400mn BP D&O claim - Despite its penchant for self-insurance, UK energy company BP purchased a $400mn Side A directors and officers (D&O) policy in the commercial market
July 8th -
MI Developments rejects lawsuit filed by dissident shareholders over MEC deals - MI Developments Inc. (TSX:MIM.A) said Thursday it has not been served with a lawsuit alleging breach of board duties in connection with deals made by Magna Entertainment Corp. after media reports that a suit was filed in the United States. The real estate company spun off from auto parts giant Magna International (TSX:MG.A) said that although it had not been notified of the suit, it believes the shareholder claims are "without merit" and pledged to defend itself if the suit goes to court. "We believe that this claim is entirely without merit," CEO Dennis Mills said in a statement. It appears that these shareholders filed their claim weeks ago, on May 21, 2010, but decided not to serve it upon MID or any of the other defendants, to guard against the expiry of a limitation period. This is the second claim of this nature commenced against MID by dissident shareholders. "
June 29th - NY pension fund rethinks suit against BP - The ruling last week on the ability of shareholders to pursue foreign companies in US courts is a blow not only to the non-US investors who own the majority of BP but also potentially to American shareholders as well, legal experts said.
June 24th - America Service Group seeks $5 million from Zurich Insurance - Brentwood-based America Service Group filed a lawsuit yesterday against an insurer that it says should pay out $5 million to help settle a shareholder lawsuit. America Service Group had a $5 million “directors and officers liability and reimbursement excess policy” with Zurich to cover losses more than $10 million, according to the lawsuit and SEC filings, from Nov. 21, 2004 to Nov. 21, 2006. According to the lawsuit, when the shareholder litigation was filed in 2006, Zurich informed America Service Group that it was rejecting the company’s request for coverage because Zurich had not received a warranty letter — certifying America Service Group “had no knowledge or information of any act, error or omission which might give rise to a claim, suit or action” as of Nov. 21, 2004 — within a 10-day time period when the policy was created in 2004. America Service Group claims it was led to believe it could submit the letter at any time.
June 23rd - Firm eyes suit claiming BP 401(k) plan broke law - A law firm known for shareholder lawsuits on Wednesday said it is investigating whether the agents who ran BP PLC's employee savings plan violated federal law by buying BP stock.
June 10th - Class Action Seeks to Unite Angry BP Investors Around the World
June 9th - Palm settles shareholder suit over HP deal - Palm Inc. said Wednesday it entered a memorandum of understanding to settle a stockholder class action suit over the company's proposed acquisition by Hewlett-Packard Co.
May 3rd - Goldman makes rare, extensive lawsuit disclosure
Apr 26th - Shareholders sue Goldman Sachs after stock drop - In a shareholder suit seeking class action status filed Monday on behalf of investors by San Diego-based law firm Robbins Geller Rudman & Dowd L.L.P., the investors charge that Goldman failed to disclose information about the deal investigated by the SEC and that the bank did not disclose to investors that it had received a Wells notice from the SEC. A Wells notice is an SEC letter stating it intends to begin enforcement proceedings.
Apr 20th - Goldman Sachs does not have E&O cover - Goldman Sachs, the investment banking giant that has recently been indicted by the SEC for fraud, does not carry E&O insurance, market sources have told Reinsurance. Goldman Sachs, the investment banking giant that has recently been indicted by the SEC for fraud, does not carry E&O insurance, market sources have told Reinsurance.
Apr 16th - Staples settles shareholders' options lawsuit - Office-supply seller Staples Inc. has settled a lawsuit over the company's past stock-option grants, the company said Friday. As part of the agreement, which the Court of Chancery of the State of Delaware must approve, Staples will not oppose paying $2.5 million in plaintiff's attorney fees, costs and expenses. The agreement is contingent upon Staples receiving $7.3 million in insurance proceeds related to adjustments made in 2006 to some stock-option awards -- and on Staples changing its process for awarding stock options.
Apr 6 -
Retrocom executives reach settlement with OSC -
Fund managers to pay $1.7-million in penalties and fees - Four former executives of failed labour-sponsored fund Retrocom Growth Fund Inc. have agreed to pay a total of $1.7-million in penalties and costs to settle allegations of wrongdoing in the management of the fund, including allegations they received large personal payments without the knowledge of the fund’s board.
Mar 17th -
CIBC wins dismissal of suit over subprime holdings -
A U.S. federal judge dismissed a shareholder lawsuit accusing Canadian Imperial Bank of Commerce and four executives, including Chief Executive Gerald McCaughey, of misleading investors about the bank's exposure to subprime mortgages. (HUNTERS note -Defence costs...)
Mar 15th - Court says Lloyd's must pay Stanford legal fees - A federal appeals court said on Monday insurer Lloyd's of London must pay claims related to alleged swindler Allen Stanford's defense.
Mar 9th -
Settlement reached in CP Ships class action -
Former investors in CP Ships Ltd. are eligible for part of a $12.8-million class-action settlement, reached after the company overstated its profits and faced allegations of insider trading in 2004.
Feb 23rd - Judge Approves $150 Million Bank of America Settlement - But does so reluctantly, calling settlement 'paltry'
Feb 16th - Settlement reached in NovaGold class action lawsuits for $28 million - NovaGold Resources Inc. (TSX:NG) has reached a deal to settle the class action lawsuits facing the company in the U.S. and Canada over its Galore Creek project for $28 million. The company said Tuesday the settlement will be covered by its insurance and does not anticipate having to pay any of its cash under the terms of the deal.
Feb 5th - SEC Charges State Street Over Subprime Mortgage Investments - Money manager State Street Corp. agreed Thursday to pay back $313 million to investors misled about their exposure to subprime mortgages—one of the strongest sanctions yet for behavior during last decade's credit boom.
Jan 30th - Vivendi Found Liable on All 57 Counts in Investors’ Class Suit - Vivendi SA, the Paris-based owner of the world’s largest music company, acted recklessly and inflated its shares, a jury ruled in finding that the company misled investors 57 times from 2000 to 2002. Investors may recover $9.3 billion, the winning law firm said yesterday after the verdict in the class-action suit in New York.
Jan 11th -
Stronach settles Magna Entertainment case -
The controlling shareholder of horse track owner Magna Entertainment Corp will pay at least $96.5 million to settle allegations that he looted the company's assets prior to its bankruptcy filing, an attorney for Magna's unsecured creditors said on Monday.
Jan 7th -
Coalcorp Mining to sell Columbian mining assets for US$150 to Goldman Sachs -
Financially troubled Coalcorp Mining Inc. (TSX:CCJ) is selling the bulk of its remaining assets in a move to pay off bondholders and pursue a $161-million lawsuit against former company officers and directors.
Dec 28th - Former Comverse Execs to Pay $62M to Settle Suits - Comverse Technology to get $62M from former executives, will help fund $225M class action deal
Dec 19th - Sam Zell Must Face Tribune Employees’ Lawsuit Over Pension Plan - Sam Zell, the real estate investor who took the Chicago-based Tribune Co. private in an $8.3 billion stock buyback two years ago, must face an employee lawsuit claiming he knowingly violated federal pension laws.
Dec 17th -
Ex-Nortel boss wants up to $1 billion insurance coverage from his former employer - Former Nortel Networks chief executive John Roth is seeking up to $1 billion insurance coverage from his former employer as protection from lawsuits. He is one of several former Nortel leaders concerned about potential liability from a long-running Tennessee lawsuit by U.S. employees over losses to their Nortel retirement savings accounts. Former chief executives Mike Zafirovski and Bill Owens and former directors Harry Pearce, John Cleghorn and Manfred Bischoff also have filed in Delaware for protection. But the Roth claim is the first to put a dollar figure to the claim, specifically "indemnification up to $1 billion based on litigation claim."
Dec 15th - Red Hat sets aside $8.8M to settle shareholder lawsuit - Red Hat (NYSE: RHT) said Tuesday it has reserved $8.8 million to settle a class action lawsuit brought by shareholders four years ago.
Dec 1st - Tyco employee class action nets $72.5m settlement - Some 50,000 former and current employees of Tyco International who held the company’s stock in their 401(k) plans will get a total of $50 million – an average of about $1,000 apiece – as part of a $72.5 million settlement approved last week in U.S. District Court in Concord.
Nov 13th - Marsh & McLennan Settles Class-Action Suits - Marsh & McLennan Cos. agreed to pay $435 million to settle class-action shareholder lawsuits without admitting wrongdoing. Marsh & McLennan, one of the world's biggest insurance brokerages, said that while it continues to deny the charges -- stemming from allegations of
Nov 6th - Pension Fund Sues Berkshire, Burlington Northern Over Deal - A New Orleans pension fund is suing Warren Buffett's Berkshire Hathaway Inc. (BRKA, BRKB) and Burlington Northern Santa Fe Corp. (BNI), over Berkshire's planned $26.3 billion acquisition of the railroad. The Employees Retirement System of the City of New Orleans filed a lawsuit Wednesday in the District Court of Dallas County, Texas, claiming that Burlington Northern's directors breached their fiduciary duties "by attempting to coerce Burlington Northern shareholders into agreeing to a sale to Berkshire
Oct 28th - Judge lets WaMu shareholder suit move ahead - A massive shareholder lawsuit lodged against Washington Mutual’s former leadership team will be allowed to move forward, a federal judge in Seattle ruled Tuesday evening.
Oct 22nd - Messier, Bronfman Must Stand Trial in Vivendi Case - Former Vivendi SA executives Jean- Marie Messier and Edgar Bronfman Jr. are among seven people who must stand trial in Paris on charges involving share manipulation at the media company.
Oct 13th -
On October 13, 2009, Justice Scott Brooker of the Court of Queen's Bench of Alberta released his written reasons for decision in the case of Soost v. Merrill Lynch Canada Inc. It is a wrongful dismissal case in which the dismissed broker succeeded in establishing a claim against his former employer and was awarded $2.2 million.
Oct 10th - Stanford Can Use Lloyd’s Insurance to Pay Lawyers, Judge Rules - R. Allen Stanford, the Stanford Group Co. founder accused of leading a $7 billion investor-fraud scheme, can use corporate insurance policy proceeds to pay his defense lawyers, a judge ruled.
Oct 5th - Fraud case shows need for D&O priority clause - The leaders of an alleged billion-dollar Ponzi scheme and the receiver of the now-bankrupt company are involved in a court battle that observers say illustrates the need for a directors and officers policy provision that has become more prevalent in recent years. Stanford Financial's D&O policy, like many D&O policies, covers claims against the company and individual directors and officers, which can create conflicts when the corporation and individuals both face legal expenses and losses likely to exceed the policy limit.
Sept 28th - Bear Stearns execs slapped with suit from largest shareholder -Bear Stearns' largest stockholder has sued the company's former top executives and an auditor in New York, saying they fraudulently overstated the value of the company's stock. Bruce Sherman, who owned 5.9 percent of the company's shares, filed the lawsuit in federal court in Manhattan on Thursday. The lawsuit seeks unspecified damages.
Sept 28th - Dell Agrees to Corporate Governance Changes - Dell Inc. agreed to initiate corporate governance policies and keep them in place for four years as part of a tentative settlement of a shareholder lawsuit. The computer maker also said it would pay the plaintiff attorneys' fees and expenses up to $1.75 million.
Sept 15th - Shareholders sue MGM Mirage directors over fallen stock price - MGM Mirage's directors were sued twice by individual shareholders Monday over the decline in the Las Vegas company's stock price since 2007. Like a shareholder suit filed last month against the casino-resort giant and certain company officials, the new lawsuits complain about the decline in the stock price -- but they assert a different legal theory against the directors and officers
Sept 11th - Class-action suit filed against Marvel - Marvel Entertainment Inc. has been hit with a class-action lawsuit, saying that the company's merger agreement with The Walt Disney Co. undervalues Marvel.
Sep 1st - Broadcom settles options backdating suit for $118 million - Broadcom agreed to settle the case without admitting wrongdoing, according to a Friday filing with the Securities and Exchange Commission. The amount will be paid by Broadcom directors and officers' liability insurance. The company also agreed to pay up to $11.5 million in the plaintiffs' legal fees and expenses
Aug 18th - Biopure to pay $600,000 to settle shareholder suit - Just days before the close of a court-sanctioned bankruptcy auction of its assets,Biopure Corp. struck a deal to settle a long-simmering shareholder suit. Under the terms of the proposed settlement, disclosed in court documents filed late last week, the Cambridge-Mass.-based blood substitute maker will pay $600,000 to investors contending they were duped by Biopure executives who allegedly concealed negative news about the company's artificial blood products. Money for the settlement will come from a directors and officers insurance policy covering legal costs associated with management errors and omissions.
Aug 12th - Ex-AIG CEO Greenberg, Former Executives To Settle Suit - Source - Maurice R. "Hank" Greenberg, American International Group Inc.'s (AIG) former chief executive, and a group of former AIG executives have agreed to pay $115 million to settle a shareholder lawsuit over alleged false statements regarding the insurer's financial results.
Aug 11th - Madoff Feeder Funds Sue Insurers - Tremont Group Holdings, along with other feeder funds, has sued a group of insurers for their inability to cover Bernard Madoff-related litigation, Bloomberg reports.
Jul 29th - Genzyme hit with shareholder lawsuit - Genzyme Corp has been slapped with a shareholder lawsuit accusing the biotechnology company of concealing problems at its facilities that caused investors to lose over $8 billion.
Jul 11th -
Manulife sued over hedge exposure - The same day as Manulife Financial Corp. completed a $1-billion financing, the Toronto-based insurer was named as defendant in a U. S. shareholder class-action lawsuit alleging it made false and misleading statements over its failure to hedge its exposure to equity markets. Also named as defendants in the suit, which alleges shareholder losses, are Dominic D'Alessandro, former chief executive, and Peter Rubenovitch, former chief financial officer.
Jul 6th - Texas Firms File $1 Billion Suit Against Insurers of Stanford Financial - In a federal class action filed in Dallas on behalf of Mexican investors, the lawyers accused U.K. insurance giant Willis Group Holdings and smaller Texas insurance broker Bowen, Miclette & Britt of aiding Stanford's alleged fraud by vouching for his investments. The complaint states that the defendants gave Stanford Financial "safety and soundness" letters designed to help it market its investments. "Willis and BMB crossed the line from being mere insurance brokers for the Stanford Financial Group," the complaint alleges. "In creating and submitting these letters into the stream of commerce, [the defendants] actively and materially aided Stanford Financial to perpetrate the massive Ponzi scheme now alleged by the SEC." The plaintiffs are seeking damages of more than $1 billion.
Jul 2nd - Fmr. MBNA execs settle stockholder suit for $25M - Former MBNA Bank executives have agreed to pay $25 million to settle a shareholder suit accusing them of lying about the bank's financial health so that they could sell their stock at an inflated price in 2005.
June 24th - Candela to pay nearly $4 million to settle lawsuits - Wayland cosmetic laser device maker settles a shareholder class-action suit and a derivative lawsuit.
June 19th - Judge Orders Scrushy to Pay $2.88 Billion In Civil Suit - Richard Scrushy was hit with a staggering $2.88 billion civil judgment in a suit brought by HealthSouth Corp. shareholders, one of the largest findings ever from the era of massive corporate scandals.
June 18th - Fraser Papers seeks bankruptcy protection
June 12th -
Timminco hit with another class action suit -
Canadian silicon producer Timminco said on Friday that another proposed class-action lawsuit has been filed against the company, its majority shareholder Advanced Metallurgical Group, Timminco CEO Heinz Schimmelbusch and other stakeholders.
June 10th - Tata AIG disputes Satyam's insurance claims - This is one insurance that has failed to bring relief to Satyam as the company's claims towards the legal costs have been rejected by Tata group's insurance venture Tata AIG.
June 10th - Satyam refuses to cover legal costs of ex-directors - The company has said it was prohibited from "indemnifying the former directors until they are adjudged not guilty in any proceedings".
June 9th - Marvell Settles Backdating Suit for $72 Million
June 2nd - Court orders Shell to pay $352.6m settlement – An Amsterdam court said the $352.6m settlement Royal Dutch Shell was to pay non-US investors who lost money when the company restated its reserves is binding.
May 29th - Former Colliers President Not Misled on Settlement, Court Says - Scott White, the former president of Canadian real-estate company Colliers Macaulay Nicholls Inc., failed to convince Ontario’s highest court he was misled when he agreed to sell his shares in June 2004 for about half of what the company received in a buyout four months later.
May 22nd -
Saskatchewan Indian Gaming Authority prepares suit over missing $1.2M - The Saskatchewan Indian Gaming Authority (SIGA) is preparing a civil lawsuit against several people, the companies they own, two technology companies and two banks. SIGA suspended the services of an ATM supplier earlier this month when it failed to deposit $1.2 million into a SIGA bank account.
May 21st - MoneyGram lawsuit can go forward as class action - A class-action lawsuit accusing St. Louis Park-based MoneyGram International Inc. and several of its current and former executives of securities fraud can proceed, a federal judge in Minneapolis ruled Wednesday.
May 14th - Shareholder suit filed against Timminco - Toronto law firm has slapped Timminco Ltd. [TIM-T] with a $520-million lawsuit, alleging the metals firm and its executives made “materially false and misleading statements” about the company's ability to produce low-cost solar-grade silicon. The suit, for which class action status is being sought in the Ontario Superior Court of Justice, claims Timminco, its chairman and chief executive officer Heinz Schimmelbusch and eleven other defendants “artificially inflated” the company's share price through a series of “misrepresentations.”
May 14th - AIG, Greenberg Battle Over D&O Policy Proceeds - American International Group Inc. and its former chief executive officer, Maurice "Hank" Greenberg, are fighting over who should receive reimbursement for legal costs under an AIG directors and officers policy, and the issuer of the policy is asking a federal court for help. Great American Insurance Co., citing the "numerous litigations" between the parties since Greenberg was ousted from AIG in 2005, has asked a federal judge to “resolve the multiple and competing demands to the proceeds” of its policy. Great American has filed an interpleader complaint in U.S. District Court in the Southern District of New York in Manhattan, offering to deposit with the court the full $15 million limit and asking the court to decide to whom the money should be awarded.
May 12th -
Securities suit against Canadian drugmaker dismissed - Biovail Corp. said Monday that a New York court last week dismissed a securities fraud lawsuit against the Canadian drugmaker. The class action suit, filed last year, claimed that Biovail misled investors about the regulatory approval status of its BVF-033 treatment, also known as "aplenzin," a salt formulation version of the generic antidepressant Wellbutrin XL. But the court ruled the lawsuit "a legally baseless strike suit" and denied the plaintiff's request to replead its case, Biovail said in a statement.
May 11th - Bank agrees to $1M discrimination settlement - First Mariner charged Hispanics, blacks, women more for mortgages, FDIC charged
May 6th - Delaware Supreme Court Overturns Ryan v. Lyondell and Provides Some Comfort to Boards of Directors -
- Delaware Supreme Court reverses Chancery Court on directors' fiduciary duty case in Ryan v. Lyondell
- Convergence between Canadian and U.S. judicial approaches on deference to directors' business judgment
- High bar required for breach of the duty of loyalty where a board is independent and disinterested – extreme set of facts required
- Court reiterates no prescribed steps for meeting fiduciary duty in sales process
May 6th - Beazer Homes Settles Subprime Class Action for $30 Million; Still No Reason for Plaintiffs Lawyers to Cheer - At first glance, it looked as if plaintiffs lawyers got some good news Tuesday when homebuilder Beazer Homes announced it had settled a subprime-related class action for $30.5 million. Securities class action lawyers sure needed some hope following the recent spate of dismissals we've been reporting on. But even this settlement, which is being funded by Beazer's insurance, may not be reason for cheer in the class action bar. Over at D&O Diary, Kevin LaCroix notes that the facts in the Beazer case were fairly extraordinary. Beazer's own audit committee had concluded that the company's loan origination practices failed to meet certain federal requirements. Moreover, the company was under investigation by the Securities and Exchange Commission and the U.S. attorney for the Western District of North Carolina
Apr 14th - N.H. sports bar faces $600k pay-per-view suit - A distributor of the Dec. 8 pay-per-view Pacquiao-De La Hoya boxing match is suing a Newton, N.H., sports bar for more than $600,000 for allegedly pirating the show for view by its patrons. It named five defendants, including Chicken Hawk Inc., which does business as the Henhouse, Henry Oshefsky, a Plaistow resident who is president of the corporation, and Nicholas Deroche, also of Plaistow, who was listed as vice president. Christopher R. Gallant and Henry Paul also were named individually and as an “officer, director and shareholder or principal” of the sports bar, though neither is listed on legal papers filed with the state Corporation Division.
Apr 11th - Lawsuit seeks to put teeth in majority rule by shareholders - An institutional shareholder has fund has filed suit in Delaware’s Chancery Court against Axcelis Technologies, Inc. demanding to inspect the company’s books and records relating to the directors’ decision to reject the majority vote of stockholders to remove certain directors from the company’s board.
Apr 3rd - RBS announces more job cuts and appeals for charity - ...Mr Hampton has also appealed for an “end to the public flogging” of RBS which has taken a major role in the UK banking sector failures that contributed to the credit crisis. The group’s directors will today face shareholders, some of whom invested in a £12 billion rights issue shortly before the bank’s near collapse and then watched their investments dwindle as Government support took the group into majority state-ownership. The new RBS leadership says now is the time to create a “firebreak” between the bank’s recent past to allow it to get on and return to profit. However, according to a BBC report, RBS shareholder action group spokesman, Michael Lamoureux, has accused the bank of perpetrating “the biggest crime in financial history in the UK” via its rights issue.
Apr 1st - Take-Two Interactive Settles SEC Suit Over Backdating - Take-Two Interactive Software Inc., maker of the “Grand Theft Auto” video games, agreed to pay $3 million to settle a lawsuit in which the U.S. Securities and Exchange Commission accused it of backdating stock options.
March 2009 - B .C. Court Refuses To Grant Potential Defendant Standing To Resist Section 38 Application
Mar 25th - Ernst & Young to pay investors $109 million in HealthSouth fraud suit - Ernst & Young LLP agreed to pay $109 million to settle a lawsuit by HealthSouth Corp. investors who charged that the firm failed to detect an accounting fraud that almost sank the Birmingham company.
Mar 24th -
CIBC faces lawsuit in Britain by ex-employee -
Canadian Imperial Bank of Commerce is being sued in Britain by a former employee who says the bank favoured those who had connections to Canada when deciding who to keep and who to let go. The unusual claim hit the spotlight yesterday after being highlighted in a Financial Times article.
Mar 23rd - Top pension funds aim to lead Bank of America suit - The first and third largest U.S. pension funds plan to lead a class-action suit against Bank of America, accusing the lender of mis-stating or omitting crucial information about the financial health of acquired investment bank Merrill Lynch.
Mar 19th - Barrick Gold to pay $24 million to settle 2003 shareholder suit - Barrick Gold Corp., the world's largest gold mining company, will pay $24 million to settle a class action lawsuit alleging the company misled investors on the company's performance in 2002.
Mar 18th - Stanford exec sues for insurance to fund defense - Stanford Financial Group’s chief investment officer is suing Lloyd’s of London, alleging it failed to pay for her legal defense under terms of an insurance policy. Laura Pendergest-Holt alleges in the suit, filed in state court in Dallas, that Lloyd’s has not responded to a number of requests to provide the funds through Stanford’s Directors and Officers Liability and Company Indemnity policy. Such policies are common at many companies and cover the legal defense for executives facing lawsuits by investors or other parties.
Mar 13th - Schering-Plough May Pay $165 Million to Settle Shareholder Suit - The settlement, which must be approved by a judge, applies to shareholders who bought stock between May 9, 2000, and Feb. 15, 2001. That was the day the FDA said it wouldn’t approve Clarinex, an allergy drug, until Schering-Plough fixed quality-control defects at its plants. The investors alleged that the company failed to disclose an earlier warning the company from the FDA, Bloomberg says.
Mar 9th - Judge OKs settlement in Yahoo shareholder suit - The severance plan was implemented by Yahoo's former leaders and made it easy for employees to leave the company in the event of an acquisition and receive generous compensation. Some investors, including the vocal Carl Icahn, described the plan as a poison pill because he argued that the severance payouts would be so expensive that no company would want to acquire Yahoo. Several shareholder groups including large pension funds such as the City of Detroit retirement fund subsequently filed lawsuits charging Yahoo board members and executives with foiling a Microsoft takeover to protect personal interests to the detriment of shareholders. Many lawsuits were consolidated into the complaint with the Delaware Court of Chancery.
Mar 6th - Crocs shareholder suit dropped - A Boulder County District Court judge threw out a shareholder derivative suit alleging Niwot-based Crocs Inc. and its officers and directors engaged in insider selling and misrepresented company financial reports.
Feb 26th - Big Win in Delaware for Corporate Boards - On Tuesday, Chancellor William B. Chandler III dismissed all but one of the claims in a shareholder suit in the Delaware Chancery Court against the board of Citigroup. The shareholders principally alleged that the Citi board had breached their fiduciary duties by allowing the company to invest in, and sustain significant losses in, the subprime lending market. The decision is important for three reasons. First, it shows that attempts to hold boards liable for some extremely bad decisions (bad in hindsight, at least) made prior to the financial crisis are going to be met with heavy skepticism by the Delaware courts.
Feb 20th - Judge Throws Out Shareholder Suits Against Merrill Lynch Execs, Strips Shareholders of Standing - federal judge in the Southern District of New York threw out two derivative shareholders lawsuits against Merrill Lynch & Co. Inc. executives and directors and ruled that Bank of America Corp.'s acquisition of Merrill strips Merrill's shareholders of the standing to bring such suits.
Feb 17th -
RIM announces settlement with the SEC
Feb 4th -
RIM execs, securities watchdog reach settlement
Jan 30th - Pfizer faces suit over Wyeth takeover - Pfizer faces a shareholder lawsuit over its takeover of multi-billion dollar rival Wyeth, with the smaller firm's stockholders alleging the deal undervalues the company, Bloomberg financial news reported Friday.
Jan 28th - Las Vegas Sands directors hit with shareholder lawsuit
Jan 28th - Great American Sues Bally Over $10M D&O Payout
Jan 26th - Securities regulators widen look at Coventree
Jan 23rd - Meet the go-getters going hard after RIM
Jan 17th - Gore, Other Apple Directors Face Possible Suit over CEO Jobs' Health - Experts and media pundits say company's board failed to disclose medical condition, neglecting fiduciary duty.
Jan 15th - Alleged Madoff Scheme May Cost Insurers up to $3.8 Billion, Says Analysis
Jan 13th -
HudBay's Lundin deal faces investor lawsuit - SRM Global Master Fund, a Monaco-based hedge fund that owns 11 per cent of HudBay's stock, said it tabled an oppression application against the Toronto company in Ontario Superior Court.
Jan 9th - Class action suits files against Satyam in US - Two US-based law firms - Izard Nobel LLP and Vianale & Vianale LLP - have filed class action lawsuits against Satyam Computer on behalf of software services firm's American Depository Receipts (ADR) holders.
Jan 9th - Madoff May Cost Insurers $1 Billion to Cover Funds - Bernard Madoff’s alleged Ponzi scheme may cost insurers who cover financial institutions more than $1 billion as they pay legal costs for investment managers who gave client money to Madoff, an industry executive said.
Jan 7th - Michigan will lead case against Bearn Stearns - Michigan will lead a class-action lawsuit against investment bank Bear Stearns over losses to state pension funds and other investors. Michigan alleges that Bear Stearns and five current and former executives misled investors about exposure to the subprime mortgage crisis, causing the bank's stock to fall and costing pension funds and others billions of dollars. Michigan pension funds lost $62 million.
Jan 7th - Employees Sued Wal-Mart for Failing to Pay Overtime - On December 9, 2008, Wal-Mart Stores Inc. announced that it will pay up to $54.25 million to settle a class-action lawsuit that alleged the discount giant forced or pressured employees to work hours that were not recorded or paid and allowed employees to work off the clock in Minnesota.
Dec 31st - Merrill Lynch Settles Discrimination Suit - Merrill Lynch agreed to pay $1.55 million and improve employee training to settle a lawsuit that claimed discrimination in the firing of an analyst because he was an Iranian Muslim.
Dec 17th -Wachovia settles suit over merger - Under the settlement, Wachovia (NYSE:WB) and San Francisco-based Wells (NYSE:WFC) have agreed not to appeal a ruling made early this month that prevented the banks from redeeming the preferred shares for at least 18 months following the shareholder vote on the merger.
Dec 17th - Judge approves settlement in AIG shareholder suit - A Delaware judge has approved a $115 million settlement in a shareholder lawsuit against former executives of insurance giant AIG.
Dec 11th - Lawyers to get $60M from deal in GM investor suit
Dec 10th -
Crystallex faces lawsuit as results lag expectations -
Junior miner faulted for statements about Las Cristinas project
Dec 9th - Carrier Won't Pay Former Biotech CEO's Legal Bills - Arch's decision comes after three other carriers have already honored their InterMune D&O policies, to the tune of $20 million. Beyond Arch, InterMune has one last $5 million layer with another carrier, Goodman said. "I think it is extremely rare to see a situation like this where three carriers have paid out their policy limits in relation to the same basic claims that are at issue," he said. Arch did not have a comment by press time. But in a letter to the parties, the insurer justified its action pointing to a warranty, in which Harkonen said he was unaware of any circumstance that could lead to a claim. In fact, Harkonen "was fully aware of his actions and misrepresentations with respect to Actimmune," the insurer claims.
Dec 4th - MedQuist to pay $6.6 million to end DOJ probe - MedQuist falls after company agrees to settle government overbilling case
Nov 21st - Class Lawyers Against Coke Get More Than $31.5 Million - Judge cuts request from nearly $43 million, saying counsel were 'clearly not motivated entirely by notions of charity' - A federal judge has awarded more than $31.5 million -- and several pointed observations -- to lawyers who spent eight years battling The Coca-Cola Co. over whether it artificially inflated revenue figures to boost stock prices
Nov 19th -
Bay Street hears growling at the gate - In a decision one litigator says has created "real fear out there," an Ontario court ruled corporate officers, directors and advisers facing a shareholder class action are required to hand over potentially damning non-public information to plaintiffs' lawyers before the lawsuit has even been certified. The decision, which is the first test of Bill 198, the statute creating U.S.-style investor class actions, comes at a time that the investing public is angry and increasingly looking to hold corporate executives to account.
Nov 14th -
Canadian firm files lawsuit against AIG -
A London, Ont., law firm has filed a proposed class-action lawsuit against ailing U.S. insurance giant American International Group Inc. The suit is seeking $550-million in damages from AIG on behalf of Canadian investors.
Nov 11th -
Caldwell Partners eliminating two-class share structure in lawsuit settlement -
Executive search firm Caldwell Partners International Inc. is ending its two-class share structure as part of a settlement of litigation brought by three institutional investors. According to the settlement, two new directors will be appointed to the company's board, and Caldwell Partners will reimburse the shareholders for up to $500,000 of their costs in the litigation, which will be terminated.
Nov 4th - AIG Officials Sued Over $85 Billion U.S. Bailout - American International Group Inc. trampled investors' rights by accepting a rescue package from the federal government in return for a majority stake in the insurer, a shareholder said in a lawsuit.
Nov 4th - Shareholders File Suit Against Sirius XM - Hartleib, who months ago warned that a merger between the two satcasters would spell only trouble for the companies' shareholders, is responsible for encouraging the group to file a derivative suit on behalf of shareholders in U.S. District Court in Los Angeles.
Oct 28th -
BCE to fight lawsuit it sees as without merit - BCE Inc. said yesterday that a shareholder class-action lawsuit filed against it is "completely without merit and will be vigorously defended in court." A lawsuit was filed on Friday against the Montreal-based telecommunications giant as well as the investor group that plans on taking BCE private, alleging the firm failed to gain shareholder approval to suspend its dividend.
Oct 21st -
Court Approves Settlement in Suit Against Greenberg, C.V. Starr -
D&O insurance acquired by AIG for the company’s former chairman and chief executive Maurice R. Greenberg, former chief financial officer Howard Smith, and former director Edward E. Matthews will pay the bulk of the settlement, approximately $85 million. The remainder of the settlement – with the exception of $1.25 million that will come directly from Thomas R. Tizzio, former senior vice chairman for general insurance at AIG — will be funded by C.V. Starr, a holding company of specialty insurance agencies.
Oct 13th - Delaware Court Interprets Advancement Language - The Delaware Court of Chancery this summer issued several decisions of interest interpreting standard language contained in expense advancement and indemnification provisions of corporate bylaws or certificates of incorporation. Sun-Times Media Group Inc. v. Black illustrates how broad, mandatory advancement provisions can result in continuation of a corporation's obligation to pay defense expenses for a substantial period after an adjudication of serious employment-related wrongdoing by former executives.
Oct 9th -
Biovail faces U.S. shareholder lawsuit - Biovail Corp. faces a shareholder lawsuit over statements made by the company and senior executives. The drugmaker said Thursday the claim is completely without merit. (HUNTERS note: but they still have to fund defence...) Biovail said it has been notified of a proposed securities class action in New York over statements alleged to have been made regarding U.S. regulatory approval of the company's Aplenzin antidepressant, which the Food and Drug Administration approved last April.
Sept 23rd -
Mega Brands hit with lawsuit -
Jeffrey and Lawrence Rosen have accused the Montreal-based company's top officials of selling hundreds of thousands of shares before the public was notified about the death of a child who had ingested their magnetic toy.
Sept 23rd - Lehman D&O Risk Prompts Lawsuit - Shareholders accuse Constellation Energy's executives of holding back on how exposed they were to Wall Street's credit mess.
Sept 19th - Pension fund sues AIG - The City of New Orleans Employees' Retirement System is suing the chief executive of American International Group (AIG) for shareholder losses, which it alleges are the result of imprudent risk taking and mismanagement.
Sept 17th - Shareholder sues Merrill Lynch over Bank of America deal
Sept 12th - Hank Greenberg and three others agree $115m settlement in AIG suit - He and three other former executives agreed to pay $115 million (£66 million) to settle a lawsuit that would have come to trial next week in Delaware. While the insurer will receive proceeds from the settlement, less fees, it is an insurance policy covering the directors that will pick up about $85.5 million of the settlement.
Sept 11th -
Southwestern class action settled -
Southwestern Resources Corp., its former chief executive officer and his wife have agreed to pay $15.5-million to settle a class-action lawsuit that claimed data was manipulated to beef up drilling results from a gold project in China.
Sept 10th - Jobs, Apple Execs Settle Options Suits - It looks Apple's stock options backdating scandal might finally be over: CEO Steve Jobs and other executive have agreed to a $14 million settlement.
Sept 9th - Court reinstates Merck Vioxx shareholder lawsuit - A three-judge panel from the 3rd Circuit Court of Appeals earlier Tuesday voted 2-1 to reinstate a class-action securities lawsuit that had been dismissed in April 2007 by U.S. District Judge Stanley R. Chesler in Newark, N.J.
Sept 9th - National Union Ordered to Advance Payment for Princeton's Legal Defense - An appeals court has ruled that National Union Fire Insurance Company of Pittsburgh must pay nearly $10 million to cover legal fees for Princeton University in a civil suit.
Sept 1st - Plans sue to recover subprime investment losses - After the scope of the subprime mortgage crisis became clear in 2007, a number of pension and 401(k) plans with assets invested in subprime mortgage obligations filed lawsuits in federal district court to recover their losses.
Aug 20th -
Case Comment: Boliden Ltd. v. Liberty Mutual Insurance Co. (2008), 90 O.R. (3d) 274 -
The Ontario Court of Appeal recently dealt with the interaction between a pollution loss exclusion and the allocation provisions of a D&O policy in the case of Boliden Ltd. v. Liberty Mutual Insurance Co.
Aug 20th - Suit Can Proceed Vs Bristol-Myers Over Settlement Disclosures
Aug 20th - 2nd Circuit Refuses to Boost Milberg's Fees in Nortel Class Action
Aug 11th - Plaintiffs Firms Score $303 Million Class Action Settlement From GM, Deloitte
Aug 6th - Del. Court Rules Insurers Must Advance Defense Costs - In ruling for HLTH Corp., which operates the WebMD Web site, among other businesses, Superior Court Judge Richard R. Cooch rejected the contention of Federal Insurance Co. and several other companies that defense costs must be allocated proportionately among multiple insurance companies in a criminal case that alleges activity dating to the late 1990s. The insurers said the costs should be allocated among the companies according to the quantity of alleged wrongful acts committed during specific policy periods. Cooch ruled that because such allocation was not specified in the policy, allocation of defense costs prior to the final disposition of an underlying claim is not required.
Aug 6th - Judge Tosses $277 Million Jury Verdict in Securities Class Action - An ultimate win in the case should come as a huge relief for Apollo: Its D&O insurance policy was already tapped out, and the company was on the hook for all but $25 million in legal bills.
Aug 5th - In a coverage extension case, a series of policies counts as continuous coverage, Appeal Court finds
Aug 1st - MySpace Shareholder Suit Going to Trial
July 24th -
CIBC hit by lawsuit -
Class-action claims subprime exposure misrepresented
July 16th - Judge grants class status in Monster suit - The suit filed by two pension funds alleged Monster backdated stock options that were handed out to employees.
July 4th - Coca-Cola pays fraud settlement - Coca-Cola Co. agreed to settle a fraud lawsuit in which investors said they lost $1.75 billion US after the world's largest soft-drink maker witRating 2eld information to boost its stock price.
July 1st - US appellate court orders remaining claims dismissed against Grasso's $187.5M pay package (HUNTERS note: just imagine those defence costs!)
July 1st - Shareholder lawsuits mount against A-B
June 25th -
Nortel workers sue over pension changes -
Nortel facing the prospect of a class-action lawsuit stemming from changes the company made to its employee pension plan two years ago. -
In June, 2006, Nortel made a series of changes to its pension packages that included axing its defined benefit pension plan as of Jan. 1, 2008, in favour of a defined contribution plan.
June 19th - Shareholder Suit Filed Vs Lehman Brothers Over Subprime Hit - A shareholder sued Lehman Brothers Holdings Inc. (LEH) and its top management Thursday over the investment bank's disclosures regarding its exposure to the subprime mortgage market.
June 17th -
Gildan may face class action over trades - T-shirt maker Gildan Activewear Inc. faces the possibility of a $500-million class-action lawsuit over allegations executives pocketed millions of dollars by selling stock before news of problems at the company's Dominican Republic plant sank the stock price.
June 11th - Former Official Sues Nascar - A former racing official has sued Nascar, saying she was subjected to racial and sexual discrimination in her two years as an employee
June 6th - Court orders insurer to pay school’s defense costs - National Union Fire Insurance Co. of Pittsburgh Pa. must pay nearly $10 million in costs that Princeton University incurred defending against a directors and officers liability lawsuit, an state appeals court ruled Thursday. The courts rejected National Union’s contention that a $5 million sub-limit endorsement contained in the D&O policy at issue applies to the lawsuit brought against Princeton’s trustees, court records show. The insurer argued that the sub-limit covers claims that seek legal relief, or money, as it applies to claims seeking equitable relief, or remedies.
June 4th - Lawsuits Test Disabilities Act - Two lawsuits now pending could open the door to many more claims under a little-known provision of the Americans With Disabilities Act that protects the jobs of relatives and other caregivers of disabled people.
June 3rd - Brocade To Pay $160M To Settle Shareholder Suit
June 2nd - IBM agrees to US$20-million settlement of options-related lawsuit
May 31st - JDS Wins Investor Lawsuit, Bucking a Trend
May 19th - SEC charges 8 ex-AOL Time Warner executives - The SEC settled charges with David Colburn, former head of the company's business affairs unit; Eric Keller, former senior manager in the business affairs unit; James MacGuidwin, former controller; and Jay Rappaport, former senior manager in the business affairs unit. The four neither admitted nor denied they were guilty of the charges. As part of their settlements, Colburn agreed to pay almost $4 million, Keller almost $1 million, MacGuidwin $2.4 million, and Rappaport almost $750,000, the SEC said.
May 17th - Ex-employee sues Rockwell, claims religious discrimination - A former senior systems engineer claims Rockwell Collins fired him last year because he wouldn't agree to sign a diversity document that asked him to accept homosexuality.
May 5th - Wall Street, Lenders Face Subprime Scrutiny - The U.S. attorney for the office, Benton J. Campbell, who supervises about 150 prosecutors, said the group will look into potential crimes ranging from mortgage fraud by brokers to securities fraud, insider trading and accounting fraud.
May 3rd - Parmalat Settles U.S. Shareholder Suit - The Italian dairy company Parmalat, which collapsed in December 2003 in the country’s largest bankruptcy, agreed to settle a shareholder lawsuit in the United States by paying investors stock with a market value of almost 24 million euros ($37 million).
Apr 28th - Siemens makes 250 mln euros directors' liability claim from insurers
Apr 23rd -
Biovail agrees to settle suit with Canada pension plan
Apr 17th -
RCMP faces $1M payout on discrimination case -
The Mounties could be paying more than $1 million as a result of a human rights ruling in favour of a Muslim Iranian-Canadian who faced discrimination at the RCMP Training Academy in Regina and was terminated.
Apr 16th - Walgreen Faces Shareholder Suit - According to the complaint, Walgreen's fourth-quarter earnings were hurt by a material contract dispute with CVS Caremark (CVS). - (HUNTERS note - If your insurer insists on a breach of contract exclusion - make sure it excludes claims FOR this issue versus "ARISING OUT OF")
Apr 4th - Citigroup will pay $33M to settle suit by women brokers
Apr 3rd - Home Depot agrees to pay $14.5 million to settle lawsuits - Under the agreement, which is subject to court approval, the retailer will maintain or adopt certain governance practices and is due to pay $14.5 million in plaintiffs' attorney's fees and reimbursement of expenses, the company said in its annual report
Apr 2nd -
Magellan falls on accounting errors
Mar 28th - Citi Settles Enron Suit for $1.66B
Mar 26th -
$110 Million Class Action Filed against SunOpta Inc.
Mar 25th -
Biovail settles fraud allegations with SEC -
When accounting gets too creative
Mar 20th - Mannatech settles class-action lawsuit - Mannatech, Inc., which sells nutritional supplements and weight-loss products, said Thursday it agreed to pay nearly $11.3 million to settle a class-action lawsuit.
Mar 19th - Bear employees expected to file suits - "We've been getting a lot of calls," said Mr. Intelisano, whose firm has represented employees in other cases against Bear Stearns. "The question would be whether or not Bear, as the administrator of the 401(k) plan, breached its fiduciary duties to the employees."
Mar 17th - Bear Shareholders Already on the Prowl - It didn’t take long. Today, securities-suit powerhouse Coughlin Stoia was again on its game with a shareholder suit alleging fraud by Bear Stearns and its top guns. The suit, filed on behalf of Bear shareholders who bought stock as recently as Friday, claims management misled them about the company’s financial condition.
Mar 11th -
SunOpta hit with class-action filings -
Canadian organic and natural food distributor SunOpta Inc. has been hit with a slew of U.S. class-action lawsuits, alleging that executives misled and defrauded shareholders, and that some traded stock while they knew the company was issuing false information.
Mar 11th - New York Life agrees to settle pension suit for $14 million- New York Life Insurance Co. will pay $14 million to settle a class-action suit that accused the company of improperly steering billions in pension funds into its own mutual funds.
Mar 6th - BP Pays, Again - Oil company settles shareholder suit alleging mismanagement over refinery blast, pipeline spills, and market rigging. - Under the settlement, which will be reviewed in court at a May 7 fairness hearing, Coughlin Stoia would receive $9.8 million in legal fees. Shareholders aren't in line to get any money.
Mar 6th - Northern Rock lawsuit cover to soar as plan ends - Fears are rising that Northern Rock could see a huge increase in the cost of insuring directors against being sued. Royal & Sun Alliance, the nationalised bank's current underwriter, has already received 82 potential claims against former management.
Mar 4th - Northern Rock shareholder threatens legal action -A law suit, which could name Chancellor Alistair Darling and Bank of England Governor Mervyn King, would be a major headache for Mr Darling just a week before his first budget on 12 March.
Feb 29th - Covad Pays $7 Milion to Settle Suit by Former General Counsel - Covad Communications and its ex-general counsel have finally laid to rest a sordid, six-year saga of allegations of self-dealing directors, sexual harassment and retaliatory firing.
Feb 26th -
Montreal metro guards file discrimination complaint over hiring practices
Feb 25th -
Most targets settle in Crocus suit -
Lawyer Jay Prober, who is representing the fund's shareholders, said a settlement in principle will see audit firm PricewaterhouseCoopers LLP pay $6-million, the provincial government and the Manitoba Securities Commission pay $2.75-million, directors and officers of the fund contribute $3.15-million, and BMO Nesbitt Burns Inc. pay $100,000.
Feb 20th - Supreme Court: 401(k) participants can sue over losses
Feb 12th - Yahoo Rejection Of Microsoft Bid Draws First Shareholder Suit
Feb 1st -
Supreme Court to hear pension appeal -
The Supreme Court of Canada has agreed to hear an appeal of an Ontario case that could have broad implications for the way companies use surpluses in their pension plans. The case involves the pension plan of Kerry (Canada) Inc., whose employee pension committee has gone to court to challenge several issues about the company's administration of its defined benefit pension plan.
Jan 28th - Societe Generale Targeted In Suit For Insider Trading - The suit targets a member of the bank's supervisory board who sold shares worth EUR85.7 million ($126 million) on Jan. 9 and "any other person who directly or indirectly profited from insider information," said lawyer Frederik- Karel Canoy.
Jan 25th - NY expands Countrywide suit with more defendants - New York City and state on Friday expanded a shareholder class-action law suit filed against top U.S. mortgage lender Countrywide Financial Corp naming additional company officers and directors, 26 underwriters and two accounting firms as defendants.
Jan 25th - Rogue trader dealt with tens of billions of euros - The rogue futures trader who cost French bank Societe Generale €4.9 billion ($7.14 billion U.S.) had been betting on a scale of tens of billions of euros, the bank said Friday. France's No. 2 bank apologized to shareholders after announcing what appears to be the biggest trading fraud ever carried out by a single person.
Jan 24th - ChoicePoint to settle shareholder suit - Alpharetta-based info broker ChoicePoint said it has agreed to pay $10 million to settle a class action lawsuit stemming from the 2004 theft of records of more than 160,000 people and subsequent stock sales by top executives.
Jan 15th - Plaintiffs Lawyers Split $9.5M Fee in Shareholder Suit Against Schering-Plough - A federal judge approved a settlement Monday in a shareholders' derivative suit against Schering-Plough Corp. with no award of damages but a $9.5 million fee to plaintiffs counsel and a company pledge to reform its governance.
Jan 9th - Insurance Company to pay in options case - HCC Insurance Holdings has agreed to pay $3 million as part of a settlement in an investor suit that alleges the company backdated stock-option grants for directors and executives.
Jan 4th - Crocus Investment -
Investors in failed fund laud first settlement - Shareholder lawyer Jay Prober confirmed yesterday that there is a settlement with the insurer representing the fund's 18 former officers and directors. He said the maximum possible payout from Chubb Insurance Co. of Canada is $5-million, but "several million dollars would not be inaccurate" as a likely distribution.
Dec 24th - McAfee Incurs $137.4M Compensation Charge
Dec 12th - Judge OKs $57.5 million settlement that resolves class-action suit against Sprint Nextel - he also approved $15.8 million in legal fees to the attorneys representing the plaintiffs, or 27.5 percent of the settlement amount, and nearly $2.2 million in plaintiff expenses. However, he ordered that 10 percent of the $15.8 million be held back until the settlement fund had been disbursed to claimants.
Dec 12th -
Settlement OK'd in Newmont suit -
A federal judge on Tuesday approved a $15 million settlement in a shareholder class-action lawsuit against Denver-based Newmont Mining, the world's No. 2 gold producer.
[Judge] Krieger said a maximum of $3.5 million from the settlement should be set aside as attorney fees, and the rest should be allocated to the shareholders.
Dec 11th -
Biovail settles U.S. shareholder suit
Dec 11th -
Scotiabank hit with overtime suit
Dec 10th - US$920m payout from UnitedHealth
Dec 10th -
Hollinger shareholders 'left out to dry' -
The legal pursuit of Conrad Black has sent the value of his former media empire into a death spiral
Dec 10th - Conrad Black sentenced to 78 months in jail
Dec 6th - Scotia Capital named in ABCP lawsuits
Nov 28th - Jury rules for JDSU in shareholder suit - A U.S. District Court jury ruled Tuesday that four former executives of JDS Uniphase Corp. were not guilty of insider trading or securities fraud for selling more than $350 million of company stock just before its price plummeted in 2001.
Nov 22nd - Dutch Ahold Pays Swedish Hakon Invest 13 Mln Euro Claim - Hakon Invest today received payment from the settlement fund that was set up in connection with the settlement of the class action suit against the Dutch company Royal Ahold in the U.S.
Nov 20th - Crocs faces shareholder lawsuit - Crocs shareholders who bought stock between July 27 and Oct. 31 this year filed suit against the company on Nov. 16, according to court records. The suit also names Crocs CEO and President Ron Snyder, and CFO Peter Case
Nov 15th - Judge dismisses shareholder backdating suit against Apple execs
Nov 13th - Errors weren't fraud, Nortel's ex-CEO says
Nov 9th - Former Goodyear employee awarded $4.4 million in harassment suit
Nov 7th - Citigroup Faces Shareholder Suit - A shareholder derivative lawsuit was filed Wednesday against Citigroup Inc., its former chief executive, Charles Prince, and several top executives and directors over losses related to its subprime mortgage-backed securities portfolio.
Nov 7th - Awaiting the ABCP blame game - U.S. lawsuit that predates the current credit crunch has some firms justifiably on edge
Nov 3rd -
Waterloo can sue MFP employees -
Waterloo appears to have won the latest round in the ongoing saga of the RIM Park financing scandal, with a court ruling allowing the city to sue individual employees involved in the botched leasing deal.
Nov 3rd - Merrill execs in derivative suit - Top executives at Merrill Lynch are being sued by a shareholder who claimed they breached their duty to the firm by investing in "risky" collateralised debt obligations.
Oct 29th - American Italian Pasta settles suit alleging securities law violations - The settlement, which was announced Monday, calls for the troubled Kansas City-based pasta-making company to pay $11 million in cash — all of which will be provided by the company’s insurers — and $14 million in American Italian stock.
Oct 25th -
HSBC faces suit over ABCP losses -
Aastra Technologies seeking $5-million in damages, alleging bank misrepresented commercial paper
Oct 24th -
Former JDS Uniphase execs face landmark shareholder suit -
According to company documents, as much as US$20 billion in damages is being sought, making it one of the largest shareholder lawsuits to ever go to trial
Oct 23rd - Clairvest ensnared in case of missing millions -
Merchant bank suing nightclub owners and former TD Waterhouse broker who face several counts of fraud and forgery
Oct 23rd - Willis [insurance brokers] Settles Gender Discrimination Class Action Suit
Oct 22nd - Shareholder Wins Suit against Gazprom - Sterlitamak resident Mikhail Renzhin has become the first Gazprom shareholder to be awarded compensation from the monopoly for losses.
Oct 16th - UK firm seeks Kozlowski's money - A British insurance company has asked a New York state court to confirm an arbitration award that directs the imprisoned former head of Tyco International to pay nearly $2 million. A petition was filed in Manhattan's state Supreme Court by Corporate Officers & Directors Assurance Ltd., mentioned in earlier court papers as having sold a directors and officers policy to Tyco.
Oct 16th - Nortel agrees to pay $35m in SEC fraud case - Nortel Networks, the Canadian telecommunications equipment group, sought to put an accounting scandal behind it Monday when it agreed to pay $35m to settle regulatory claims that it defrauded investors by manipulating earnings between 2000 and 2003. Last year, Nortel agreed to pay $2.4bn to settle a shareholder suit, the fifth-biggest class-action settlement of a securities fraud case.
Oct 15th - Pru Suit Over Subprime-Related Bond Losses Highlights Complex World of Asset Management - The suit is probably the first under the federal Employee Retirement Income Security Act alleging breach of fiduciary duty relating to the subprime mortgage collapse, said Frederick Brodie, a partner in the New York office of Pillsbury Winthrop Shaw Pittman, and leader of the firm's ERISA litigation team. Under that law, the entity that exercises "discretion or control" over plan assets is the fiduciary, he said.
Oct 13th - Securities case opens way to US lawsuits - More British investors could be encouraged to pursue securities-related class actions in the US after a New York court allowed a UK pension fund to lead litigation against GlaxoSmith-Kline over its diabetes drug Avandia.
Oct 12th - Danier Leather did not mislead investors: Supreme Court (G&M)
Oct 12th -
High Court to rule on Danier IPO today
Oct 12th -
Catalyst fires back after Imax says it dropped U.S. lawsuit -
Contrary to the inference contained in Imax's press release dated October 11, 2007, Catalyst did not discontinue the prior action that it had commenced in New York because it was giving up its challenge to Imax's conduct,” the fund company said in a statement early Friday. “Rather, Catalyst discontinued the New York action because it is able to pursue additional remedies in Canada that are not available in New York, including the appointment of an inspector to oversee Imax.”
Oct 10th - Pension fund sues Mattel - Mattel faces a shareholder lawsuit from a Michigan pension fund over the toy company's handling of three toy recalls during the summer.
Oct 10th - Brocade Legal Bills Outpace Profits in Options Cases - ``We are continuing to work with our D&O insurance providers to recoup applicable costs. We cannot predict what further impact there may be from any ongoing...
Oct 8th - Quaker charity sued over a doctor's legacy - The suit claims that the American Friends Service Committee used millions for purposes other than those specified in his will.
Oct 8th - [US] Supreme Court Hears Landmark Investor Suit - On Oct. 9, the U.S. Supreme Court will hear a case that some say may open the flood gates to a tidal wave of investor lawsuits. The case, Stoneridge v. Scientific Atlanta, is a proxy for Enron shareholder suits against the banks that financed the fraudulent deals. In both Stoneridge and Enron the question is: Can third party partners -- like banks, lawters and accountants -- also be held liable for fraud?
Oct 6th -
RIM suit settled; stock surges 11% -
Deal reached over stock option concerns
- As part of the settlement with the Ironworkers Ontario Pension Fund, RIM's co-chief executive officers Jim Balsillie and Mike Lazaridis will each pay $2.5-million to RIM to help with its legal costs. RIM also agreed to beef up its corporate governance procedures, including not giving stock options to independent directors.
Oct 4th - Applied Digital settles suit for $2.1M - Applied Digital said it has agreed to issue $2.1 million in stock to the majority shareholder of an acquired company as part of the settlement of a 2004 lawsuit.
Oct 4th - Former director takes his TVIA frustrations public… Hands up if you’ve ever heard of TVIA? Neither had we, until today when the company filed an amended 8-K that is just plain ugly. It mostly contains a note from former director Celso Azevedo who resigned Sept. 12.
Sept 30th - Welcome to the Annual Meeting. Now, Be Quiet. - "You may remember Sunrise Senior Living, the beleaguered provider of assisted-living facilities..."
Sept 28th - Chubb Subsidiary Ordered To Pay $24 Million in D&O Suit - Executive Risk Indemnity Inc. was ordered to pay AFC Enterprises Inc. (NASDAQ:AFCE) $20 million, equal to the full limit of its directors and officers liability policy, and approximately $4 million in prejudgment interest, in the order issued in the U.S. District Court for the Northern District of Georgia in Atlanta, the statement said. AFC, headquartered in Atlanta, said it sued because Executive Risk Indemnity allegedly sought to rescind its policy after AFC announced the financial restatement during the 2003 policy year.
Sept 28th - U.S. sues Bloomberg [LP], alleging company bias against pregnant workers
Sept 26th - Pension fund sues Moody's over subprime ratings
Sept 25th -
$4.6B Biovail Suit In Murky Legal Waters -
Banned Material At Issue; Canadian firm in damage-control mode, source says " But some observers familiar with the matter suggest the deal is actually a desperate bid to avoid harsh penalties in a little-known New York court case that has landed Biovail's lawyers and company founder Eugene Melnyk in hot water."
Sept 24th - Sprint agrees to settle shareholder suit for $57.5 million
Sept 19th - Lerach admits role in kickback scheme - The fall of San Diego trial lawyer William S. Lerach may end his reign as Wall Street's king of pain, but the class-action lawsuit industry he helped create has become an established reality for corporate America.
Sept 14th -
North West hit with investor lawsuit -
Upset shareholders are suing Calgary-based North West Upgrading Inc., accusing the firm of misrepresenting the cost of its proposed oil sands processing plant and demanding back the monies they have invested in the firm
Sept 14th -
$20 million bailout for farm co-op pensioners -
Province's offer follows 2003 plan to slash pension plan benefits
Sept 13th - Xceed Mortgage caught in market turmoil
Sept 12th - Ex-Nortel Execs Face Suit -
Federal securities regulators sued four more former Nortel executives in civil court over their roles in a bonus scandal that was uncovered in 2003
Sept 11th -
Imax unfazed by lawsuit from Catalyst -
Fund alleges shareholders 'oppressed'
Sept 10th -
Catalyst suing Imax over accounting issues
Sept 4th -
SEC puts Fraleigh witnesses in spotlight
Sept 3rd - Citigroup unit and Deloitte are sued over subprime lender's share issue
Sept 3rd - Delphi investors to receive $342 million settlement
Aug 27th - Suit alleges ex-CEO masterminded mining scam - Southwestern Resources Corp
Aug 17th - Certegy Check Services, Inc. and Fidelity National Information Services, Inc. allegedly failed to implement and maintain adequate security measures to protect consumers’ confidential financial and personal information.
Aug 15th - Sun-Times seeks to get suit on track; Presses to move against Black, others after long delay
Aug 10th - Genzyme puts up $64M to settle class-action suit
Aug 7th - Backdating: Former Brocade CEO guilty on 10 counts
Aug 7th - First BanCorp to pay $8.5 mln to settle SEC suit
Aug 3rd - Golden promises about a Mexican mine - Facing a $13-million (U.S.) lawsuit and civil allegations that this gold company made fraudulent misrepresentations about its ability to achieve its production targets
Aug 1st -
Sun-Times Media Group agrees to settle class-action lawsuits in U.S., Canada
Aug 1st - Former Bre-X Geologist Acquitted at Insider Trial
July 31st - Nike settles discrimination suit - Nike Inc. has agreed to pay $7.6 million to settle a race discrimination lawsuit by current and former African-American employees of its Niketown store on Michigan Avenue.
July 28th - ConAgra Reaches $4 Million Settlement Over Retiree Lawsuits Report
July 25th - Black verdict gives new hope to Hollinger lawsuits - As its new CEO, Wes Voorheis is turning Conrad Black's former holding company into a litigation machine
July 22nd - TD Banknorth suit settlement thrown out - $4 million insufficient to compensate shareholders, Chancery Court judge says
July 22nd - Investors Plan to File Suit Over Bear Stearns Hedge Fund Losses - The lawsuit according to sources will allege three main allegations. 1. Bear Stearns made misstatements in the funds offering documents. 2. Bear Stearns misrepresented the funds exposure to risk 3. Bear Stearns misrepresented its ability to control the risk.
July 20th -
CV Technologies sued over financials - CV Technologies Inc. [CVQ-T] and its chief executive officer face an investor lawsuit over the restatement of financial statements by the maker of the Cold-FX remedy.
July 18th - Court Sends Vioxx Suits Back to Judge - (HUNTERS note - this is a group of shareholder lawsuits accusing Merck officers and directors of violating their duties by concealing the health risks of Vioxx ...if their D&O policy excludes claims arising out of bodily injury the insurer might have denied this claim. Hopefully their policy only excludes suits FOR bodily injury.)
July 18th - $149 million ends some Enron claims
July 16th - Southwestern Resources withdraws drill results, shares plummet
July 13th - Fraud trial over but civil challenges remain for Conrad Black
July 13th - Conrad Black guilty on some charges
July 11th - NAACP Sues Mortgage Lenders For Discrimination (HUNTERS note - ditto comment below...)
July 11th - Black shoppers sue Toys 'R' Us for discrimination - (HUNTERS note - this is not covered by any of the "standard" policies like Commercial General Liability, Directors & Officers Liability or even Employment Practice Liability Insurance. Third party discrimination can be added by endorsement to D&O or EPL (different extents) - or a separate policy can be obtained. Certain industries i.e. retail/hospitality/healthcare need to examine this risk very closely.)
July 9th - BP, embroiled in shareholder lawsuit, freezes pay of executives
July 5th - Hollinger Sues Canadian Banks Over Black's Transfers - Hollinger Inc. sued three Canadian banks, accusing them of securing loan repayments while aware its former Chairman Conrad Black was improperly siphoning money to companies that he controlled.
July 5th - Directors' and officers' - A clean sweep. The 'Natwest three' - extradited to the US on fraud charges arising from the Enron collapse - caused angst in many UK boardrooms, lest directors' and officers' policies failed to bite. But insurers have been keen to stress that these policies would.
July 5th - Next for Top Court: Securities Fraud - Whether banks that help public firms commit fraud are also liable soon will be a question before the Supreme Court. Its decision will affect litigants in the still-simmering Enron case.
July 2nd - U.S. judge won't dismiss new Parmalat from shareholder suit - Parmalat SpA can be sued by shareholders in a suit involving its predecessor company, Parmalat Finanziaria SpA's collapse into bankruptcy in 2003, a judge has ruled
June 28th - Board erred in restricting participation in limited auction to private equity players
June 22nd - Neurocrine faces stock suit on sleep drug- Neurocrine Biosciences is facing a U.S. shareholder class-action suit that alleges the firm misrepresented the chances of its sleep drug's approval.
June 21st - High [USA] court raises bar for shareholder lawsuits - Ruling imposes strict standard on groups filing claims for fraud
June 19th - Court to decide right to sue over 401(k) mistakes
June 18th - Wall St. banks immune from antitrust law in IPOs: Supreme Court
June 13th - AIG assumes shareholder suit vs ex-CEO Greenberg - (In a derivative suit, shareholders pursue claims against executives on behalf of a corporation. Companies are required to a form special litigation committee to review the complaint and decide if they want to pursue the case.)
June 9th -
Nortel could face $100 million US fine
June 9th - Avista agrees to class action settlement: Insurers to pay most of $9.5 million; rates are unaffected
June 7th - Bally Total Fitness May Face Suit - Bally Total Fitness Holding Corp.'s second-largest shareholder has threatened to haul the troubled fitness chain into bankruptcy court, claiming shareholders got a raw deal in a proposed restructuring agreement.
June 1st - Brocade, Mercury Interactive settle backdating cases with SEC - The Securities and Exchange Commission reached its first two settlements with companies in stock-option backdating cases Thursday as Brocade Communications Systems and Mercury Interactive agreed to pay fines totaling $35million.
May 30th - Martha Stewart investors get $30M settlement - 'Domestic Diva' will pay $5M of the total compensation for losses during the ImClone scandal.
May 29th - Shareholder sues Hangxiao - An individual investor is the first of what could be many to file a lawsuit against senior management of a listed construction company for issuing misleading statements.
May 21st - Sprint will pay $57M to settle age-discrimination suit
May 20th - Six Years Later, 'Belgian Enron' Comes To Trial
May 19th - U.S. judge allows BP shareholder suit to continue
May 18th -
Effective May 18th, 2007 the Toronto Venture Group has ceased operations
May 18th - RIM restates results
May 15th - Tyco settles shareholder suit for $3 billion
May 15th -
SEC warns Biovail of charges -
Wells Notice indicates regulator likely to recommend civil action against drug maker
May 11th - Former McAfee CFO convicted of securities fraud (HUNTERS note - assuming McAfee had decent D&O insurance contributing to his defence up to this point...he now has to pay back the defence costs the insurer(s) coughed up.)
May 11th - Optionable explores legal options as stock plunges -
New York brokerage Optionable Inc. is hiring a crisis management firm and talking to lawyers about whether it can sue Bank of Montreal in the wake of BMO severing its relationship with the firm after suffering $450 Million in losses related to oil and gas futures trading.
May 11th - Newfoundland lodges complaint about Armoyan trading in FPI -
The province has asked security regulators to investigate a massive selloff of stocks by George Armoyan, who resigned from the company's board of directors last month just as FPI was negotiating a sale of its assets.
May 9th - Court Rules for Grasso in Pay Case - A New York appeals court dismissed four of six legal claims brought against the former Chairman of the NYSE over his compensation.
May 7th - Zurich Capital settles SEC probe for $16.8M - Between 1999 and 2003, Zurich Capital made $11 million by aiding and abetting four hedge funds that were carrying out schemes to defraud mutual funds through illegal market timing.
May 4th - Bancrofts, Dow Jones board sued by shareholder
Apr 28th - ABN Amro faces shareholder suit; ABN Amro's management faced attacks on two fronts Friday, as a Royal Bank of Scotland-led takeover attempt turned hostile and a shareholders' rights group sued to block a board-approved acquisition by Barclays
Apr 26th - OSC accuses former Dimethaid CEO of disclosure violations - Says Rebecca Keeler filed misleading prospectuses in 2003 and 2004 outlining two offerings of special warrants.
Apr 25th - Option troubles linger for Apple CEO - In wake of ex-CFO Fred Anderson's settlement with the SEC, which also filed civil charges against Apple's former general counsel Nancy Heine, the pressure on Steve Jobs mounts.
Apr 24th - Morgan Stanley settles gender bias case for $46M - Current and former female financial advisers and trainees accused the investment bank of paying them less than male employees.
Apr 24th - Scrushy settles with SEC for $81 million in accounting fraud - Fired HealthSouth CEO Richard Scrushy reached settlement to end a lawsuit filed by theSEC blaming him for a $2.7 billion accounting fraud at the heath-care services company.
Apr 20th - Vonage CEO Jeffrey Citron $22.5 million settlement in securities fraud and SEC violations lawsuit.
Apr 19th - Aramark Corp. $222 million settlement in shareholder lawsuit.
Apr 16th - Merck & Co., Inc. Vioxx securities fraud class action dismissed. (HUNTERS note - this is why is OK to exclude suits for bodily injury from D&O insurance but not OK for suits arising out of or based on bodily injury....big defence costs even when dismissed)
Apr 12th -
RIM faces wider SEC probe -
RIM said U.S. regulators have stepped up their informal inquiry into how the company accounted for stock option grants into a full-fledged formal investigation.
April 11th - Shell suit ends in record $450m payout -
A group of more than 50 investors and shareholders from nine European countries
claimed Shell had committed securities fraud after overstating its oil and gas reserves by amounts worth more than $100 billion between 1997 and 2003. 
Apr 5th -
Suit now charges pet food firm with fraud ; The suit -- which earlier had charged only negligence -- now also alleges fraud. A finding of fraud could lead to a bigger payday for pet owners because it allows for extra punitive damages.
Apr 5th - College Officers Profited by Sale of Lender Stock - The directors of financial aid at Columbia University, the University of Texas at Austin and the University of Southern California held shares in a student loan company that each of the universities recommends to student borrowers, and in at least two cases profited handsomely
Apr 4th - Former HIH financial officer found guilty - FORMER HIH Insurance Ltd chief financial officer Dominic Fodera was today found guilty in the New South Wales Supreme Court of a criminal charge related to a prospectus that omitted relevant information.
Mar 29th - San Diego pension fund sues Amaranth - Complaint accuses hedge fund, its founder and former trader, Calgary native Brian Hunter, of fraud. Amaranth lost more than $6 billion in September after massive natural-gas bets by Hunter went awry.
Mar 27th - Former CEO of parts firm charged with securities fraud -
David Stockman, the former budget director in Ronald Reagan's White House, was charged yesterday with overseeing a sweeping fraud at a troubled auto parts supplier he led before the company collapsed into bankruptcy.
Mar 24th - Deloitte payout to end Philip class action -
$50.5 million U.S. largest cash recovery from Canadian auditor in securities suit; former executives of
the Hamilton-based metal recycling giant will pay an additional $18.25 million U.S.
Mar 23rd - Cracker Barrel sues insurers over discrimination settlement
Mar 21st - TGX faces suit from shareholder - The Arkansas Carpenters Pension Fund wants to see whether TJX's board has been doing its job in overseeing the company's handling of customer data, the news agency said.
Mar 20th -
ATS woes could provoke proxy fight from Goodwood
Mar 20th - Danier investors get day in top court - " The first shareholder class action to reach the Supreme Court level in Canada hinges on what level of disclosure is required by a company's management if facts become known between the time a prospectus has been issued and an initial public offering's closing date that would cast doubts on forecasts contained in the prospectus."
Mar 19th - Goldman sued over executive compensation - Goldman Sachs Group Inc. disclosed Monday that it was named as a defendant in a purported shareholder derivative action challenging the way the firm accounts for employee options.
Mar 16th - Chase $2.4bn class action damages, NAPF tells members - The body governing Britain’s biggest pension funds advised its members to chase some $2.4 billion (£1.23 billion) in unclaimed damages from US securities class actions yesterday, putting it on a collision course with representatives of the UK’s largest investors.
Mar 15th - Florida Federal Court Rules in Insurers’ Favor in Directors and Officers Suit
Mar 15th - Ex-HP Chief Dunn Acquitted
Mar 12th -
Former Nortel execs face fraud charges - After a three-year investigation, U.S. regulators said Monday they will pursue four former executives at Nortel Networks Corp., including former chief executive officer Frank Dunn (HUNTERS Note - and the former CFO and the former Controller.) , for allegedly masterminding a “fraudulent” accounting scheme. (HUNTERS Note - Defence costs available through D&O insurance? - likely yes - Any limit left? - unlikely!)
Mar 9th - 'Gotcha' again - Terence Corcoran discusses
the OSC's habit of using enforcement to go after behaviour that had not been previously identified as contrary to any law or policy, specifically in the cases of Atlas Cold Storage and AiT Advanced Information Technologies.
Mar 9th - Suit claims SafeNet is being sold to shield directors - SafeNet Inc., the Harford County technology company under federal investigation, has been sued by a shareholder who charged that some directors agreed to sell the company to a private equity firm to avoid potential liabilities from backdating of stock options.
Mar 8th - Class action against Société Générale in Portus matter
Mar 8th -
Fraud alleged at Norshield; investors out $215-million
Mar 7th - Missing clause in Sunrise REIT standstill - "Angry unitholders at Sunrise Senior Living Real Estate Investment Trust are asking pointed questions about the drafting of the REIT's standstill agreement"
Mar 5th -
RIM takes $250M US hit for options accounting
Mar 2nd -
Rise and big tumble -
The trial of Conrad Black
Mar 1st - Time Warner settles AOL suit for $260M- Time Warner Inc. will pay $260 million to end a securities fraud suit led by the University of California, resolving one of the last claims over the company's 2001 merger with America Online Inc., the university said.
Feb 27th- Notice of Final Settlement - Pearson v. Boliden Limited et al securities class action litigation
Feb 26th - SEC Sues [Hong Kong based] Blue Bottle; Says Co Hacked News Releases
Feb 23rd - Morgan Stanley severance suit alive on federal level - Lawsuit argues that directors breached their duty to investors by approving $113 million in severance and other pay to former Chief Executive.
Feb 23rd - Shareholder Sues CMKM Diamonds, Directors for $57M - "The statute of limitations was set to expire for filing civil action against CMKM Diamonds on February 19, 2007, said Gene Hurd, but as that date was a federal holiday in the United States, the date was extended to February 20."
Feb 20th - RenaissanceRe settles $13.5 mln class-action suit - " A portion of the cost is expected to be offset by insurance recoveries and the amount of the settlement was included in its 2006 financial statements, the company said "
Feb 16th - Regulator calls for Algoma probe - RS wants OSC to examine disclosure of takeover talks
Feb 16th - Bennett closes chapter on securities problems
Feb 16th - Keane says 2 suits challenge buyout
Feb 15th - Suit: Intel paid Dell up to $1 billion a year not to use AMD chips
Feb 15th - A Guilty Plea for Options Backdating - founder and former head of Take-Two Interactive Software, the maker of the Grand Theft Auto video games, pleaded guilty to falsifying records in a stock-option-backdating scheme
Feb 14th - Goldcorp must restate part of financial statements -
Result is that company shows earnings decreases when interpretation of U.S. accounting rules regarding share purchase warrants put into place
Feb 14th - Celestica to cut more jobs as it restructures operations, fights shareholder suits -
second US lawsuit filed by shareholders claiming the company failed to disclose the operational woes that caused a sharp drop in the stock price
Feb 6th - Wal-Mart faces historic sex bias case - The largest sexual discrimination lawsuit in U.S. history moved forward against Wal-Mart when a federal appeals court approved class-action status for seven women who claim the retailer was biased in pay and promotions.
Feb 2nd - Dell Hit With Shareholder Lawsuit - Investors allege Dell's relationship with Intel contributed to financial mismanagement that artificially inflated the computer maker's stock price, suit names former CEO and CFO as well as Michael Dell.
Jan 30th - Milberg awarded one-third of fees in Nortel lawsuit - U.S. District Judge Richard Berman in New York awarded Milberg $37.7 million and said a $101 million award would have been "excessive."
Jan 30th - TJX faces class action lawsuit in data breach - Suit accusing the company of negligence for failing to maintain adequate security of customer credit and debit card data and not disclosing the breach for a month.
Jan 26th - Nacchio's legal tab picked up by Qwest - The Denver-based phone company is paying for Nacchio's multi million-dollar defense against civil and criminal charges, which include 42 counts of illegal insider trading.
Jan 24th - RIM Discloses Filing of Notice of Application to Commence Shareholder Derivative Lawsuit - The Notice of Application, among other things, seeks the permission of the Court to commence a shareholder derivative action purportedly on behalf of the Company against certain of RIM's directors relating to RIM's historical option granting practices, and also makes certain demands with respect to the conduct and scope of RIM's ongoing management-initiated, voluntary review of such practices. (HUNTERS Note - Derivative Lawsuits are rare in general, but particularly so in Canada.)
Jan 22nd - NYC retirement fund at core of Apple suit - The New York City Employees' Retirement System late Monday announced it was chosen as the lead plaintiff in a shareholder lawsuit -- and possibly a class-action -- against Apple Inc.
Jan 18th - SulphCo's Largest Shareholder Files Suit Against Members of the Company's Board of Directors - Seeks Injunctive and Declaratory Relief to Prevent Directors from Amending SulphCo's Bylaws to Disenfranchise Shareholders ( Dr. Rudolph W. Gunnerman, the former CEO and a director of SulphCo, Inc., as well as the Company's largest shareholder, filed suit in the Second Judicial District Court of the State of Nevada against certain members of the Board of Directors of SulphCo. )(HUNTERS note - This will not be covered by insurance - "insured vs insured" exclusion - that said Sulphco likely can and will indemnify the "certain members" )
Jan 17th - Sullivan & Cromwell hit with gay bias suit - A gay lawyer at one of America’s most prestigious law firms has created a stir within New York’s legal community after suing his firm for discrimination.
Jan 16th - Goodyear to Pay $925,000 to Settle Job Bias Case - The payment is part of a consent decree approved by an administrative law judge to resolve a lawsuit the Labor Department filed last year on behalf of 800 women who were denied jobs at the plant.
Jan 16th - SEC sues three former ConAgra unit executives
Jan 12th -
CoolBrands under fire from former U.S. partner -
former business partner has accused CoolBrands International Inc. of overstating revenue and inventory at its U.S. manufacturing plant, "resulting in an artificially inflated balance sheet and earnings statement." 
(HUNTERS note - CoolBrands executives also named as defendants)
Jan 10th - Express Scripts files suit to kill breakup fee - Pharmacy benefits manager Express Scripts Inc. on Wednesday asked a Delaware court to void a $675 million breakup fee protecting the planned merger of rival Caremark Rx Inc. and drugstore chain CVS Corp.
Jan 5th - $200 million class action memorandum of understanding for securities fraud. - Shareholders filed a class action lawsuit related to fake trades made by a former Texas subsidiary in 2000 through 2002.The class claimed CMS lied about financial conditions by including round-trip energy trades in its financial results. CMS and lawyers for the shareholders signed a memorandum of understanding where CMS will make a $123.5 million payment plus interest for the settlement and its insurers will pay $76.5 million.
Jan 5th - First American Takes $35.7 Million Charge on Options (note Dec 22nd...some just in case legal action... Stull, Stull & Brody Announces Commencement of Lawsuit Against First American Corporation for the Back-Dating of Stock Option Grants )
Jan 4th - A Warning Shot by Investors to Boards and Chiefs - Bob Nardelli’s resignation seems to indicate a rising fear among Home Depot’s directors that they will be subject to even more investor ire.
Jan 3rd - Ex-executive files age discrimination suit against Morgan Stanley
Jan 2nd - DaimlerChrysler deal on suit settlement - DaimlerChrysler AG has reached an agreement with insurers over their contribution to a $300 million settlement of an investor lawsuit over the 1998 merger that created the company, a spokesman said Tuesday.
Dec 29th - Insurance broker Gallagher settles suit; U.S. insurance brokerage Arthur J. Gallagher & Co. said on Friday it will pay $36.9 million to settle a class-action lawsuit accusing it of accepting improper "contingent commissions" for steering business to particular insurers. The settlement includes payments of $28 million to current and former clients who used brokers to buy insurance from 1994 to 2005. It also includes $8.85 million of legal fees.
Dec 29th - Apple says options probe finds no misconduct; restates results
Dec 28th - New questions about Jobs' role in Apple stock options scandal ; Shares fell today after new details of a federal investigation into the company's stock options practices raised questions about the role of its charismatic CEO.
Dec 26th - Judges OK $2.45 bln settlement in Nortel case
Dec 26th - McAfee sued by former employees over stock options ; " The suit said that on July 27, McAfee (NYSE: MFE) told the Securities Exchange Commission that it was unable to file its quarterly results due to its backdating investigation. At the same time, according to the news release from the attorneys representing the former employees, the company stopped issuing new shares under its stock option plans. This decision, according to the suit, "prevented McAfee employees from exercising their earned and vested stock options." "
Dec 22nd - Ahold plans 'substantial' defence against US Foodservice class action ; Ahold will today file a preliminary legal defence against a class action lawsuit that has accused the Dutch food retailer's US Foodservice unit of having engaged in 'racketeering', the Financial Times reported.
Dec 22nd - SEC Opens Probe of a Fake News Release - A fabricated announcement leads to a surge in a small firm's stock price, an investigation by the Securities and Exchange Commission, and a denial of wrongdoing by the company.
Dec 22nd - Backdating Scandal Costs Broadcom Ex-CFO $33 Million
Dec 14th - DaimlerChrysler sues insurer over settlement costs
Dec 14th - Fidelity sued over retirement plan management fees
Dec 8th - CIGNA settles shareholder suit for $93M
Dec 8th - Spying suit costs HP $14.5 million
Dec 7th - Home Depot Uncovers 19 Years of Backdating Options
Dec 6th - Investor confronts RIM on options probe
Dec 6th - Wal-Mart Settles Life Insurance Lawsuit
Nov 29th - Settlement reached in class action against FMF Capital Group
Nov 23rd - OSC settles with ex-Bennett executives
Nov 23rd - Parmalat Settlement Is Urged by Judge
Nov 22nd - Scotia 'resented' pay deal, Berry alleges [
long-simmering feud erupted in the courts this week, with David Berry filing a $105-million lawsuit for wrongful dismissal, alleging his former employer approved of trades that have made him the subject of a regulatory investigation.]
Nov 20th - Liberty Media offers $52M to end lawsuit
Nov 20th - Oppression Action Commenced Against The Caldwell Partners International Inc. [ The Tailwind Fund, JC Clark Ltd. and McElvaine Investment Management
allege that C. Douglas Caldwell and members of the Board of Directors of Caldwell Partners
engaged in a series of related-party transactions that benefited certain members of management at the expense of Caldwell Partners and its minority shareholders.
]
Nov 16th - Major U.S. Private Equity Firms Accused of Rigging Buyouts
Nov 16th - Attorney fees limited in securities suit [Colorado Judge puts disretionary cap of 12% of total settlement of US$1.1 billion, benfefiting lead plaintiff]
Nov 14th - MEGA Brands Settles Virtually All Product Liability Lawsuits and Claims (HUNTERS Note: Products Liability is not covered by a "D&O Insurance" policy - but a well planned D&O policy should react to a shareholder action arising out of the product liability settlement.)
Nov 9th - RIM probed by OSC over stock options - SEC also examines grant accounting
No 9th - Martha Stewart to pay $5 mln in legal settlement [....another $15 million is expected to be paid by the company she created, Martha Stewart Living Omnimedia Inc.and the company's insurers will pick up the remaining $10 million ]
Nov 8th - St. Paul Travelers settles derivative lawsuit
Nov 1 - Krispy Kreme Settles Shareholder Suit
Oct 31st - OSC orders RIM insiders to cease trading [
...in the company's shares until it has filed its second-quarter financial results, which have been delayed pending an internal review of stock option accounting ]
Oct 31st - Lawyer: Dell Settles Class Action Over Financing Practices
Oct 30th - Will the Ontario courts follow the American case law on ambiguous exclusionary clauses? [ Ontario Court provided confirmation that, generally, where an insurance contract is unambiguous, the plain meaning of an exclusionary clause (in this case "insured v. insured") will be respected. ] 
Oct 30th - Voyager hit by new lawsuit - Investor says stock transfer backdated (HUNTERS Note: Financial Impropriety pre-IPO, in this case designed to artificially inflate valuation, not ony severely hampers the offering's chances for success but also leaves D&Os open to shareholder suits.)
Oct 25th - Ex-Comverse CFO pleads guilty in stock options case
Oct 17th - Employee to sue British Airways for religious descrimination 
Oct 16th - BISYS D&O policy to help cover $66.5M settlement
Oct 16th - Chief Executive at UnitedHealth Group Is Forced Out in Options Inquiry [ general counsel and a member of board also dismissed in sweeping overhaul of its governance practices and leadership ranks, company under criminal and civil investigation. ]
Oct 12th - McAfee Executives quit over questions on options
Oct 6th - Pilots File Suit Against Air Canada Parent Over Proposed Payout
Oct 5th - Apple CEO Apologizes In Options Scandal ; Company Says Jobs Did Not Benefit [ Jobs apologized yesterday for a stock options scandal that he said "happened on my watch," after a three-month internal investigation uncovered "serious concerns" with the actions of two former executives. ]
Oct 5th - Dunn and four others charged in HP spy case- Former chairwoman and ethics officer, and three private eyes face four counts
Oct 4th - EpiCept Resolves All Remaining Litigation Against Maxim Pharmaceuticals:
"In conjunction with the In re Maxim Pharmaceuticals, Inc. Securities Litigation settlement, and in accordance with a stipulation agreed to by the parties in June 2006, Maxim's insurance carrier, Carolina Casualty Company, shall dismiss with prejudice its lawsuit against Maxim and certain individual defendants seeking injunctive relief as to its obligations under Maxim's D&O insurance policy. Carolina Casualty contributed $750,000 towards the stipulation reached in the settlement of In re Maxim Pharmaceuticals, Inc. Securities Litigation"
Oct 4th -
$100-million suit targets BP brass over mishaps -
Michael Wilson among 34 defendants
Oct 4th - Saskin [NHLPA's executive director] says lawsuit'without merit'
Sept 28th - Wendy's Says Noteholders Sue on Tim Hortons Spinoff
Sept 28th -
Gildan unravels North America production, shifts jobs south
Sept 28th - Hewlett Packard general counsel Ann Baskins resigns amid spying scandal
Sept 28th -
HealthSouth Settles for $445 Million By settling the class-action lawsuits, the company hopes to put its scandal-ridden past behind it. 
September 27th -
Goldcorp denies allegations by ex-chairman
Sept 21st - Cablevision Granted Options to Dead Official
Sept 19th - Federal suit filed against Omnicare
Sept 16th - Calpers to lead suit over UnitedHealth options
Sept 15th - HP execs asked to testify in Washington; shareholder files suit
Sept 13th - Lerach Firm Files Shareholder Suit Against Dell
Sept 12th -Sale of Patheon one step closer after company hires advisers
Sept 12th - Prosecutors widen probe of Dell books
Sept 12th - HP chairwoman Dunn to step down
Sept 10th -
Auto parts maker NRI under creditor protection
Sept 9th - HP probe puts board in spotlight
Sept 8th - RBC, TD buoyed by Enron ruling
Sept 7th - Plaintiff firms consolidate Imax class-action suits (HUNTERS note: These are the first class action lawsuits under Ontario’s amended securities legislation Bill 198)
Sept 7th - Disclosure suit serves as a warning - A COURT-ORDERED payout to a former shareholder of explorer Jubilee NL has put Australian companies on notice that failing to disclose sensitive information to the market on time can cost them dearly, and may yet trigger a wave of investor class actions.
Sept 5th - Phone Scam Charge Rocks HP - Hewlett-Packard fraudulently obtained private phone records while trying to trace a media leak, according to a former board member who resigned when he learned of the action.
Sept 5th -
Imax faces second class-action suit
Aug 30th -
Movie investors were left in dark: analyst -
Alliance court battle raises questions. A flurry of allegations contained in court documents about the possible sale of Alliance Atlantis Communications Inc.'s film distribution arm has raised new questions about whether unitholders have been told enough about what was happening behind closed doors
Aug 30th - Lawyers queue up for Imax class action
Aug 29th -
Competition watchdog lays down law to Sotheby's -
Canada last to act on price-fixing charges (HUNTERS note: here is an example where Cdn subsidiary likely covered by parent company D&O insurance policy in England ....likelihood it addresses Cdn statutory liabilities?....)
Aug 28th - Prudential Financial Inc. $600 million settlement for facilitating rapid trading and market timing.
Aug 23rd - Imax shareholders launch class-action lawsuit
Aug 22nd - $295 million settlement awarded to Daimler-Benz shareholders.
Aug 22nd -
TROUBLE IN CANADA'S MOVIE LAND: SHAKEUPS HIT SCREEN MAKER, DISTRIBUTOR- Motion Picture Distribution's woes send income fund's units tumbling 17 per cent
Aug 22nd - Freddie to Settle 401(k) Suit - Workers Who Invested in Its Stock to Share in $4.65 Million
Aug 21st - Imax CFO resigns as pressure grows for lawsuit
Aug 18th - Cisco Systems Inc. $91.75 million class action settlement awarded to shareholders for insider trading.
Aug 18th - Gemstar-TV Guide Sues AIG, Chubb Companies Over $50 Million D&O Coverage ... The supplier of software for cable television program guides alleges the insurers have refused to reimburse it for the cost of defending multiple class-action lawsuits and a Securities and Exchange Commission action following a 2002 accounting and fraud scandal.
Aug 14th - Suit Claims L.A. Port Misused Funds to Build Pier 400
Aug 10th - Atmel hit with shareholder suit
Aug 9th - Today a notice was published in the Globe and Mail outlining the basic terms of a settlement agreement .... Grafton-Fraser pays $1.2 million to settle misleading advertising case with Competition Bureau (HUNTERS note: Not all policies are triggered by Canadian/Ontarian statutes. Policies issued out of the USA or other foreign jurisdictions (either because of parent company domicile or insurance purchase domicle) - require extra scrutiny on this issue for personal cover. Some policies only address the personal director liabilities associated with un-remitted taxes and six months wages - some are not even spelling out coverage intentions. This becomes much more meaningful for an individual director of a corporation in cash distress!)
Aug 9th -
Sears Holdings smacked by OSC ruling
Aug 8th - Stewart does a U-turn and pays her fine
Aug 7th - Options Questions Hurt Apple
Aug 4th - Toyota settles U.S. sexual harassment lawsuit
Aug 3rd - Executives run for cover after "NatWest 3" case
Aug 2nd -
Melnyk case seen as tough for OSC to prove; Legal expert says there's 'big hill to get up'
Aug 1st -
OSC targets Biovail's Melnyk -
Billionaire rejects allegations of failure to report insider trading of shares in trusts
Jul 31st - Spitzer Settles IPO Insider Suit..."McLeod was accused of directing more than $77 million of McLeodUSA's investment banking business to Salomon Smith Barney. In exchange, the company "secretly" gave McLeod shares of more than 30 stocks before companies' initial public offerings, according to Spitzer's 2002 civil lawsuit."
Jul 29th - Financial services errors put fairfax's future in doubt - 'Very embarrassing': Investigation could reveal more problems, chief executive says
July 29th -
Fairfax says restatement not due to big problems
July 28th -
Fairfax to restate results...." The company said it uncovered “various non-cash accounting errors” in its 2001 statements and prior periods. Fairfax had converted to a new accounting system in late 2001."...." “Fairfax estimates that the impact of the restatement will be a decrease in shareholders' equity as at March 31 in an estimated range of $175-to-$190 million ... (and) an estimated approximate $50 million related to previously unrecorded differences existing at March 31,” the company said in a release."
July 27th - SEC Fines Two Ex-Conseco Finance Execs - Former Conseco CFO Rollin M. Dick and former chief accounting officer James S. Adams inflated earnings through a "fraudulent scheme" that took advantage of poor internal controls, the SEC says.
July 27th - CIBC agrees to settle with investors of Global Crossing -
Canadian Imperial Bank of Commerce is among 26 banks that tentatively agreed to settle with the investors of Global Crossing Ltd. for a total of US$82.5-million late on Tuesday
July 26th - Fairfax files $5B-US lawsuit against hedge funds alleging stock manipulation
July 25th -
Minacs Board Issues Response
July 24th -
Former director files application against Minacs - Calls for $4-million in damages against founder's estate ..
A former director of Minacs Worldwide Inc. -- a company that is the subject of a takeover offer -- has filed an application against the company and numerous individuals associated with it alleging that its business and affairs have been conducted in a manner "that is oppressive, unfairly prejudicial and unfairly disregards the interests of the applicants." ...
Bruce Simmonds, John's brother, is Minacs's chief executive. Janet Ecker, a former provincial finance minister and a Minacs director, is one of the individuals named in the suit. The company was formed by Elaine Minacs, who passed away earlier this year.
(HUNTERS note: Almost all D&O insurance policies exclude "insured vs insured suits". Some circumstances are excepted - on the face of it, this isn't one of them. Almost all D&O insurance policies include past and present directors as insureds. So this situation could also be an ugly insurance situation. It would be far worse if the corporation were cash strapped - leaving the named individuals high and $ dry. "Side A: Excess & DIC Insurance" would have been an interesting solution to examine; however, only Canada's largest and/or dual listed companies are buying this cover. To me this issue speaks to directors understanding what's NOT covered by their insurance. See our coverage audit and insurance tutoring services.)
July 18th -
Bid to unplug CHUM pact - Jarislowsky goes to OSC: Questions offer's fairness, directors' independence
July 17th - Shareholders Turn To New Tool To Push Corporate Change... a major pension plan sent a letter to Home Depot Inc. (HD) asking to see internal documents like board-meeting minutes in the hope that they might shed light on the company's procedures for dating stock options.
July 14th -
Dual class share critic backs the CHUM deal
July 14th - Sun Life unit settles over conflict claims
July 14th - Judge OKs suit on 'excessive' Hollinger pay - Former directors gave themselves generous payments
July 12th - Why the street is watching the Sears case
July 11th - "NatWest Three" Head to US for Trial -
After futile efforts to fight extradition, three British bankers will fly to Houston this week to face fraud charges related to Enron. Their cause is creating a stir in British business and political circles.
July 11th -
CNet to Restate Financials, Delay 10-Q -
Stock-option backdating stings another company, as CNet announces it will restate three years of financial statements. 
July 7th - Merrill to pay Enron $29.5m settlement - Securities firm will drop some bankruptcy claims
July 7th - Black named in two Hollinger lawsuits
July 6th -
Scotiabank, RBC sought secrecy over Sears role
July 5th - Merge dives on news of executive departures
July 5th - Ex-Banker Appeals Gay-Bias Case Ruling
June 30th -Class action lawyers target BP on propane allegations (HUNTERS note: this is a client class action potential after a regulatory civil action)
June 30th - Apple, CA investigate share option grants - Back pedalling over backdating
June 29th - Raytheon Company $12 million securities settlement awarded to the Securities and Exchange Commission.
June 28th -
CCWIPP: Pension Plan Trustees Deny Regulatory Non-Compliance
June 28th - Three British bankers involved in Enron to be extradited to U.S.
June 27th - Delaware Supreme Court Affirms Business Judgment Safe Harbour by Ruling in Favour of Disney Directors (torys.com)
June 27th - Players sue NFL in hedge fund case - Ex-Bronco Atwater says money manager charged with fraud was given OK (HUNTERS note: this is interesting...how many non profit association boards recommend or approve suppliers for their members? answer: LOTS)
June 27th - Women's lawsuit going for brokerage
June 24th - Murky transactions 'worried' AOL director - Lawsuit presents documents showing AOL board member Miles Gilburne concerned about Business Affairs unit's dealmaking in 2000.
June 23rd - Home Depot hit with SEC options probe
June 22nd - Supreme Court of Canada Will Hear Kerr v. Danier Leather Appeal: - Court to examine IPO disclosure and the application of the business judgment rule
to mandatory disclosure rules (blgcanada.com)
June 22nd - Former exec pleads guilty in stock scandal [Computer Associates] ... pleaded guilty on Wednesday to obstructing justice by trying to buy the silence of potential witnesses in a stock fraud scandal
June 22nd - Nortel settles Canadian suits
June 22nd -
CIBC says class action settled (HUNTERS note: this is the investor action re: Global Crossing - more below)
June 21st -
CIBC denies insider-trading allegations (HUNTERS note: now defunct Arthur Andersen settled
shareholder claims arising from its alleged role in the collapse of telecommunications company Global Crossing
back in Sept 2005...these allegations against CIBC have been brought by the Trustee representing Global Crossing's Creditors...these allegations originally made against CIBC in 2004...Global Crossing came out of bankruptcy protection in 2003...my point: sometimes these things take time to fully come out of the woodwork...how much insurance left after Enron...?)
June 21st - Bennett settles on disclosure with the OSC - President to pay $64,000 in penalties (HUNTERS note: not covered by his directors & officers insurance)
June 19th -
Pizza Pizza partners fall out over slice of the pie -
Lawsuit filed over ownership in wake of chain's income trust conversion
June 19th - Royal Ahold NV $1.1 billion settlement reached in securities fraud class action lawsuit.
June 19th -
OSC to consider settlement with CEO of Bennett
June 14th - Keane settles harassment charges - Boston-based Keane Inc. has agreed to pay more than $1.14 million to settle sexual-harassment allegations brought against former CEO Brian Keane by two women including Vice President Georgina Fisk. (HUNTERS note: this shows why the insured vs insured exclusion on a D&O insurance policy needs to have an exception for employment practices liability ..although normally we think of wrongful dismissal as the illustration!)
June 14th -
- US perspective - Williams to Pay $290 Million in Settlement - Shareholder alleged that the company failed to adequately disclose a guarantee of debt to a subsidiary that eventually was spun off.
- Cdn perspective - Teachers gets US$311M settlement and the successful plaintiff's perspective
June 13th - NDP seeks investigation of personal donations at TD
June 13th - Battle for control of Arcelor could lead to lawsuit
June 9th -
OSC sets hearing over Sears complaints
June 6th - Andres Wines threatening to sue ex-employee for alleged misappropriation of funds
June 6th - The case of Europe's largest corporate failure opens in Italy
June 6th - Verizon Bias Suit Deal Sets Record - Pregnancy Case Yields Payout Of $48.9 Million
June 6th -
Crocus Investment Fund Proposed class action settlement to be awarded to shareholders.
June 2nd - Ex-CEO of Tyco seeks D&O files from Willis
June 1st - Regulators: Directors fell down on the job [Fannie Mae]
June 1st -
Court OKs Hollinger D&O recovery
May 31st - McAfee Fires Counsel Over Stock Options - HUNTERS note: check this out - Companies that have come under scrutiny in recent months for past stock-option grants (wsj)
May 30th - FMF defendants want Toronto venue
May 26th - Martha Stewart to fight insider trading charges (HUNTERS note: this is the civil case being brought by the SEC)
May 25th - Enron case has cost three banks $6.6 billion
May 25th - Lay, Skilling Guilty
May 23rd - Balmoral Golf Club decides to seek protection under the Bankruptcy and Insolvency Act (HUNTERS note: this is a private non-profit golf course - how comfortable do you think the chair of the greens committee is now?! )
May 19th - Major Legal Adversary to Insurers, Milberg Weiss, Indicted In Bribery, Kickback Schemes
May 19th - OSC to probe bank's role in Sears deal
May 16th - Cognos shares tumble after revealing SEC probe
May 16th - Krispy Kreme Agrees To Settle Workers' Lawsuit... has reached a proposed $4.7 million settlement with workers who alleged that they lost millions of dollars in retirement savings because company executives hid evidence of declining sales and profits (HUNTERS note: This is being paid by the insurer of Krispy Kreme's "Fiduciary Liability" insurance for their 401k. Defendants included individual officers.) May 31st - 401(k) Plans Limit Company Stock
May 16th -
Former AiT executive accused of insider trading...
vice-president of sales and marketing at Ottawa-based AiT, bought 10,000 shares of the company in late February and early March, 2002. At the time, the OSC alleges he was aware that the company was engaging an adviser to find a strategic buyer for the company.
May 15th - Price of Boeing scandals: $615 million U.S. penalty (HUNTERS note: penalties would be excluded from coverage - their policy MIGHT have reacted to defence of the two officers...now they are found guilty...technically would have to repay insurer... )
May 14th - Battle over board: Shot at 'imperial' chief ?..Axicom... The fight for three board seats at Acxiom, an information management company in Little Rock, Arkansas, is shaping up to be a kind of referendum on whether investors abhor, or adore, entrenched and imperial chief executives
May 10th -
Mega Bloks sued...
“Lawrence Rosen has been relieved of his responsibilities as president and CEO of Rose Art Industries Inc. and executive vice-president and chief marketing officer of the company,” Mega Blocks said Wednesday.....
May 10th - Toyota [North America] boss quits amid harassment suit
May 2nd -
Former CEO sues Nortel
Apr 28th - OSC reviewing Sears bid (HUNTERS note: not all D&O policies are triggered into action by a regulatory investigation)
Apr 25th - Ex-CA Inc. CEO pleads guilty to securities fraud
Apr 24th - Freddie Mac to Pay $410 Million to Settle Lawsuits - Freddie Mac, the second-largest source of U.S. mortgage financing, said it agreed to pay $410 million in cash to settle a shareholder lawsuit over accounting mistakes that led it to restate three years of earnings.
Apr 21st - Merrill Lynch v. Dabit,
Decided March 21, 2006 (HUNTERS note: basically the court ruled that securities class action claims, filed on behalf of 50 or more investors, can only be brought in state courts by those who had purchased and sold securities but not by those who only held the securities at the time of the lawsuit. In other words realized losses have to be in play. This is good news.)
Apr 20th - Computershare agrees to pay $1.1-million to SEC
Apr 19th - Torys hit with more legal allegations about Conrad Black dealings
Apr 18th - Tyco to pay $50 million in civil case
Apr 13th -
Notice from the Office of the Secretary - In the matter of the Securities Act R.S.O. 1990, C. S.5, as amended - and - In the matter of certain directors, officers and insiders of Bennett Environmental Inc. (HUNTERS note: this is just late filing due to a "mis-allocation of revenue" between a couple of years - but not the first time issues in play)
Apr 13th - Hollinger agrees to pay some of Black's legal fees
Apr 13th -
Fairfax holders sue - Fairfax Financial Holdings Ltd. is a defendant in a class-action lawsuit filed by debt holders in New York....Fairfax officers and directors are included on the list of defendants....(HUNTERS note: see Mar 23rd entry)
Apr 11th - SEC investigating jewelry retailer Zale - Subpoenas were issued to current and ex-executives and auditors of Bailey Banks & Biddle's parent firm. (HUNTERS note: flash from the past - this company also operates "Zales Jewelers"...having bought Peoples Jewellers in 1999)
Apr 6th - Enron may be old news but... to the minute commentary and history can be found here (cfo.com)
Apr 5th -
Stock sale to CEO generates heat for Great Canadian -
Shareholder slams 'extraordinary' transfer (HUNTERS note: the 1st item appeared on page B1 with photo - whereas the following appeared on Page B7 .....how do you manage that risk? ) Apr 7th Great Canadian followed right procedures, TSX says
Apr 3rd - Former Swissair CFO Faces Charges - Years after the national airline's 2001 bankruptcy, the current CFO of Alcon is among 19 individuals coming in for a hard landing. Jacqualyn Fouse, who served as chief financial officer of Swissair from July 2001 to May 2002, will face charges of mismanagement, unfaithful business conduct, and favoring creditors prior to the former national airline's October 2001 bankruptcy. (HUNTERS note: The timing is interesting - decent assumption no insurance in force right now -..potential claim notification back in 2002?...who is paying for the defence of Ms. Fouse?)
Apr 1st -
York University president can be sued as public official, appeal court rules (HUNTERS note - insurance implications interesting because this would not be addressed by a standard Directors & Officers Liability insurance program - Public Officials Liability is a specialty insurance for this type of exposure...how to address a personal risk capacity that did not exist in the minds of an entire sector before a judge decided so......fascinating...)
Mar 28th - Ex-Raytheon Chief Agrees to Fine and Forfeit of Part of Bonus (HUNTERS note: fines are not covered by insurance)
Mar 28th -
Biovail holders file $4-billion lawsuit -
Lawyers for Biovail Corp. shareholders said Tuesday they have launched a $4-billion (U.S.) lawsuit against Bank of America Securities, hedge fund S.A.C. Capital Management LLC, and others (HUNTERS note: including a bunch of individuals - the insurance coverage question will be highly complex...on both sides...) April 4th -
SEC broadens Biovail probe with subpoena -
Looking at share trading and ownership in addition to disclosure investigation
Mar 23rd -
Company's [Fairfax] chairman subpoenaed over remarks made to analysts last month
Mar 21st - Royal Group Technologies Audit Committee named in $1 Billion Class Action (CNW)
March 21st -
Former Desjardins head sues for wrongful dismissal
March 17th -
Chubb leads Nortel D&O cover in settlement
March 17th -
Nortel insurers to pay $228.5M in lawsuit deal
March 16th -
CVS Finance Execs Resign amid SEC Probe -
The drugstore chain's treasurer and controller quit after an internal inquiry into a six-year-old accounting transaction
March 10th - Nortel to restate yet again
March 9th - Oppressed Ford shareholders get backing - Governance group urges court review
March 8th - HSBC chiefs to testify at tribunal - Several of HSBC’s top executives will testify about their roles in the dismissal of a senior City trader seeking £5 million over alleged homophobia
Feb 27th - Fractured Class Actions - "Opt-outs" are a growing headache for companies - When Time Warner Inc. said it would spend $2.4 billion to settle an investor class action alleging securities violations...
Feb 23rd - HealthSouth agrees investor settlement (US$230 insurer pays)
Feb 22nd - N.Y. investors reject AnorMed board proposal, Dissident shareholders step up proxy fight
Feb 15th -
Chubb seeks court clarification in Nortel settlement
Feb 9th - Investor declares war on Retirement REIT - Former CEO calls for open debate on sale of trust
Feb 8th -
Nortel agrees to $2.5-billion (U.S.) settlement
Feb 7th -
Danier investor suit a test case for costs
Jan 31st - Former bank exec settles lawsuit - Former Citigroup vice chairman Victor Menezes, who unloaded $29.8 million in company shares...
Jan 30th - Pension plan nails Retrocom with lawsuit
Jan 20th -
BMO's position on FMF fiasco
Jan 13th - Open letter to members, employees and supporters of The Salvation Army in Canada - A recent internal audit has revealed that The Salvation Army in Canada has been the victim of a significant fraud.
Jan 12th - Hollinger Int'l to pay ex-CFO's legal fees
Jan 11th -
OSC probes trading spike in EMS shares
Jan 10th - U.S. regulator sues Oppenheimer and CEO
Jan 10th - Suit claims Dresdner hired women as 'eye candy'
Jan 10th - Big Investors Sue Shell Over Losses
Jan 6th - Walmart's Coughlin to plead guilty to wire fraud and tax evasion charges
Dec 30th - Oppenheimer settles with U.S. regulators
Dec 16th - Court of Appeal reverses landmark Danier decision - "being hailed as major victory for corporate officers and directors"
Dec 1st-
CIBC shares slip on $2.4B US Enron lawsuit settlement
Nov -
Globalization Aids Plaintiffs In Cross-Border Litigation - " American Home Assurance and Chubb Corp. were unfortunate enough to have extended $100 million of D&O insurance to the Hollinger companies and their directors. "
Nov 17th - Former Refco CEO Indicted on One Count of Securities Fraud and 7 Others
Nov 5th - OSC boss hands off work on Royal Group investigation
Oct 28th - Crocus Fund Class Action
Sept 28th - Protecting investors' rights -
A long-simmering private dispute between Hollinger International Ltd. and Torys...
Aug 23rd - Ex-KMart Chief Conaway sued by regulator for fraud
Aug 22nd - SEC Charges Ex-Execs of Bristol-Myers, At the direction of a former CFO and a former division president, the company improperly recognized revenue from $1.5 billion of sales to the company's two largest wholesalers, according to the commission
July 22nd -
Hollinger Spent $50 Million in 18 Months on Lawsuits
May 16th - Newly merged Goldcorp hit with lawsuit - In a footnote to its financial statements, released late last night, Goldcorp said it was served in early May with statements of claim in connection with a class-action suit against the company and some of its directors.
Feb 4th -
CUPE Ontario to launch legal action against OMERS
Jan 30th -
Judgments Against Former Safety-Kleen Execs