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The Subprime Mortgage Crisis and D&O Insurance: A New Frontier of Litigation
The fallout from the virtual collapse of the subprime mortgage lending industry has just begun. Early estimates of subprime losses start at $100 billion and may rise to several times that amount. (Fin. Times, Nov. 6, 2007, at p. 18). As the various participants in the subprime market ' borrowers, originators, institutional investors, financial institutions, hedge funds, underwriters, warehouse lenders, insurers, corporate investors, and the list goes on and on ' continue to uncover the extent of their losses, the blame game among these participants is likely to be played out in courts across the country.
The targets of this litigation ' directors, officers, and the corporation itself ' will, more likely than not, have directors and officers' liability insurance. Whether a D&O policy will afford coverage for the litigation resulting from the collapse of the subprime mortgage lending industry is yet to be seen. As discussed below, there are several policy provisions that are likely to be relevant in the subprime context. Because coverage follows liability, an understanding of the potential coverage issues first requires an understanding of the claims themselves.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
Protecting Innovation in the Cyber World from Patent Trolls
With trillions of dollars to keep watch over, the last thing we need is the distraction of costly litigation brought on by patent assertion entities (PAEs or "patent trolls"), companies that don't make any products but instead seek royalties by asserting their patents against those who do make products.