Download or read book The Role of D O Insurance in Securities Fraud Class Action Settlements written by Dain C. Donelson and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Due to previous data unavailability, it is unclear how important directors' and officers' (D&O) insurance is in securities fraud class action settlements. Using a unique dataset of U.S. D&O policies, we find that D&O coverage is a less significant determinant of settlement amounts than estimated damages and proxies for case merits. D&O limits are related to settlements in only the weakest cases (those without accounting allegations or institutional lead plaintiffs) where proxies for case merits play a minimal role. Our findings suggest that most securities fraud class action settlements are meritorious and accounting-related cases are a reasonable proxy for fraud.
Download or read book Do the Merits Matter written by Janet Cooper Alexander and published by . This book was released on 1990 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Insurance Class Actions in the United States written by Nicholas M. Pace and published by Rand Corporation. This book was released on 2007-05-18 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: Class actions, which are civil cases in which parties initiate a lawsuit on behalf of other plaintiffs not specifically named in the complaint, often make headlines and arouse policy debates. However, policymakers and the public know little about most class actions. This book presents the results of surveys of insurers and of state departments of insurance to learn more about class litigation against insurance companies.
Download or read book How the Merits Matter written by Tom Baker and published by . This book was released on 2009 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Article seeks what may be the holy grail of securities law scholarship - the role of the quot;meritsquot; in securities class actions - by investigating the relationship between settlements and Damp;O insurance. Drawing upon in-depth interviews with plaintiffs' and defense lawyers, Damp;O claims managers, monitoring counsel, brokers, mediators, and testifying experts, we elucidate the key factors influencing settlement and examine the relationship between these factors and notions of merit in civil litigation. We find that, although securities settlements are influenced by some factors that are arguably merit-related, such as the sex appeal of a claim's liability elements, they are also influenced by many that are not, including, most obviously, the amount and structure of Damp;O insurance. The virtual absence of adjudication results in payment to the plaintiffs' class for every claim surviving the motions stage and, as importantly, a lack of authoritative guidance about merit at settlement. Without such adjudication, the weight of various factual patterns is untested, and the validity of competing damages models remains unknown. Parties structure their settlement by reference to other settlements, but these are opaque and subject to the same set of distortions. In this murky environment, plaintiffs and defendants collude to pressure the Damp;O insurer to settle on terms that may not reflect the ultimate merits of the claim. More adjudication, we argue, would be the best solution to the problem, but barring that, disclosure of Damp;O insurance and settlement terms would offer some improvement.
Download or read book The Conservative Case for Class Actions written by Brian T. Fitzpatrick and published by University of Chicago Press. This book was released on 2019-11-01 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the 1960s, the class action lawsuit has been a powerful tool for holding businesses accountable. Yet years of attacks by corporate America and unfavorable rulings by the Supreme Court have left its future uncertain. In this book, Brian T. Fitzpatrick makes the case for the importance of class action litigation from a surprising political perspective: an unabashedly conservative point of view. Conservatives have opposed class actions in recent years, but Fitzpatrick argues that they should see such litigation not as a danger to the economy, but as a form of private enforcement of the law. He starts from the premise that all of us, conservatives and libertarians included, believe that markets need at least some rules to thrive, from laws that enforce contracts to laws that prevent companies from committing fraud. He also reminds us that conservatives consider the private sector to be superior to the government in most areas. And the relatively little-discussed intersection of those two beliefs is where the benefits of class action lawsuits become clear: when corporations commit misdeeds, class action lawsuits enlist the private sector to intervene, resulting in a smaller role for the government, lower taxes, and, ultimately, more effective solutions. Offering a novel argument that will surprise partisans on all sides, The Conservative Case for Class Actions is sure to breathe new life into this long-running debate.
Download or read book Predictive Ability of Directors and Officers Liability Insurance Coverage for Class Action Lawsuit Settlements written by Irene Y. Kim and published by . This book was released on 2019 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: The primary conclusion from prior literature is that firm size, as a measure of firm resources and capacity to pay, is a key predictor of class action securities settlement amount, and the merits of the case are less important in settlement negotiations. The purpose of this study is to shed additional light on the settlement determination process: given defendant incentives to avoid paying out of pocket and plaintiff incentives to settle quickly with maximum settlement, does directors' and officers' (D&O) insurance coverage limit explain variation in settlement amounts? I find that D&O coverage limit has predictive ability for settlement size, even when controlling for firm size. I also find that the association depends on the level of coverage; high D&O coverage has stronger explanatory power for settlements than low coverage, presumably due to the marginal benefits of plaintiff attorney effort at high levels of coverage to yield the big payoff. In sum, this paper contributes to the existing literature on predicting class action securities lawsuit settlements, which even though D&O coverage levels are unobservable to investors, impacts decision-making important to shareholders.
Download or read book Managing Class Action Litigation written by Barbara Jacobs Rothstein and published by . This book was released on 2009 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Pricing Effects of Securities Class Action Lawsuits and Litigation Insurance written by Judson Caskey and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The price reactions to corrective disclosures often serve as a benchmark for settlements in securities class action lawsuits. When the firm bears litigation costs, this benchmark creates a feedback effect that exacerbates the price reaction to news that contradicts managers' earlier reports. Litigation insurance provides value in this setting by reducing the need for investors to price the effects of anticipated litigation. Insurance also affects how changes in the litigation environment impact the firm, with some changes having opposite effects on the frequency of lawsuits against uninsured and insured firms. The pricing behavior of rational investors eliminates the valuation impact of the portion of settlements paid to investors, similar to dividends. The valuation impact of litigation arises from transaction costs, such as attorney fees, that the firm can mitigate by constraining misreporting and by purchasing insurance.
Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Download or read book The Conservative Case for Class Actions written by Brian T. Fitzpatrick and published by University of Chicago Press. This book was released on 2022-02-19 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the 1960s, the class action lawsuit has been a powerful tool for holding businesses accountable. Yet years of attacks by corporate America and unfavorable rulings by the Supreme Court have left its future uncertain. In this book, Brian T. Fitzpatrick makes the case for the importance of class action litigation from a surprising political perspective: an unabashedly conservative point of view. Conservatives have opposed class actions in recent years, but Fitzpatrick argues that they should see such litigation not as a danger to the economy, but as a form of private enforcement of the law. He starts from the premise that all of us, conservatives and libertarians included, believe that markets need at least some rules to thrive, from laws that enforce contracts to laws that prevent companies from committing fraud. He also reminds us that conservatives consider the private sector to be superior to the government in most areas. And the relatively little-discussed intersection of those two beliefs is where the benefits of class action lawsuits become clear: when corporations commit misdeeds, class action lawsuits enlist the private sector to intervene, resulting in a smaller role for the government, lower taxes, and, ultimately, more effective solutions. Offering a novel argument that will surprise partisans on all sides, The Conservative Case for Class Actions is sure to breathe new life into this long-running debate.
Download or read book Insurance as Governance written by Richard V. Ericson and published by University of Toronto Press. This book was released on 2003-01-01 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyzes how the tactics and strategies of insurers help govern our "risk society". [back cover].
Download or read book Securities Fraud Liability of Secondary Actors written by Susan D. Sawtelle and published by DIANE Publishing. This book was released on 2012-10-14 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Manual for Complex Litigation Fourth written by and published by . This book was released on 2004 with total page 824 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mass Tort Settlement Class Actions written by Jay Tidmarsh and published by . This book was released on 1998 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book SEC News Digest written by United States. Securities and Exchange Commission and published by . This book was released on 1971-07 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lists documents available from Public Reference Section, Securities and Exchange Commission.
Download or read book The Cambridge Handbook of Class Actions written by Brian T. Fitzpatrick and published by Cambridge University Press. This book was released on 2021-02-18 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic activity is more globally integrated than ever before, but so is the scope of corporate misconduct. As more and more people across the world are affected by such malfeasance, the differences in legal redress have become increasingly visible. This transparency has resulted in a growing convergence towards an American model of robust private enforcement of the law, including the class-action lawsuit. This handbook brings together scholars from nearly two dozen countries to describe and assess the class-action procedure (or its equivalent) in their respective countries and, where possible, to offer empirical data on these systems. At the same time, the work presents a variety of multidisciplinary perspectives on class actions, from economics to philosophy, making this handbook an essential resource to academics, lawyers, and policymakers alike.
Download or read book The Medical Malpractice Myth written by Tom Baker and published by ReadHowYouWant.com. This book was released on 2011-03 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: n January 2005, President Bush declared the medical malpractice liability system out of control.The president's speech was merely an echo of what doctors and politicians (mostly Republicans) have been saying for years - that medical malpractice premiums are skyrocketing due to an explosion in malpractice litigation. Along comes Baker, direct...
