The National Underwriter reports on Nov. 24, 2010, that the Dodd-Frank Act has reopened the door to U.S. regulatory action against some foreign entities after a recent Supreme Court decision had limited the reach of the U.S. legal system, according to experts.
The new reality gives directors and officers one more reason to ensure they have adequate professional liability coverage, the experts said during a webinar sponsored by the London-headquartered insurance broker Willis and the international law firm Proskauer, titled “Emerging Executive Risk Exposures for International Firms; Picking the Deep Pockets.”
“Believe it or not, it has been nearly five decades, nearly half a century, since the class action has become the chosen tool through which plaintiffs seek recovery of claims violations for the federal securities laws,” noted Richard L. Spinogatti, senior counsel in Proskauer’s Litigation Department.
He went on to say that while the character and abilities of the attorneys who have built their careers on this system vary widely, they are all driven by the same thing: money. He added, “They are also very creative and adaptive.”
If you want to read the full article go to: http://www.property-casualty.com/News/2010/11/Pages/DoddFrank-Opens-Door...
