directors and officers (D&O) liability News

UK Fines MT Global $32 Million for Money Laundering Breaches

Britain’s tax authority has slapped a record 23.8 million pound ($32.4 million) fine on MT Global Ltd, a private money services business, for significant breaches of anti money laundering regulations. Her Majesty’s Revenue and Customs (HMRC) said on Thursday it …

Brazil Petrochemical Company Braskem Settles Lawsuits over Sinking City for $1.75B

BRASILIA – Brazilian petrochemical company Braskem SA said on Wednesday it reached a 9.1 billion reais ($1.75 billion) deal to settle lawsuits over cracks and sinking ground near its salt mines in the city of Maceio that requires thousands to …

Cigna’s CEO and Board Sued for ‘Black-Ops-Style’ Tactics to Kill Merger with Anthem

Cigna Corp.’s chief executive officer and board used “black-ops-style” tactics in a covert campaign to “blow up” a $48 billion merger with rival insurer Anthem Inc., Cigna investors claim in a lawsuit. A Massachusetts-based pension fund alleges that Cigna CEO …

Apple Faces Shareholder Class-Action Suit over CEO’s China Sales Comments

Apple Inc has been ordered to face a proposed class-action lawsuit by shareholders who accused Chief Executive Tim Cook of concealing falling demand for iPhones in China, resulting in billions of dollars of investor losses. In a decision on Wednesday, …

Mining Giants BHP, Vale Accused of Colluding to Cut Payouts to Victims of Dam Collapse

Brazilian federal prosecutors have accused mining giants BHP and Vale of colluding with a lawyer to reduce compensation for victims of a fatal dam collapse and interfere with a landmark lawsuit against BHP in the UK. A mining waste dam …

Australia’s Westpac Takes A$1.2B Charge Against Q2 Earnings for Laundering, Refunds

Westpac Banking Corp. has taken a A$1.2 billion ($871 million) charge against second-half earnings to cover a record money-laundering fine and the mounting cost of compensating customers for years of misconduct. The charge is the latest blow to Australia’s oldest …

Sompo International Adds D&O Coverage for Public Companies

Sompo International Holdings Ltd. has launched a new directors and officers liability insurance policy form for publicly-traded companies in the U.S. Sompo’s public D&O product is the latest addition to the existing Sompo International Management Assurance Platform (MAP). Introduced in …

BHSI Introduces D&O Liability, Professional Indemnity Policies in Dubai, Middle East

Berkshire Hathaway Specialty Insurance (BHSI) announced it has developed proprietary directors & officers (D&O) liability and professional indemnity (PI) policy wordings for customers in the UAE and throughout the Middle East. “Companies in the Middle East are increasingly concerned about …

McDonald’s Alleges Ex-CEO Duped Directors, Seeks to Claw Back $37 Million Severance

McDonald’s Corp. told a judge that ex-CEO Steve Easterbrook lied about four alleged sexual relationships with subordinates to dupe directors into letting him leave with stock awards as part of his severance. The fast food company, which is seeking to …

Former Wirecard Executive Marsalek Placed on Interpol’s Most Wanted List

Former Wirecard AG executive Jan Marsalek was added to Interpol’s red notice list, sparking a worldwide manhunt for one of the executives allegedly at the center of a multibillion-euro accounting scandal at the fintech company The move alerts police worldwide …