directors and officers (D&O) liability News

New SEC Disclosure Rules May Drive Up D&O Claims

SAN DIEGO — New rules proposed by the US Securities and Exchange Commission on cybersecurity and climate impact disclosures may generate more lawsuits that will generate claims against directors & officers policies, panelists said Wednesday during the Professional Liability Underwriting …

Former Danske Bank CEO Cleared in $322M Investor Lawsuit

Danske Bank’s former chief executive Thomas Borgen was cleared by a Danish court on Tuesday of any liability for shareholder investment losses linked to the lender’s involvement in one of the world’s largest money-laundering scandals. A group of 155 institutional …

Credit Suisse Makes $180M Provision for Major Litigation Costs

Credit Suisse Group AG has made a 178 million Swiss francs ($180 million) provision for major litigation costs in the third quarter to help account for a long list of lawsuits and investigations that it’s trying to draw a line …

Australia’s Westpac Banking Fined A$113M for Multiple Compliance Breaches

An Australian court ordered Westpac Banking Corp. to pay A$113 million ($82.92 million) in penalties for multiple compliance failures across its businesses, after hearing the last of the six cases filed against it by the country’s corporate watchdog. The Federal …

Credit Suisse Shareholders Advised Against Clearing Board of 2020 Liability

Proxy advisers Glass Lewis and ISS have recommended Credit Suisse’s shareholders vote against discharging the bank’s board and management from liability for the 2020 financial year at its annual general meeting on April 29. Glass Lewis said in a report …

Some Credit Suisse Investors Do Not Want to Absolve Execs for Greensill Losses: FT

Some shareholders in Credit Suisse do not want the bank to hold a vote in the annual meeting on absolving senior executives from losses racked up in the Greensill affair, The Financial Times reported on Sunday. Investors have also raised …

Investors Cannot Sue German Regulator for Wirecard Collapse, Court Rules

Investors who lost money from investing in Wirecard AG shares can’t make Germany’s financial regulator Bafin compensate them, a Frankfurt court ruled. The tribunal on Wednesday threw out four suits by shareholders who claimed they lost between 3,000 euros ($3,404) …

Dirty Money Worried Swedbank Compliance Officers but Bosses Kept Mum: Documents

In the summer of 2018, a senior anti money-laundering official at Swedbank AB appeared anxious as he read reports that its competitor Danske Bank A/S could be fined by U.S. authorities for alleged crimes in the Baltics. “I’m afraid that …

Airbus Faces €300 Million Lawsuit From Group of Investors Over Bribery Scandal

Airbus SE is facing a 300 million euro ($340 million) lawsuit from a group of investors over allegations it failed to properly disclose a sprawling corruption scandal and subsequent settlement. The lawsuit, filed in the Netherlands, was served against the …

China Evergrande’s Investors Protest, Shouting ‘Return Our Money!’

GUANGZHOU, China – Investors in financial products issued by China Evergrande Group protested outside the cash-strapped company’s offices in Guangzhou on Tuesday, with many worried that their returns would be sacrificed to keep real estate projects afloat. Members of the …