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D&O Professional Liability

Contacts

Peter M. Gillon
Partner, Miami
T: +1.202.663.9249
Alexander D. Hardiman
Partner, New York
T: +1.212.858.1064
Joseph D. Jean
Partner, New York
T: +1.212.858.1038
Robert L. Wallan
Partner, Los Angeles
T: +1.213.488.7163
See All Professionals

Pillsbury’s Insurance Recovery & Advisory team assists clients in obtaining coverage for lawsuits against directors and officers, including shareholder class action lawsuits.

Our attorneys have experience litigating and negotiating settlement of D&O coverage disputes. In bankruptcy, where D&O insurance proceeds are highly coveted by both the estate and the directors and officers of the company, we offer experience and insight enabling the preservation and realization of this important asset.

In addition to D&O claims, our group has successfully litigated and resolved large and complex claims under fiduciary, errors and omissions (E&O), fidelity (crime), employment practices (EPLI) and representations and warranty policies, achieving recoveries in connection with cyber-crimes, employee theft and fraud, financial fraud, fraudulent transfer claims, and breaches of representations and warranties.

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Our experience includes:

D&O and Fiduciary Claims

  • Secured coverage for Duke Energy under D&O policies to permit resolution of securities class action and derivative litigation arising from Duke’s merger with Progress Energy. Also represented Duke Energy in obtaining D&O coverage for bankruptcy trustee’s claims arising from spinoff of former subsidiary Crescent Resources.

Representative Experience

  • Represented an energy company in first-of-its-kind workout and restructuring of $2 billion of D&O and fiduciary insurance for a multibillion-dollar merger-related securities class action. Settled litigation within policy limits.
  • Represented public and private REITs, including VEREIT, CNL Holdings and Strategic Realty Trust, in coverage disputes involving securities litigation, government investigation or allegations of intra-corporate wrongdoing.
  • Represented Fortune 100 board of directors in rescission suit filed by AIG arising from financial restatement. Obtained full coverage.

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  • Obtained full rate defense via litigation for a privately held national retailer for $3 billion consumer privacy class action.
  • Advised Alere Inc. in connection with D&O coverage issues arising out of the disputed merger with Abbott Labs.
  • Representing Amtrust with D&O coverage in connection with various claims driven by prior acquisitions and financial reporting issues.
  • Representing Neustar in D&O issues arising out of their acquisition by Golden Gate.
  • Representing Solera Inc. in D&O issues arising out of their acquisition by Vista Equity.
  • Representing Zynga, on Delaware derivative litigation alleging insider trading and Brophy claims.
  • Representing a real estate investment trust in connection with a D&O insurance litigation arising from underlying investigations, securities lawsuits and class action lawsuits.
  • Represented a Houston-based energy company in seeking D&O coverage in connection with securities class actions and derivative actions.
  • Assisted Bazaarvoice in overcoming coverage objections from its D&O insurers, and achieved successful resolution of an antitrust claim solely with insurer payments.
  • Represented a national bank in connection with denied coverage arising from underlying securities claims under D&O and professional liability policies.
  • Advised European manufacturer on D&O claims related to discontinued operations in the United States.
  • Represented a financial institution on denied claims for Side C coverage for securities claim arising from class action alleging that bank played a role in massive Ponzi scheme.
  • Represented a major financial institution successfully recover under two Bermuda-form excess policies in connection with the settlement of class-action overdraft fee litigation.
  • Pursued coverage for Murray Energy for D&O claims arising from the Utah coal mine collapse.
  • Represented Neustar in an insurance dispute involving a securities class action. Secured AIG approval of nonpanel firm as securities defense counsel.
  • Prosecuted D&O coverage arising from an antitrust lawsuit against a leading health information services provider.
  • Represented Laureate Education on D&O coverage claims arising out of merger-related shareholder litigation.
  • Represented several China-based companies on D&O claims arising from securities class actions.
  • Represented major paper manufacturer in suit by the carrier to rescind the D&O policy based on allegation of potential fraud.
  • Negotiated D&O coverage claims resolution for costs of responding to a subpoena issued against a National Basketball Players Association executive officer and subsequent litigation by former executive against the union.
  • Negotiated resolution of coverage under D&O policy for multimillion-dollar loss incurred by a manufacturing client in putative nationwide class litigation involving alleged fraud and conspiracy.
  • Negotiated resolution of D&O claim for a life sciences company sued in litigation involving allegations of improper pricing practices.
  • Advised a pharmaceutical company regarding its insurance needs, including D&O insurance coverage for securities and other claims; secured tens of millions of dollars in reimbursements for claims defense costs.
  • Represented an IT service provider in connection with tail and other D&O coverage for claims against former directors and officers of acquired company and on related indemnification issues.
  • Negotiated resolution of disputed coverage claims on behalf of executives of a bankrupt media company.
  • Representing the Broad Museum in litigation seeking coverage under a D&O insurance policy based on an underlying suit regarding delay-related claims arising from the construction of the museum.
  • Representing Shareholder Representative Services (SRS) in a D&O insurance coverage dispute against its insurer, National Union.
  • Fidelity/Crime Claims
    • Assisted Delek USA in recovering under fidelity policy losses incurred in cyberattacks and credit card information thefts at hundreds of MAPCO service stations.
    • Represented Arrowpoint Capital Corp. against Hartford Insurance regarding fidelity bond claims for $500 million loss suffered in a fraud case. District court denied opponent’s motions and granted all of ours.
    • Represented a telecommunications provider in successful prosecution of its claims against its insurer confirming coverage for class action claims alleging cyber-related activities.
    • Represented one of the largest convenience store chains in the United States in recovery under crime policy for losses caused by hacking of customer data.
  • Employment Practices Liability
    • Obtained a $6 million arbitration recovery for settled state wage and hour class action against a national fast food chain.
    • Achieved favorable settlement for client, a restaurant chain, following appellate victory in case seeking reimbursement for wage and hour class action settlement costs.
    • Representing a medical clinic on claims for an underlying employee wage action. After initial coverage denial, obtained complete defense and substantial indemnity payment toward settlement of the underlying lawsuit.
    • Challenged insurer’s failure to defend and indemnify power equipment manufacturer for alleged liability in an employment practices suit. Involved manuscript employment practices liability coverage endorsement, which is novel in London’s insurance market.
    • Represent client in lawsuit seeking coverage under staffing services professional liability policy for denied claim on settlement of wage and hour class action.
    • Act as trial counsel for government contractor in $20 million employee theft claim.
    • Represented acquirer of private information technology company in dispute under representation and warranty policy.
    • Negotiating representation and warranty insurance policies, including use of Pillsbury’s proprietary policy wording, in connection with scores of transactions.
  • E&O Claims
    • Represented a private university in litigation under E&O policy seeking coverage for students’ class actions alleging misrepresentations regarding accreditation and related matters.
    • Represented leading technology services company in connection with $50 million recovery under an E&O policy arising out of an underlying professional services dispute.
    • Represented large media services company in connection with Media/E&O insurance policy recoveries arising from numerous matters, including consumer class actions.
    • Represented a national bank in connection with alleged securities violations in securing coverage under E&O and D&O policies.
    • Represented a hedge fund with E&O claims regarding investor allegations of mis-valuation of hedge funds.
    • Represented Viacom on claims against E&O insurer for class action claims based on cyber breaches.
    • Representing a prominent ride sharing service on confidential E&O claims.
    • Represented Sony in connection with coverage under Media/E&O insurance policy arising from numerous matters, including consumer class actions.

Practice Area Highlights

  • Pillsbury is recognized as among the most feared law firms for litigation by BTI Consulting Group.
  • Five-time Law360 Insurance Practice Group of the Year (2022, 2020, 2016, 2015, 2010)
  • Team lawyers are lauded by Chambers USA, The Legal 500 U.S. and Best Lawyers in America in the field of insurance.

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