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Recent D&O Coverage Decisions At Odds

Companies and their managements, particularly in the high-tech sector, thought that the Private Securities Litigation Reform Act of 1995 would lead to less securities litigation. Yet the bursting of the tech bubble and the corporate meltdowns that followed resulted in 2001 becoming a banner year for securities fraud class actions.

In response to these developments, insurers that issue directors and officers liability policies are raising rates and trying to limit coverage. These efforts make two recent decisions regarding attempts to limit coverage for “intentional” fraud critically important.

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