Sarbanes-Oxley May Have Big Impact On D&O Litigation
On July 30, 2002, President George W. Bush signed into law the Sarbanes-Oxley Act of 2002, an unprecedented corporate governance statute which redefines the conduct, liabilities and relationships of directors, officers, accountants, attorneys and analysts for publicly-traded companies. It is a watershed in corporate law and relations, the most significant such legislation since passage of the first securities laws in the United States.
This article summarizes potential impact of the act on directors and officers litigation. While it is impossible to know at this early stage to what degree these issues will develop, the following issues are the key areas of concern for D&O insurers and brokers to watch in the months ahead.
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