The average cost to settle a stockholders' suit against directors and officers last year was more than $70 million, a legal expert noted at a seminar last week.
The average amount "was up to $71.1 million in 2005, from $27.8 million in 2004," informed William Passannante, co-chair of the Anderson Kill & Olick insurance recovery group speaking at the law firm's annual D&O conference.
Speakers at the meeting advised executives that they face a tough insurance environment and must pay strict attention to the particulars of the D&O coverage they obtain.
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