What if a current or formerCEO is sued by laid-off employees claiming economic harmcaused by executive incompetence? Should those in the C-Suiteface the same malpractice exposure as other professionals, and ifso, how might the directors and officers insurance marketrespond? Those were some of the questions raised by arecent episode of the ABC legal dramedy, “Eli Stone.”
For those who haven't seen the show before, Eli Stone is atop-notch corporate lawyer whose life is changed by an aneurysmthat gives him visions of the past and future. Convinced he'sbeen made into a prophet by God, he begins representing the weakand vulnerable, rather than the rich and powerful.
In the July 4 episode, Eli's firm seeks certificationof a class action on behalf of some 300 people who lost their jobsafter the company dismissed its CEO for bad management–but notbefore paying him over $200 million in annual compensation, andproviding an additional $43 million in a severance package.
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