Haynes and Boone, LLP Partner Peter Halprin was quoted in a Business Insurance article regarding a recent $350 million preliminary settlement of two securities class actions resulting from a cyber incident involving the Google+ social media platform raising questions as to which insurance policies might cover such payments.
Halprin said a D&O policy should clearly provide coverage for settlement of the securities class actions.
“The underlying securities class actions seem to be the very kind of suits that hit the core of what D&O policies are intended to cover,” he said. “The core of D&O coverage is for securities claims that seek to hold a corporation and its directors and officers responsible for fluctuations in market value due to perceived issues with reporting and disclosures.”
To read the full article in Business Insurance, click here.
Halprin said a D&O policy should clearly provide coverage for settlement of the securities class actions.
“The underlying securities class actions seem to be the very kind of suits that hit the core of what D&O policies are intended to cover,” he said. “The core of D&O coverage is for securities claims that seek to hold a corporation and its directors and officers responsible for fluctuations in market value due to perceived issues with reporting and disclosures.”
To read the full article in Business Insurance, click here.
