Insurers may find it impossible to rescind their directors and officers contracts with policyholders accused of backdating stock options because the threshold to prove fraud may be too steep, legal experts said yesterday.
Their comments came as LexisNexis Mealey's services presented a panel of four lawyers discussing "Securities Litigation and Stock Option Grants–Directors & Officers Liability Insurance."
The attorneys, Kevin M. Mattessich, of Cozen O'Connor in New York; Jerry Oshinsky with Dickstein Shapiro LLP; Jonathan M. Cohen with Gilbert Heintz & Randolph LLP; and Gary Seligman with Wiley Rein & Fielding, all three in Washington, D.C.
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