With seemingly no near-term potential for the stock market to move back up significantly and consistently in 2009, the securities plaintiffs' bar will be looking back at 2007 stock movements to keep their practices going, one prominent attorney predicted during a recent discussion of emerging trends that could impact directors and officers liability insurers.
The revelation came from Samuel Rudman, a partner with Couhglin Stoia Geller Rudman Robbins in New York, at the Professional Liability Underwriting Society's D&O Symposium late last month.
Michael Price, vice president of Hartford Financial Products in New York, who moderated the emerging trends session, noted the low overall frequency of securities class-action lawsuits against nonfinancial companies in recent months.
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