The revelation came from Samuel Rudman, a partner with Couhglin Stoia Geller Rudman Robbins in New York, at the PLUS D&O Symposium late last month during a session highlighting emerging trends that could impact directors and officers liability insurers.
Michael Price, vice president of Hartford Financial Products in New York, who moderated the session at the Minneapolis-based Professional Liability Underwriting Society's symposium held in New York, noted the low overall frequency of securities class actions lawsuits against nonfinancial companies in recent months. Still, Mr. Price said, one of his firm's policyholders, which does business outside the financial sector, was sued earlier this year--two years after the disclosure that prompted the lawsuit.
Referring to financial meltdown situations as the "pig in the python" that is fueling increases in securities class actions filed in 2008 and 2009, Mr. Price asked the plaintiffs' lawyer, "Are you now going to circle back to what were once thought to be good cases that just weren't brought because you were too busy, [and] should we think about stock drops longer than two years?"
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