During the opening session, Samuel Rudman, a partner with Couhglin Stoia Geller Rudman Robbins in New York who typically represents investors in securities class actions, noted that his firm is now seeking to represent creditor committees and litigation trusts in bankruptcy actions.
At a later session, Randall Bodner, a partner for Ropes & Gray, LLP in Boston, a former assistant district attorney who assists companies with securities regulation matters, noted that because other assets are tapped out, for companies in bankruptcy, "a material asset is frankly the claim against former directors and officers--against the D&O insurance policy that's there."
At a separate session, David Bradford, executive vice president of New York-based Advisen, noted that bankruptcy filings are set to take off, and with them securities class action filings against large public companies that file for bankruptcy.
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