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Johnny Depp WINS motion forcing ACLU to reveal if Amber Heard ever donated $7M divorce settlement
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D&O Insurer Has Duty to Defend Where Counterclaim Allegations Against Directors Arguably Involve Insured Capacity | Wiley Rein LLP
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Applying New York law, the United States District Court for the Southern District of New York has held that an SEC investigation of the insured company did not constitute a “Securities Claim,” where the term expressly excluded investigations.
Hertz Global Holdings, Inc. v. Nat’l Union Fire Ins. Co. of Pittsburgh, 2021 WL 1198802 (S.D.N.Y. Mar. 30, 2021). The court likewise held that the investigation did not constitute a “Claim” against Insured Persons, notwithstanding cooperation of former executives in the investigation.
In 2013, a securities class action was filed against the insured car rental company. The next year, the company received an SEC Formal Order of Investigation providing that the SEC had “information that tends to show” securities law violations. The company noticed the class action and investigation under a policy that afforded coverage for “Securities Claims” against the company
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The California Court of Appeal recently upheld the dismissal of
claims against Mattel, which alleged that Mattel stole the idea for
its flying Barbie doll from Technology from Heaven Unlimited
(“TFHU”). Applying New York law, the Court found that
Mattel did not misappropriate TFHU s idea to create a flying
Barbie using drone technology, as this idea did not have general
novelty, even if the idea was novel to the buyer. Moving forward,
companies should ensure that they have clear policies and
procedures in place before accepting ideas and before entering into
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