Kevin LaCroix

Kevin M. LaCroix is an attorney and Executive Vice President, RT ProExec, a division of R-T Specialty, LLC. RT ProExec is an insurance intermediary focused exclusively on management liability issues.

The Impact of the Morrison Decision After Ten Years

By Kevin LaCroix

September 29, 2020

It has been ten years since the U.S. Supreme Court issued its landmark opinion in Morrison v. National Australia Bank, in which the Court clarified that the U.S. securities laws applies only to securities transactions that take place in the United States, either on an exchange or otherwise. While the decision has had a significant impact on a wide range of cases, it has not yet “brought the predictability and consistency it promised” and it…

The D&O Diary

SEC Files COVID-19-Related Enforcement Action Against Biotech Company Exec

By Kevin LaCroix

September 28, 2020

In the latest SEC enforcement action relating to alleged misrepresentations pertaining to the coronavirus outbreak, the agency has filed a securities fraud action against the President and Chief Science Officer of a biotechnology company who allegedly made false statements to investors concerning the status of his company’s COVID-19 test. The enforcement action complaint also contains allegations concerning the individual’s statements about the status of his company’s delinquent SEC reporting. The enforcement action underscores the fact…

The D&O Diary

Alphabet Establishes $310 Million Fund in Google Sexual Misconduct Lawsuit Settlement

By Kevin LaCroix

September 27, 2020

In a derivative lawsuit settlement with one of the highest nominal dollar values ever – and in what is one of the largest #MeToo-related D&O lawsuit settlement ever – Google parent Alphabet has agreed to establish a $310 million diversity, equity, and inclusion fund as part of the settlement of the consolidated derivative litigation relating to the company’s alleged mishandling of sexual harassment allegations against senior executives and the company’s alleged overall culture of sexual…

The D&O Diary

Cisco Systems Hit With Board Diversity Lawsuit

By Kevin LaCroix

September 24, 2020

California-based high technology firm Cisco Systems is the latest company to be hit with a racial diversity lawsuit, based on allegations that its directors breached their fiduciary duties to the company by failing to include an African-American on the company’s board, despite the company’s numerous statements about its commitment to diversity. Though this latest lawsuit is in many respects similar to the previously filed board diversity lawsuits, it does differ in that it was not…

The D&O Diary

Vaccine Company Hit with COVID-19-Related Derivative Lawsuit

By Kevin LaCroix

September 23, 2020

In the latest D&O lawsuit based on allegations related to the COVID-19 outbreak, a plaintiff shareholder has filed derivative lawsuit against the board of a vaccine developer, Vaxart, claiming that corporate insiders and the company’s largest investor profited when the company falsely claimed that it was part of the federal government’s accelerated program for the development of a COVID-19 vaccine. The complaint in the lawsuit, which alleges that the defendants violated their fiduciary duties and…

The D&O Diary

GM Files Lawsuit Against One of Its Own Former Directors

By Kevin LaCroix

September 22, 2020

As readers know, directors and officers of both public and private companies face a number of sources of potential liability exposure that can in turn learn to claims against them. One area of potential D&O claims exposure that may not always be considered is the possibility that the individuals could face claims brought against them by their own company, as happened, for example, in the lawsuit that McDonald’s recently filed against its former CEO.…

The D&O Diary

Guest Post: The FinCEN Files – No Hiding from Suspicious Activities

By Kevin LaCroix

September 21, 2020

In the following guest post, Karen Boto and Mark Sutton of the Clyde & Co law firm take a look at the recent stories circulating in the press about the latest data leak concerning the FinCEN files and discuss the implications of these developments. I would like to thank Karen and Mark for allowing me to publish their article as a guest post on this site. I welcome guest post submissions from responsible authors on…

The D&O Diary

Monster Beverage Hit With Latest Board Diversity Lawsuit

By Kevin LaCroix

September 20, 2020

One of the focal points in the scrutiny that has followed in the wake of the current social justice movement has been the question of diversity at America’s companies, including the lack of diversity on corporate boards. Among other things, a number of boards of public companies lacking Black directors have been sued in a series of shareholders derivative lawsuits alleging that the board members violated their fiduciary duties by failing to live up to…

The D&O Diary

Guest Post: Corporate Governance Tales From (Virtual) Open Door Encounters – Part 1

By Kevin LaCroix

September 15, 2020

After many decades of law practice, legal veteran Richard M. Leisner, a Senior Member in the Trenam law firm in Tampa, found that increasingly he has been called upon to be a sounding board and resource on proposed corporate transactions. In the following guest post, which is the first installment in a three-part series, Richie recounts a number of “open door encounters” – that is, occasions when colleagues came to his office to discuss pending…

The D&O Diary

Guest Post: Bankruptcy and D&O Insurance: Top Tips and Reminders

By Kevin LaCroix

September 14, 2020

In the current economic turmoil, bankruptcy is a big concern. In the following guest post, Andrew Solyntjes, Markel Bermuda Limited, and Andrew G. Lipton, of the White & Williams law firm, take review some of the key bankruptcy-related D&O insurance issues. A version of this article previously was published as a White & Williams client alert. I would like to thank the authors for allowing me to publish their article as a guest post on…

Kevin LaCroix

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The Impact of the Morrison Decision After Ten Years

SEC Files COVID-19-Related Enforcement Action Against Biotech Company Exec

Alphabet Establishes $310 Million Fund in Google Sexual Misconduct Lawsuit Settlement

Cisco Systems Hit With Board Diversity Lawsuit

Vaccine Company Hit with COVID-19-Related Derivative Lawsuit

GM Files Lawsuit Against One of Its Own Former Directors

Guest Post: The FinCEN Files – No Hiding from Suspicious Activities

Monster Beverage Hit With Latest Board Diversity Lawsuit

Guest Post: Corporate Governance Tales From (Virtual) Open Door Encounters – Part 1

Guest Post: Bankruptcy and D&O Insurance: Top Tips and Reminders

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