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Ensuring Corporate MisconductHow Liability Insurance Undermines Shareholder Litigation$
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Tom Baker and Sean J. Griffith

Print publication date: 2011

Print ISBN-13: 9780226035154

Published to Chicago Scholarship Online: March 2013

DOI: 10.7208/chicago/9780226035079.001.0001

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The D&O Insurer at Defense and Settlement

The D&O Insurer at Defense and Settlement

Chapter:
(p.128) Chapter Seven The D&O Insurer at Defense and Settlement
Source:
Ensuring Corporate Misconduct
Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226035079.003.0008

This chapter, which examines how Directors' and Officers' liability (D&O) insurance coverage influences the defense and settlement of shareholder litigation, analyzes the role of D&O insurers in defending shareholder litigation, and the relation between insurance structure and settlement outcomes. The analysis reveals that while insurers do have substantial control over settlements, they have almost no control over the conduct of the defense. The findings also suggest that there are many features of the settlement process which prevent D&O insurers from insisting that final settlement amounts track the underlying merits of claims.

Keywords:   D&O insurance, shareholder litigation, insurance structure, settlement outcomes, settlement process, merits of claims, D&O insurers

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