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Bankruptcy Fraudulent Transfers as Securities Claims: Opening the Door to Recovering D&O Insurance Proceeds

Recording of a 90-minute CLE video webinar with Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Wednesday, May 31, 2023

Recorded event now available

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This CLE webinar will discuss the novel approach used in Verizon Commc’ns. Inc., et al. v. Nat’l Union Fire Ins. Co. of Pittsburgh, et al, Case No N18C-08-086 EMD CCLD (Del. Super. Ct. Oct. 18, 2022) for accessing D&O insurance coverage in connection with a fraudulent transfer claim. The panel will discuss the rationale of Verizon, and how bankruptcy trustees and other estate representatives (such as creditors’ committees) can leverage the holding in this case to augment the estate.


In Verizon, the Delaware Superior Court ruled that when suing companies for fraudulently transferring money or assets, a bankruptcy trustee representing the debtor's creditors can be deemed a "securities holder" so that such claims in bankruptcy may be deemed securities claims for which D&O coverage is available.

D&O insurance often covers securities claims against a company, its affiliates and their executives, creating a potentially significant source of funds for creditors in a bankruptcy case involving a company or its affiliates. Furthermore, policies typically cover not only settlements and judgments but also related attorneys’ fees and costs and even experts' fees.

Listen as this experienced panel discusses this novel approach for accessing D&O insurance proceeds to repay fraudulent transfers.



  1. Overview of Verizon Commc’ns. Inc., et al. v. Nat’l Union Fire Ins. Co. of Pittsburgh
    1. Choice of law and rules of policy interpretation
    2. Key policy definitions, provisions, and exclusions
    3. Derivative standing issues
    4. Reasonable expectation of coverage defense
  2. Bankruptcy applications and strategies


The program will review these and other pivotal issues:

  • What was the court's reasoning in holding that a fraudulent transfer claim constituted a securities claim for which D&O insurance coverage was available?
  • What is the relevant policy language to review in such circumstances?
  • Does the analysis change based the type (“side A/B/C”) of D&O policy involved?


Amron, Brett
Brett M. Amron

Bast Amron

Mr. Amron advises clients in complex business and bankruptcy litigation matters with an emphasis on director and...  |  Read More

Handler, Michael
Michael R. Handler

King & Spalding

Mr. Handler specializes in representing lenders and bondholders in all aspects of workout and restructuring matters....  |  Read More

Kaplan, Gary
Gary M. Kaplan

Farella Braun + Martel

Mr. Kaplan represents debtors, secured and unsecured creditors, creditors' committees and trustees in a wide...  |  Read More

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