Litigation Trustee and Committee Claims Against Insiders, Auditors, and Other Third Parties in Asset Sale Cases
Addressing Limitations on Recovery Such as In Pari Delicto, Standing, D&O Policies as Property of the Estate and the Insured vs. Insured Exclusion in D&O Policies
Recording of a 90-minute CLE webinar with Q&A
This CLE course will provide bankruptcy and litigation counsel with a review of suits against corporate insiders and outside third-party professionals, theories supporting liability, and the evolving and complex defenses and limitations to recovery such as in pari delicto, standing, and the insured vs. insured exclusion. The panel will also discuss the management of D&O policies and proceeds inside a bankruptcy-related litigation to preserve a source of recovery.
- Trustee/committee claims against third parties
- Breach of fiduciary duty
- Aiding and abetting fraud and breach of fiduciary duties
- Deepening insolvency
- Fraudulent conveyance
- In pari delicto defense
- Standing to pursue claims
- Exceptions to the doctrine
- Various state cases and trends
- Application in bankruptcy setting
- D&O and Professional liability insurance coverage issues
The panel will review these and other key questions:
- What trends exist in trustee, committee and post-confirmation trust suits against insiders and third parties and what are the common theories supporting the cause of action?
- Is the in pari delicto defense a difficult obstacle to filing suit against insiders and third parties? How can the trustee, committee or post-confirmation trust defeat the defense?
- Are D&O and other liability policy proceeds property of the estate and, whether or not property of the estate, can they be preserved as a source of recovery? How does the insured vs. insured exclusion in D&O policies limit recovery and how have courts interpreted its application in the current bankruptcy environment?
Robert J. Keach
Bernstein Shur Sawyer & Nelson
His practice focuses on the representation of various parties in workouts and bankruptcy cases, including debtors,... | Read More
His practice focuses on the representation of various parties in workouts and bankruptcy cases, including debtors, creditors, creditors’ committees, lessors, and third parties acquiring troubled companies and/or their assets. He is the chairman of the board of directors of the American Bankruptcy Institute and a fellow of the American College of Bankruptcy.Close
Michael P. Richman
Mr. Richman focuses on representing Chapter 11 debtors and creditors' committees and advises on virtually every... | Read More
Mr. Richman focuses on representing Chapter 11 debtors and creditors' committees and advises on virtually every aspect of financial distress and bankruptcy. Throughout his extensive career, he has appeared as counsel in state courts, federal courts and, in particular, bankruptcy courts in nearly 20 states and territories. He focuses on the representation of Chapter 11 debtors and creditors' committees. He regularly advises and represents clients in virtually every aspect of financial distress and bankruptcy, including out-of-court restructurings, prosecution and defense of creditors' rights litigation (including preference and fraudulent conveyance cases), individual and group secured and unsecured creditors, landlords, purchasers of assets under Bankruptcy Code section 363 and other parties in interest.Close