1. D&O Claims Trends Brian Kristiansen Chubb & Son

2. Shareholder Claims Disclosure Mergers/Acquisitions

3. Disclosure Claims Securities Act of 1933 » stock offerings Securities Exchange Act of 1934 » after-market trading

4. Typical Disclosure Claim A statement by the company. A subsequent disclosure that surprises the market. A large stock price drop. A perceived variance between the statement and the disclosure.

5. Pre-Reform Act Litigation Professional plaintiffs. Race to the courthouse. Lawyer controlled. Settlements driven by fees.

6. Changes in the Law Private Securities Litigation Reform Act. Securities Litigation Uniform Standards Act. Court decisions.

7. Post-Reform Act Litigation Slower process. Pension funds as plaintiffs. Largely controlled by lawyers. Accounting/insider trading allegations. Larger settlements.

8. D&O Insurance Directors and officers liability Entity coverage for securities claims