Foreign Corruption and Director Liability Risk in Canada

There have been few cases under Canada’s 14 yr old CFPOA – Corruption of Foreign Public Officials Act -  but the risk, to Canadian companies and their directors and executive management, of an investigation is getting far more press now than only a few years ago. Corporate Canada is not exactly widely known for disclosure and tr...
Posted: 1/10/2014 5:41:52 PM by MSI

Systemic Loss

Here is some new press that should be viewed as a great reminder of risk of systemic loss in any industry.  It is also a great example of an accepted practice being judged in hindsight as unacceptable. MetLife Settlement Near $500 million, here.  This is the CBSNEW.com version, but there are many others available.   As fa...
Posted: 4/26/2012 2:48:22 PM by MSI

Canadian Class Action Securities Claims: Legal Fees increase in Early Stage of Securities Claim

In Pennyfeather v Timminco Limited, here, the court determined that Plaintiff particulars can be compelled prior to the class action certification order, but, in turn, the statement of defence may be required prior to the order as well. In the Pennyfeather case the plaintiff did not provide particulars, and argued that defendant’s req...
Posted: 8/22/2011 12:00:00 AM by Global Administrator

Long Tail Liability for Canadian Directors and Officers

This new case, based on old alleged wrongful acts, hits home because it is a Canadian Company in the insurance industry that is active in the US but not listed on a regulated US exchange. The case involves a July 2011 class action securities suit against Fairfax Financial Holdings Limited (USA) and its Pink Sheet OTCBB trading,here. The all...
Posted: 8/4/2011 12:00:00 AM by Global Administrator

Bribery and the Board in the Insurance Broker Business

Between the FCPA, UK Bribery Act and the CFPOA there are many new cases in the bribery landscape. However, there is a very recent case involving a multinational insurance brokerage. This case is not categorized as a direct bribery issue, but rather a failure to prevent bribery. The Financial Services Authority (FSA) announced last week,here, tha...
Posted: 8/1/2011 12:00:00 AM by Global Administrator

CFPOA (Bribery) Enforcement Action on the Rise

Risk Management will be a particular challenge based on the “ground level” exposures and the difficulty identifying and controlling risk that is created by a vast number of activities conducted by a large number of people with significant geographic and supervisory separation.Therefore, based on single aggregate limits, and considera...
Posted: 7/8/2011 12:00:00 AM by Global Administrator

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