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Chicago - March 29-30, 2012 2012 PLUS Professional Risk Symposium Ponzi Schemes to Bank Robbery- Nontraditional Claims Against Lawyers.

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Presentation on theme: "Chicago - March 29-30, 2012 2012 PLUS Professional Risk Symposium Ponzi Schemes to Bank Robbery- Nontraditional Claims Against Lawyers."— Presentation transcript:

1 Chicago - March 29-30, PLUS Professional Risk Symposium Ponzi Schemes to Bank Robbery- Nontraditional Claims Against Lawyers

2 The Panel MODERATOR: John L. Slimm, Esq., Shareholder - Marshall, Dennehey, Warner, Coleman & Goggin PANELISTS: Bruce Elliott, 2 nd Vice President, Professional Liability Claims - Travelers Insurance Companies Jody Harris, ARM, RPLU, Managing Director, Gallagher Law Firm Solutions - Arthur J. Gallagher & Co. Kim Noble, J.D., Sr. Vice President, Lawyer's & Real Estate Professional Liability – One Beacon Professional Insurance Bill Thompson, Claims Manager – Monitor Liability Managers, LC

3 PONZI SCHEMES TO BANK ROBBERY— NON TRADITIONAL CLAIMS AGAINST LAWYERS MODERATOR: John L. Slimm, Esq., Shareholder, Marshall Dennehey Warner Coleman Goggin PANELISTS: Bruce D. Elliott, 2nd Vice President, Professional Liability Claims, Travelers Jody Harris, ARM, RPLU, Managing Director, Gallagher Law Firm Solutions, Arthur J. Gallagher & Co. Kim Noble, RPLU, JD, Senior Vice President, Lawyers’ and Real Estate Professional Liability, OneBeacon Professional Insurance William J. Thompson, Claims Manager, Monitor Liability Managers, LLC

4 Broker LPL Claim Advocacy Application and Coverage Communication Reporting Issues Dispute Resolution

5 LPL Application & Coverage Communication Application: Potential Claim Disclosure Question Material Misrepresentation on Application Potential Coverage Issues in Today’s Claims: Fraud & Dishonest Acts Exclusion Innocent Insured Provisions Investment Advice Exclusion RICO Exclusion Equity Interest Exclusion Communication to Firm Attorneys of Important Policy Provisions…

6 Reporting Issues Notification of Primary and all Excess Markets (always) Reporting Claims/Potential Claims – Crucial Policy Provisions Admission of Liability and Claim Settlement without Carrier Consent

7 Dispute Resolution Broker’s role…. Denial of Coverage Reservation of Rights Letters Threats of Rescission Adhesion to the Contract Claim Advocacy

8 PONZI SCHEMES Investment Losses The Comparative Negligence Defense Negligent Misrepresentation Claims The Continuing Representation Doctrine Looting the Company The In Pari Delicto Defense The Adverse-Interest Exception

9 FRAUD & MISREPRESENTATION CLAIMS Public Offering Statements Debtors Claims for Negligent Misrepresentation Against the Trustee's Counsel Fraud, Civil RICO, and Fiduciary Duty Claims Breach of Fiduciary Duty Claims Against Attorneys Investment Losses Negligent Misrepresentation Claims The Continuing Representation Doctrine The Qualified Immunity Doctrine

10 THE LAWYER'S DUTY OF GOOD FAITH & LOYALTY TO THE SHAREHOLDERS Disbursement of Funds for the Client Verifying the Client's Instructions The Attorney's Liability for the Fraud of Others

11 OFFICERS, DIRECTORS & SHAREHOLDER'S CLAIMS FOR DAMAGES TO THE CORPORATION Where the Lawyer Represents the Corporation, the Client is the Corporation not the Corporation's Constituents Standing The Necessity to Prove an Actual Loss Disregarding The Corporate Form

12 CONSPIRACY CLAIMS Assisting the Client in Transferring Assets to Defraud the Lender Liability for Opinion Letters Claims for Creditor Fraud The Elements of Conspiracy

13 ERISA CLAIMS Attorneys and Actuaries are Typically not Considered Fiduciaries under ERISA Attorneys are not Liable under ERISA on a Fiduciary or Non- Fiduciary Basis

14 THE ATTORNEY'S LIABILITY FOR THE CLIENT'S REPRESENTATIONS Misstatements in Agreements Vouching for the Client's Representations Is the Attorney the Guarantor of the Client's Representation in the Agreement?

15 FAIR DEBT COLLECTION PRACTICES ACT CLAIMS The Purpose of the Act Attorneys as Debt Collectors Debt Collection Letters The Statute of Limitations Consumer Fraud Claims Against Attorneys Reinstatement Notices The Litigation Privilege Claims Alleging The Unauthorized Practice of Law Damages to the Prevailing Party


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