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Chicago - March 29-30, 2012
2012 PLUS Professional Risk Symposium
Ponzi Schemes to Bank Robbery-
Nontraditional Claims
Against Lawyers
The PanelMODERATOR: John L. Slimm, Esq., Shareholder - Marshall, Dennehey, Warner, Coleman & Goggin
PANELISTS: • Bruce Elliott, 2nd 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
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
Broker LPL Claim Advocacy
• Application and Coverage Communication
• Reporting Issues
• Dispute Resolution
LPL Application & Coverage CommunicationApplication:• 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…
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
Dispute Resolution
Broker’s role….• Denial of Coverage • Reservation of Rights Letters • Threats of Rescission • Adhesion to the Contract• Claim Advocacy
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
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
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
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
CONSPIRACY CLAIMS
• Assisting the Client in Transferring Assets to Defraud the Lender
• Liability for Opinion Letters• Claims for Creditor Fraud• The Elements of Conspiracy
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
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?
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