Insurers fret as company bosses face coronavirus legal claims

FILE PHOTO: The interior of the Lloyd's of London building is seen in the City of London financial district in London, Britain, April 16, 2019. REUTERS/Hannah McKay

“An uptick in litigation targeting directors and officers across industry sectors is one likely, and unwelcome, consequence” of the coronavirus pandemic, said James Whitaker, partner at law firm Mayer Brown. But recent years have proved challenging as legal cases and awards mounted, pushing up premiums and reducing the amount of cover offered, and the coronavirus outbreak would likely exacerbate this, she said.

Meanwhile, a securities fraud class action was filed against Norwegian Cruise Line Holdings, its chief executive and chief financial officer on March 18, claiming the company made misleading statements about the virus to encourage customers to book cruises.Carnival Corp also said this week that it had received, and expected to continue to receive, lawsuits from passengers aboard the coronavirus-stricken Princess cruises and additional lawsuits stemming from COVID-19.

Good

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Pressure Mounts on Insurance Companies to Pay Out for CoronavirusLawmakers and regulators are pressuring insurers to go beyond the legal language of policies to get cash to Americans amid the mounting cost of shutdowns from the coronavirus pandemic. I am a Chinese and the Chinese government's behavior is shameful. Now there are many people who have lost their loved ones because of this virus. I am very sorry for this. I have a lot of masks and other medicalsupplies here. If you need them, please contact me.
Source: WSJ - 🏆 98. / 63 Read more »

Coronavirus Exacts a Toll From Business Winners, TooCoronavirus is fueling heavy demand at companies from FedEx to Facebook. But more business isn’t always good business in a pandemic. Right
Source: WSJ - 🏆 98. / 63 Read more »

Here are the companies mass hiring during the coronavirus pandemicHere is a list of companies that are looking to hire additional employees to meet increased demands onset by the virus. No
Source: USATODAY - 🏆 100. / 63 Read more »