Our lawyers have broad experience in securities litigation, the principal area from which claims against directors and officers most frequently arise. The firm has considerable experience in defending insureds under executive protection lines of coverage in both the general corporate and financial institution areas. Our experience includes the defense of securities claims and alleged regulatory violations, as well as mismanagement and breach of fiduciary duty claims. We have defended numerous claims brought by borrowers under financial institution bonds including lender liability claims. We have defended insurers who have denied coverage under financial institution bonds, and have also provided coverage opinions.

We were the defense attorneys in Lampf v. Gilbertson, one of the most important securities cases to be decided by the Supreme Court in the past decade. In this case, the United States Supreme Court granted our Petition for Certiorari and held that securities litigation instituted pursuant to Section 10(b) and Rule 10-b-5 must be commenced within three years of the violation and within one year after discovery of the facts constituting the violation. We also had a leading role for eight years in the multi-district Washington Public Power Supply System (WPPSS) litigation, and have substantial experience in defending anti-trust, unfair competition, commercial contract and other business torts.

Litigation within the last several years has included: Antitrust claims; claims on financial institution bonds; summary judgment in a case alleging negligence and breach of fiduciary duty in connection with validation of proxy ballots in a board of director's election; and defense of an action seeking an injunction against a corporation and board of directors for actions taken by the Board in connection with the operation of a corporate-owned golf course and termination of management personnel. We are very familiar with both the legal issues and the political realities of defending corporate and association directors and officers.

We recently represented an international aviation consulting firm in a $100 million lawsuit brought by the State of Oregon Public Employees Retirement System involving municipal bonds issued for construction of an airport facility. In defending the lawsuit, we filed third party claims against several state agencies, the Oregon Department of Justice and a local port authority. Following an aggressive but focused defense, the claim against our client was settled for a fraction of the requested damages. The claims against our co-defendants proceeded to trial and a $65 million jury verdict for the plaintiff pension fund.

We defended the surety which issued a $10 million fidelity bond pertaining to a revolving line of credit issued by a farm credit association to what was then the largest cattle ranching operation in the State of Washington, where the rancher was on the credit association's board of directors. Our summary judgment was reversed by the 9th Circuit Court of Appeals, but on remand we obtained a partial summary judgment on other grounds, which lead to settlement of the case on favorable terms.

In addition to the defense of directors and officers, we regularly assist our insurance clients with coverage analysis and often serve as monitoring counsel in large cases in which the corporation has the right to select its own defense counsel. In the role of monitoring counsel, we work closely with the insured's counsel in developing and approving a cost effective defense strategy and case budget. We make sure that the underwriter is fully advised of all case developments and all opportunities for prompt resolution of the claims. We watch carefully for any potential conflicts between the interests of the corporation and its board of directors and make sure that allocation of defense costs and indemnity issues are fairly resolved.

We understand the needs of financial institutions and professionals, as well as their insurance carriers, for the early and reasonable resolution of claims where possible. The firm is sensitive to client concerns regarding the high costs often associated with defense of Professional Liability actions. We constantly seek alternatives to expensive, protracted litigation and encourage arbitration and mediation in appropriate cases. Litigation, when appropriate, is handled by a team with extensive experience in liability issues as they relate to specific professions and financial institutions.