U.S. insurers dig into corporate diversity practices as lawsuits pile up

FILE PHOTO: The American flag flies next to a statue of the scales of justice at the U.S. Court House in Alexandria, VA February 6, 2002. REUTERS/Win McNamee/File Photo

“This is an operational risk that’s not going to go away,” said Amber Finch, a lawyer who negotiates insurance coverage for companies. For instance, a September lawsuit against Cisco Systems Inc alleges board members breached their duty by not having a Black director. The plaintiff’s law firm, Robbins Geller Rudman & Dowd LLP, is prominent in shareholder litigation. In a statement, Cisco characterized the case as one of several identical lawsuits filed against U.S. companies that already seem to have “strong diversity and inclusion initiatives.

The recent lawsuits are concerning, said Tricia Melley, who heads North America professional claims head for AXA XL, an AXA SA unit. Her group held a meeting with underwriters in mid-September to discuss legal risk, she said.AmTrust Financial Services Inc has also been meeting with corporate clients to better understand diversity practices and improvement plans, said Jim Seymour, whose division writes D&O coverage.

We are not living in a free country anymore.

thanks for this news

Look.... how are we going to select the criteria for diversity? I mean, someone will sue They want to see more balding, Christian wheelchair bound 20 year old men that identify as trees rushed up the ranks to Corporate directors. Let’s stick with most qualified candidates!

What if the underwriting insurance carrier also has no minority directors on its board?

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