Tag: class action lawsuit

The COVID-19 pandemic has created a highly volatile and uncertain environment for businesses resulting in a litany of new or heightened risks for directors and officers (D&O) as well as exacerbating the situation in an already strained D&O insurance market.

On 26 June 2020, the High Court in Johannesburg dismissed with costs an application for the certification of a class action by Steinhoff shareholders against the directors and auditors of Steinhoff companies, having determined that the shareholders do not have a triable case. 

Santam faces a litany of urgent court applications for flaunting the regulatory boards’ warning and refusing to pay out valid COVID-19 business interruption claims. A flood gate of final demands have been issued against insurance giant Santam in respect to business interruption claims from insured business owners and respondents across South Africa that Santam refuse to pay out despite the insurance regulatory authority’s direction to do so.  

On March 12, 2020, a plaintiff shareholder filed a securities class action lawsuit against Norwegian Cruise Line Holdings, alleging that the company was employing misleading sales tactics related to COVID-19 bookings and cancellations. Another D&O claim was lodged soon after against Inovio Pharmaceuticals relating to statements the company made about developing a vaccine for COVID-19.