Litigation review in the technology and life sciences industries provides confirmation and surprises
AUSTIN, Texas -- Technology and Life Science companies across the globe deal with more litigation and regulatory challenges compared to most other industries.
In June 2013 TechAssure Association reviewed the verdicts and settlements for the first half of the year and a summary of their findings include:
- During the first half of 2013, 84% of the verdicts and settlements against technology firms fell mainly into the following ten categories. Patent, privacy, network security, price fixing, employment, consumer class actions, fraud, antitrust, breach of contract, insider trading/SEC and trademark disputes.
- During the first half of 2013, 82% of the verdicts and settlements against life science firms fell mainly into the following ten categories. Products, patent, false claims and ads, marketing, labeling, price fixing, antitrust, employment, kickback and billing practices, whistle blowing, fraud and contractual disputes.
- Whistleblower allegations appear to be growing in the life science industry and while there appears to be a growing level of wage and hour allegations in the technology industry.
- A growing number of allegations appear in the categories of network security and privacy in the technology industry.
- TechAssure Association reviewed 349 technology verdicts and settlements and 310 life science verdicts and settlements that occurred since January 1, 2013.
- The analysis was not conducted by a country of residence, size of company, whether the company was private or public.
The aim of this semi-annual litigation review was to enable our members, and their clients, to stay abreast on the top risk issues and trends in the technology and life sciences industries.
About TechAssure Association, Inc.
Founded in 2001, TechAssure Association is a non-profit organization and has 22 worldwide insurance broker members in seven countries, serving over 4,000 industry clients with annual industry insurance premiums of $1 billion.
The members of TechAssure help a wide range of technology clients develop effective risk management and workforce productivity solutions, so they feel more confident about managing their future. TechAssure members are affiliated with forty-eight technology associations throughout the world.
TechAssure Association leads TechAssure University, TechAssure Innovation Labs and managing partner for VentureInsure.
TechAssure members include:
The Addis Group, AH&T Insurance, AHM Financial Group, Audit & Risk Solutions, Avatar, Bolton & Co, Costello & Sons, Diversified Insurance Group, Giles Insurance Brokers LTD, Globalex, GPL Assurance, Gregory & Appel, IMA Corporation, JJ Wade & Associates, Keaney Insurance Brokers, Mason & Mason Insurance, Plexus Groupe, Prudent Brokers, RJ Ahmann & Co, Roach Howard Smith & Barton, Rollins Agency, Sanderson Risk Advisors.
In addition, TechAssure has worldwide partnerships with legal, venture capital and key partners in the insurance industry.