Angelo G. Savino

Chair, Professional Liability Practice Group

Angelo G. Savino concentrates his practice on matters involving directors & officers liability, professional errors and omissions liability, fiduciary liability, employment practices liability, and corporate indemnification. With more than 30 years as a practicing attorney, he has extensive experience handling all aspects of coverage analysis, claims management, mediation, and settlement of all types of claims, including securities class actions, derivative actions, employment practices, ERISA and other complex litigation.

Angelo has represented major D&O and fiduciary insurers in a number of "mega cases" in both U.S. and international matters. He has extensive experience as insurer coverage counsel handling all aspects of '33 Act and '34 Act securities class actions, including analysis of potential damages exposure and negotiation of settlements. He has also handled matters involving investigations and litigation by the SEC, the Department of Justice, and the Ontario Securities Commission; claims against investment advisers and mutual funds; shareholder derivative claims; claims against pharmaceutical manufacturers; claims involving private equity firms and their portfolio companies; and claims against banks and other financial institutions.

Angelo has litigated coverage cases in state and federal courts for professional liability insurers, involving a wide variety of coverage terms and provisions. He has also handled litigation and settlement of rescission claims based on misrepresentations in financial statements on which the policies were underwritten, as well as with respect to coverage for ERISA "stock drop" cases. In addition, Angelo has counseled clients regarding policy drafting issues and has extensive experience litigating insurance coverage matters in numerous jurisdictions throughout the United States.

Angelo earned his undergraduate degree from Fordham University, and his law degree from Fordham University School of Law, where he was an editor of the Fordham Law Review.

Switch to Darwin Exp Data

Experience

Secured dismissal for the insurer in a case centered on its denial of coverage pursuant to a Regulatory Exclusion because the underlying complaint was commenced by the Oklahoma Insurance Commission, a regulatory agency, in its capacity as Receiver for the Insured. The decision focused on whether the Receiver had standing under either the insurance policy or the Oklahoma Uniform Insurance Liquidators Act ("OUILA"), which the court determined was lacking because the policy did not demonstrate any intent to make the Receiver a third-party beneficiary and because the Receiver lacked statutory standing under OUILA.

Secured dismissal of a lawsuit filed by an insured against its directors' and officers' liability insurers, seeking coverage for defense costs and statutory interest payments flowing from a stockholder appraisal action. In successfully moving to dismiss, we overcame the insured's argument that the dispute was controlled by Montana law rather than Delaware law. This result was affirmed by the Supreme Court of Delaware.

Secured a unanimous en banc decision in favor of an insurer from the Delaware Supreme Court in a matter of first impression nationwide. The case centered on whether an appraisal action by the insured constituted a Securities Claim covered under a Directors & Officers Liability policy. The lower court found that it did, and numerous other policyholders filed coverage actions on this novel issue. After obtaining leave to take an interlocutory appeal, our team secured the reversal in our client's favor, ending the litigation.

Represented a D&O insurer in a direct action by a Mexican manufacturer that sold products to its insured, alleging conspiracy to defraud, bad faith settlement practices, and violation of the North Carolina Unfair and Deceptive Trade Practices Act, (UDTP) and seeking $5.7 million.  We obtained dismissal of the claims from the North Carolina Business Court and a unanimous affirmance by the North Carolina Court of Appeals. The Court of Appeals held that North Carolina law does not recognize a cause of action by third-party claimants against the insurer of an adverse party, except in the automobile liability context and affirmed the Business Court’s determinations that the manufacturer lacked standing to assert UDTP and bad faith claims and that the conspiracy claim was not pled with particularity. In addition, we obtained a decision from the N.C. Supreme Court denying the manufacturer’s petition to appeal to that Court.

Obtained summary judgment in favor of a D&O insurer in an action filed in Connecticut Superior Court. The plaintiff, an officer of the insured entity, sued for defense costs and indemnification for an underlying arbitration alleging that the plaintiff and others had improperly diverted a business opportunity away from the insured entity. The plaintiff sought the portion of the defense costs and settlement that were not covered by the prior insurer on the ground that the arbitration petition also alleged wrongful acts that did not occur until the subject policy was in force. The Superior Court held that the prior notice exclusion unambiguously applied to preclude coverage for the arbitration. The Court rejected the plaintiff's contention that the fact that the arbitration alleged other facts that occurred after expiration of the prior policy took the claim outside the purview of the prior notice exclusion.

Won dismissal of coverage and bad faith claims by a policyholder under a fiduciary liability policy filed in the U.S. District Court for the District of Nevada. The policyholder -- a non-profit employee benefit trust -- sued two former officers alleging that they violated fiduciary duties in managing the trusts investment. The trust also sued the fiduciary insurer for refusing to pay the claim. The Court granted the insurer's motion to dismiss the complaint on the grounds that the policy did not cover the trust's first-party claim for coverage of the unadjudicated underlying claim against the former officers; the claim against the insurer was an impermissible direct action not recognized by Nevada law, was barred by the policy's No-Action clause, and failed to state a claim for bad faith.

Successfully represented a D&O insurer in settling $1.6 billion in claims by unsecured creditors against former D&O's of a bankrupt entity. The insurer paid $3.4 million out of $11 million in policy limits and obtained a full policy release.

Successfully represented an insurer under an Insurance Company Professional Liability policy issued to a property insurer that was sued for its involvement in inspecting a motel that was subsequently destroyed by a fire. At mediation, we negotiated a settlement in which the client contributed only $60,000 on a $5.4 million loss.

Successfully negotiated a settlement on behalf of a D&O insurer and its insureds, former directors and officers of a bankrupt entity. The Creditors Committee initially demanded more than $75 million and settled for $2.27 million.

Negotiated settlement of claims by a bankruptcy trustee against former directors and officers of a bankrupt portfolio company insured by a D&O insurer, saving $1.25 million of the $4 million policy limit and obtaining a six-figure contribution from the private equity investor.

Negotiated settlement of a coverage dispute against a D&O insurer in which the Insured settled the underlying claim in excess of a $10 million policy limit.  The coverage dispute settled for $2.1 million out of a $10 million limit.

Negotiated settlement of a $3 million negligent misrepresentation claim for $1 million of a $5 million D&O policy. The claim was by an investor who alleged that the Insured's former CEO, who had been fired, made the alleged misrepresentations.

News

Insurers for Executives Brace for Steep Claims Under Trump's SEC [Bloomberg Law]

December 30, 2024

Angelo G. Savino was quoted in the article “Insurers for Executives Brace for Steep Claims Under Trump's SEC” by Bloomberg Law.

Angelo Savino Quoted in Law 360 on Unfinished-Business Litigation

September 22, 2014

Angelo Savino of the Global Insurance Department was quoted in a Law360 article titled "Unfinished-Business Suits Live On Despite NY Drubbing."

Angelo Savino Discusses Aleynikov v. Goldman Sachs in Law360

September 05, 2014

Angelo Savino, of the Global Insurance Department, is quoted in this Law360 Article titled "Goldman's Vague Corporate Titles May Still Cost It Millions" on Aleynikov v. Goldman Sachs. Goldman Sachs Group Inc. may have won over the Third Circuit when the court axed an award of legal fees to a former vice president accused of stealing trading code, but the bank could have avoided the mess — and the prospect of further litigation — had it better defined what being a Goldman VP means, attorneys say.

Angelo Savino & Kristie Abel Discuss Aleynikov v. Goldman Sachs in Law360

December 16, 2013

Angelo Savino and Kristie Abel, members of Cozen O'Connor's Global Insurance Group, recently published an article titled “Aleynikov v. Goldman Sachs Provides Valuable D&O Insight” in Law360. The article discusses how the Aleynikov v. Goldman Sachs decision provides an interesting lesson in the differences between indemnification and advancement and who may be considered an officer for purposes of awarding indemnity and advancement.

Angelo Savino Quoted in Law360

June 10, 2013

In an article titled, "2nd Circuit Walls Off Favored Path To Early Excess Coverage," Angelo Savino (New York, NY) of the Global Insurance Group comments on the topic of the Second Circuit last week gutting a key precedent that policyholders have long used to argue that excess liability insurers should drop down and pay for losses not covered by lower-level carriers, drawing narrow boundaries around an influential 1928 decision in ruling against the officers of bankrupt technology company Commodore International Ltd.

Publications

Delaware Supreme Court Rejects Fundamentally Identical Relatedness Standard [Alert]

March 21, 2022

Angelo Savino and Ethan Price-Livingston discuss the decision in First Solar, Inc. v. Natl. Union Fire Ins. Co.

Ninth Circuit Affirms Application of Goods & Products Exclusion [Alert]

March 14, 2022

Angelo G. Savino and Rafael Rivera, Jr. discuss the Circuit Court's decision in Sentynl Therapeutics, Inc. v. U.S. Specialty Ins. Co.

Seventh Circuit Eases ERISA Plaintiffs’ Pleading Burden Against Private Company Plan Fiduciaries [Global Insurance Alert]

October 12, 2016

Angelo G. Savino and Alexander Selarnick discuss the Seventh Circuit's decision in Allen v. GreatBanc Trust Co and its ramifications for ERISA plan fiduciaries and their insurers.

Allocation Clause Held Enforceable in a Duty To Defend D&O Policy [Global Insurance Alert]

March 07, 2016

Angelo Savino and Nicholas Bamman discuss a federal court decision in Louisiana providing a rare analysis of the interplay between a duty to defend in a D&O policy and the allocation clause in that same policy.

Eleventh Circuit Holds No Duty to Defend Directors Serving in Mixed Capacities [Global Insurance Alert]

July 02, 2015

Looking to the fact allegations in the complaint against the insureds, the court found that but for the individual actions as trustees there would be no claim against any insured entity.

Events & Seminars

Upcoming Events

2025 Professional Liability Seminar

October 09, 2025 - New York, NY

The Professional Liability Insurance Coverage practice group at Cozen O’Connor will host the 2025 Professional Liability Seminar.

Past Events

2024 Professional Liability Seminar

September 26, 2024 - New York, NY

2022 Professional Liability Seminar

September 15, 2022 - New York, NY

D&O CLAIMS ENVIRONMENT ARISING OUT OF THE COVID-19 PANDEMIC

July 29, 2020 - Webinar

2019 Professional Liability Seminar

October 03, 2019 - New York, NY

2018 Professional Liability Seminar

November 01, 2018 - New York, NY

Industry Sectors

Insurance

Education

  • Fordham University School of Law, J.D., 1981
  • Fordham University, B.A., 1978
  • New York
  • U.S. Court of Appeals for the Second Circuit
  • U.S. District Court -- Eastern District of New York
  • U.S. District Court -- Southern District of New York
  • U.S. Supreme Court
  • American Bar Association
  • Association of the Bar of the City of New York
  • New York State Bar Association