Douglas J. Schmidt

Doug is a member of the Financial Services & Capital Markets industry team and the leader of the firm’s Insurance and Professional Liability sector. For more than 20 years, he has handled cases involving most aspects of litigation involving directors, officers and professionals. He has prosecuted and defended a number of cases relating to insurance coverage and bad faith issues and often consults with clients with regard to their insurance coverage issues. He has also defended merger targets and its directors and officers in the litigation that ensues following the announcement of the sale of a public company.

A certified insurance receiver, Doug has broad experience as general and special counsel to the receivers of insolvent or financially troubled insurance companies. He has handled all aspects of receivership, including initial appointment of the receiver, claims resolution, reinsurance collection, transfers of blocks of business and marshalling and distribution of assets.

Doug has also investigated numerous claims and coverage disputes involving insurers, reinsurers, accountants, lawyers, actuaries and claimants. He has resolved outstanding issues through litigation to final adjudication or negotiated settlement, commutation or recapture agreements.

Doug has prosecuted and defended claims involving failed transactions, breach of contract and breaches of duty by directors and officers, reinsurers, brokers, accountants, lawyers and other professionals. Clients often call upon him during emergency and time sensitive situations to help ensure transactions are completed and prevent disastrous economic consequences. Doug has also prosecuted federal income tax refund claims for insolvent life insurance companies in federal district courts and circuit courts of appeal, and litigated various other issues against the federal government.

Select highlights of recent experience include:

• While representing Liquidator of first insolvent Health Insurance Cooperative established under the Affordable Care Act (ACA) had to and continues to address numerous issues of first impression with regard to the ACA and HHS, CMS and DOJ.
• Defended target public company and its directors and officers against class action filed following the announcement of the acquisition of the public company. Settled with additional disclosures the morning of injunction hearing notwithstanding significant conflict allegations and less than unanimous Board approval.
• Freezing more than $40 million in foreign accounts and repatriating those funds back to the United States on behalf of insolvent insurance companies.
• Recovering in excess of $250 million on behalf of insolvent insurance companies from reinsurers, lawyers, accountants, directors and officers, other professionals and financial institutions.

Doug is a member of the Executive and Partner Boards.