Financial Services & Professional Liability Insurance Claims

The ability to recognize an archaic but subtle difference in a policy form may mean the difference between success and failure.

Financial Services & Professional Liability Insurance Claims

Hoke LLC has represented corporations in jurisdictions throughout the United States in insurance claims involving financial services, including D&O and E&O claims, ERISA fiduciary liability, employment practices and employee benefits liability, liability arising out of failed business ventures, shareholder disputes, investment management decisions, malpractice, and breaches of fiduciary duty.

General Liability

In addition to our nationally recognized “long-tail” insurance recovery practice, we have intensive experience in the many General Liability issues related to bad faith, reservation of rights, claims-made, late notice, advertising liability, personal injury, premises liability, economic loss, policy exclusions, and umbrella and excess drop-down coverage.

Property Insurance Claims

We have successfully resolved various first-party property claims involving fire and water damage claims, business interruption and builder’s risk.

Select representations include:
  • Precedent setting dismissal of a $600M coverage action on behalf of our Fortune 100 insured by successfully arguing that it would prejudice the defense of the underlying claim: preserved an estimated $5M per annum defense expense. Sustained on appeal.
  • Using a ninety-year old statute, obtained a first of its kind judicial finding that one of the largest insurers in the world was not properly admitted to do business in Illinois, forcing the insurer to post a bond for the full amount at issue in the underlying cases in order to be allowed to defend itself in the coverage action. This substantially increased settlement leverage to our Fortune 500 client, resulting in the insurer agreeing to defend our client’s underlying cases.
  • Within a month of being hired by our publicly traded client due to a claim denial by its Fiduciary Liability insurer, managed to settle the matter recovering approximately 65% of the underlying settlement.
  • Successful representation of a financial services company in a dispute regarded whether our client had insurance under its D&O and Bankers Professional Liability policy for suits by underlying plaintiffs claiming they were victims of a $100M Ponzi scheme.
  • Successful representation of Chicago-based asset management firm in coverage dispute over claims by local union chapter involving alleged errors and omissions in its management of retirement funds.
  • Full recovery via settlement of a first-party property claim for a fire that destroyed a commercial building and grocery store within 6 months of the original full claim denial and without resort to litigation.
  • After an initial claim denial, full recovery for a Fortune 500 policyholder for damage to yachts stored in a Spanish boat yard building destroyed by fire.
  • Hoke served as a registered lobbyist on behalf of a Fortune 500 client with respect to legislation that would have seriously limited the value of its outstanding insurance, successfully lobbying for defeat of adverse legislation.
  • Principal outside counsel for national broker-dealer selling fixed-income products, including representation on issues such as suitability of products, employment and shareholder disputes.
  • Successful representation of a Chicago-area corporation whose business was interrupted by a roof explosion that resulted in denial of access to the building for an extended period of time.
  • Successful representation of a Chicago-area corporation against a North Carolina corporation and its Directors & Officers over a failed business venture.
  • Prevailed in an arbitration in which a CEO and majority shareholder in a well-known financial services firm allegedly over-paid himself approximately $30M, resulting in the CEO filing personal bankruptcy. Represented the minority shareholders throughout the process including the purchase of the CEO’s stock in bankruptcy, and later represented the company successfully in post-purchase regulatory and insurance litigation and other proceedings.


“Steve won the most important case in our company’s history after seven large firms said it was unwinnable. His uncanny ability to quickly and correctly assess complex situations is extraordinary.”

Rich Berg, CEO, Performance Trust Capital Partners