Briefly
From Bloomberg News
Merrill Lynch & Co. has acquired $140 million of a new type of insurance to protect its directors, executives and employees from lawsuits should the company go bankrupt.
Merrill’s plan comes after lawsuits against board members and executives stemming from the bankruptcy filings of Enron Corp. and WorldCom Inc.
“When it comes to bankruptcy, independent directors are very concerned,” said Evan Rosenberg, a vice president at Chubb Corp.
