This interactive session will demonstrate how corporate counsel should react when their organization is hit with major litigation, including a governmental investigation targeting directors and officers. Attendees will participate in a “What should you do next?” discussion using electronic voting and Q&A throughout the session. By walking through the phases of a crisis as it typically unfolds, the panel will cover critical issues such as formation of special board committees, internal investigations, government disclosure, media strategy, hiring outside counsel, directors and officers (D&O) insurance and indemnification rights, attorney–client privilege concerns and must-know areas of D&O liability exposure. Special focus will be given to corporations with a global footprint that face exposure across international lines. The panel will use sample cases pulled from recent headlines, including insider trading investigations; cases involving the Foreign Corrupt Practices Act; whistleblower cases and cases involving faulty accounting and disclosure allegations.