BarbriSFCourseDetails
  • videocam Live Webinar with Live Q&A
  • calendar_month May 12, 2026 @ 1:00 PM ET/10:00 AM PT
  • signal_cellular_alt Intermediate
  • card_travel Commercial Law
  • schedule 90 minutes

Private Company Acquisitions: Negotiating and Navigating the Fraud Exception

Key Considerations for Drafting a Fraud Exception to an M&A Contractual Indemnification Provision

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About the Course

Introduction

This CLE course will examine the game-changing role the fraud exception could play in private target M&A agreements, focusing on contouring limitations on indemnification and other remedies based on fraud claims.

Description

Could one party's optimism be another party's fraud? High profile busted deals remind us that, when fraud looms, all bets are off on those otherwise carefully crafted contractual provisions so typical in M&A deals.

In particular, for private equity and venture capital sellers, thoughtful limitations on liability could make the difference between a "good deal" and a "not-worth-it deal." For buyers, it could mean the difference between being a "visionary CEO" or a "hapless CEO." Our panel of seasoned M&A attorneys will illustrate the role of the fraud exception in private company acquisitions, highlighting negotiation and drafting strategies to help you deftly put the genie back into the 11th-hour bottle.

Listen as our panel discusses critical considerations when drafting a fraud exception to an indemnification provision, strategies that can be implemented for the seller or buyer when negotiating the fraud exception, and ways to juggle competing interests of multiple selling stockholders (e.g., lead vs. coattail investors).

Presented By

Edward A. Deibert
Partner
Arnold & Porter LLP

Mr. Deibert has broad experience representing clients on complex corporate matters, including mergers and acquisition transactions, corporate governance issues, financings, and securities disclosures. He works with clients across a range of industries, including the financial services, semiconductor, technology, consumer products, and hospitality industries. Mr. Deibert's clients are companies, board of directors, private equity firms, venture capital funds, investment banks, and individuals. He is nationally recognized for his M&A and corporate governance work and was the immediate prior co-head of the firm’s M&A practice. Mr. Deibert has been involved in numerous M&A transactions buying and selling both privately held and publicly traded businesses and he regularly counsels boards on their fiduciary duties.

Sarah McLean
Partner, Corporate & Financial Services
Willkie Farr & Gallagher, LLP

Ms. McLean is a partner in Willkie’s Dallas office, where she is a part of the Corporate & Financial Services Department and Private Equity Practice Group. She is a leading private equity lawyer with over 25 years of experience advising private equity funds and management teams on sophisticated and high-profile deals across the energy sector. Ms. McLean's practice focuses on private equity transactions, particularly portfolio company investments, acquisitions and divestitures of assets and companies, and joint ventures. She has been recognized as a leading dealmaker and influential woman in the energy sector. In 2025, Ms. McLean was awarded the highly respected recognition of “Hall of Fame” status in The Legal 500, for the category of Energy Transactions: Oil & Gas. In 2023, she was recognized by The Deal as a “Top Women in Dealmaking” for Private Equity. Ms. McLean also serves on the Private Equity Editorial Advisory Board for Law360.

Lisa R. Stark
Partner
Hirschler Fleischer PC

Ms. Stark brings more than two decades of experience guiding companies through complex corporate transactions and strategic decisions involving Delaware corporate law. Her practice spans mergers and acquisitions, IPOs, proxy contests, asset sales, stock issuances and hostile takeovers. Ms. Stark advises both public companies and private equity funds and their portfolio companies in connection with mergers and acquisitions. She also counsels both public and private companies on corporate governance matters, including Delaware fiduciary duties, and the General Corporation Law of the State of Delaware. In addition, Ms. Stark has a strong capital markets practice, advising on IPOs, secondary offerings, and at-the-market transactions. She also regularly works with private equity and venture-backed companies on preferred stock and debt financings, as well as strategic investments and exits.

Credit Information
  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.


  • Live Online


    On Demand

Date + Time

  • event

    Tuesday, May 12, 2026

  • schedule

    1:00 PM ET/10:00 AM PT

I. What is a fraud exception, and who cares?

II. Recent case law impacting fraud remedies in M&A

III. Practical negotiation strategies

The panel will review these and other highly relevant issues:

  • What strategies can limit (for the seller) or preserve (for the buyer) the fraud remedy's "Sword of Damocles"?
  • What critical considerations should counsel contemplate when drafting a fraud exception to an indemnification provision?