Jurisdiction: United States

Court Rules That Reserve Information and Reinsurance Communications Are Not Relevant to Bad Faith and Consumer Protection Claims

Feb 22, 2008 | , |

In a recent decision from the United States District Court for the Western District of Washington at Seattle, Heights at Issaquah Ridge Owners Association v. Steadfast Ins. Co., Case No. C07-1045RSM (W.D.Wa. Dec. 13, 2007), the court denied the plaintiff’s motion to compel an insurer to produce loss reserve information because the plaintiff did not assert how such information would be relevant to its bad faith claim. 

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New York Court Finds That a Factual Issue Exists as to Whether a Cedent’s Allocation was in Bad Faith and Constitutes an Ex Gratia Payment

Feb 22, 2008 | , |

The New York Appellate Division, First Department, recently denied a reinsurer’s motion for summary judgment, finding that an issue of fact existed as to whether a cedent’s allocation of an underlying claim to a reinsured policy was made in bad faith and constituted an ex gratia payment. 

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Supreme Court’s Decision in LaRue v. DeWolff, Boberg & Associates, Inc. Could Lead to an Increase in Individual Account Holder 401(k) Litigation

Feb 22, 2008 | , , |

In a 9 – 0 decision, the U.S. Supreme Court decided on Wednesday of this week that individual participants in 401(k) retirement plans can sue plan fiduciaries to recover losses that result from mishandling of their individual retirement accounts.  Until the decision in LaRue v. DeWolff, Boberg & Associates, Inc., No. 06-856, (Feb. 20, 2008) courts and commentators disagreed over whether an individual account holder could bring an ERISA action against plan fiduciaries or whether only the plan itself had standing to bring those lawsuits. 

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D.C. Federal Court Names Lead Counsel in Standard & Poor’s CMO Securities Class Action

Feb 22, 2008 | , |

On February 11, 2008, Judge Colleen Kotelly of the United States District Court for the District of Columbia appointed the Lerach, Stoia, Geller, Rudman & Robbins law firm as lead plaintiffs’ counsel in a securities class action arising out of Standard & Poor’s allegedly fraudulent rating of certain bonds collateralized by subprime mortgages. 

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Michigan Senate Passes Captive Bill

Feb 21, 2008 | |

On February 12, 2008, the Michigan Senate voted 36-0 to amend the state’s Insurance Code to provide for the creation of captive insurance companies.  If passed by the Michigan House of Representatives and signed by the governor, the new legislation, S.B. 1061, would provide for the formation of captive insurance companies (“Captives”), special purpose financial captives (“SPFCs”) and protected cell insurance companies. 

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