Jurisdictions

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Late last year, the United States District Court for the District of New Jersey dismissed a securities fraud litigation that had been brought against a payment card processor in connection with the theft, by cybercriminals, of credit and debit card information from the company’s computer system. 

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Read More District of New Jersey Dismisses Securities Fraud Claims Against Company That Suffered Data Breach

Healthcare reform’s long and often bumpy journey through Congress came to a close last week, as President Obama signed into law the 2,000+ page legislation that will overhaul the nation’s healthcare system.  Simultaneously, the Senate worked to clear a package of corrections to the new law via the budget reconciliation process, changing it ever so slightly and sending it back to the House for one final vote. 

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Read More Last Week in DC: The Healthcare Reform Debate – March 29, 2010

On February 17, 2010 Judge Kaplan issued a written opinion granting in part and denying in part the individual Lehman defendants’ motion to dismiss in In re: Lehman Brothers Mortgage-Backed Securities Litigation. 

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Read More Lehman Defendants’ Motion to Dismiss Granted in Part and Denied in Part in In re: Lehman Brothers Mortgage-Backed Securities Litigation

The Law Commission has published an Issues Paper considering whether an insurer should be liable for loss caused as a result of its unjustified refusal to pay a claim. The paper suggests that the current position regarding an insurer’s post-contractual duty of good faith be changed so that damages would be available where an insurer breaches its duties by refusing to pay out on time. …
Read More UK: Law Commission Publishes Paper on Damages for Late Payment and the Insurer’s Duty of Good Faith

Top lawmakers met with President Obama Wednesday in order to regain momentum on financial regulatory reform legislation in Congress.  Following the meeting, Senate Banking, Housing and Urban Affairs Chairman Christopher Dodd (D-CT) and House Financial Services Chairman Barney Frank (D-MA) expressed confidence that the Senate would soon act – perhaps by Memorial Day – on the financial reform bill that was approved by the Banking Committee on a party line vote on Monday. 

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Read More Senate Tees Up Financial Regulatory Reform Following Healthcare Victory

On 24 March 2010, the European Commission (the Commission) adopted its long-awaited new block exemption regulation for the insurance sector, which will come into force on 1 April 2010.  Block exemptions are an instrument of European competition law that remove certain categories of agreement from the prohibition of anticompetitive agreements set out in Article 101 of the Treaty on the Functioning of the European Union (previously Article 81 EC Treaty). 

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Read More EU: European Commission Adopts New Competition Block Exemption Regulation for the Insurance Sector

The NAIC issued a press release (the “Release”) earlier this month announcing its intent to hold a public hearing on the emergence of stranger originated/owned annuity transactions (“STAT”).  STATs are similar to stranger owned life insurance transactions (“STOLI”), which have been the subject of regulatory scrutiny for a number of years. 

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Read More NAIC Announces Intent to Hold Hearing on Stranger Owned Annuities