The administrators of Lehman Brothers International (Europe) have been intending to propose a scheme of arrangement under the English Companies Act to enable them to distribute several billions of dollars of assets held on trust by the company in the face of difficulties in establishing who was entitled to the trust assets; in particular, they had not received responses from all potentially interested clients, could not rely on the accuracy of the company’s records and had not received all the information requested from sub-custodians and other intermediaries.
Jurisdictions
UK: Class Actions
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
Amid concerns that the existing collective action mechanisms in the UK restrict access to justice, with the consequence that meritorious claims are not being pursued, the Civil Justice Council (CJC) published a report in December 2008 proposing a generic collective right of action. …
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Chinese Drywall – Senators Seek Expansion of Federal Assistance for Impacted Homeowners
Florida Senator Bill Nelson recently sent a letter to President Obama asking the administration to streamline federal assistance available to homeowners with allegedly tainted Chinese drywall. Nelson requested “White House mobilization and coordination of all federal resources that could help homeowners” and stressed the need for an inter-agency Drywall Task Force to coordinate efforts and a “one-stop federal Drywall Assistance Center” that could provide information and resources directly to impacted homeowners.
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Bipartisan Agreement on Healthcare Reform Remains Elusive; Democrats Considering Splitting Bill into Two Pieces
By Troutman Pepper Locke on
Posted in Healthcare, United States
The first half of the month-long congressional recess has significantly dimmed hopes for a bipartisan agreement on healthcare reform in the Senate, due to contentious, rancorous town hall meetings and new polls suggesting eroding public support for the Democrats’ healthcare reform proposals.
China: Insurance Law Reform in China
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
On 28 February 2009, the National People’s Congress resolved to amend the China Insurance Law. This was the second revision since the insurance law was first enacted in China on 1 October 1995. The amendment will come into force on 1 October 2009 and will constitute a comprehensive reform of the present insurance law. …
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New York Issues Proposed Regulation to establish Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values for Preneed Life Insurance
By Troutman Pepper Locke on
The New York Insurance Department issued proposed Regulation No. 192 (11 NYCRR) (the “Proposed Regulation”) establishing minimum reserve and nonforfeiture standards for preneed life insurance policies (i.e. policies that provide a prearrangement agreement for goods and services to be provided upon the death of the insured). …
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Publication: Edwards Angell Palmer & Dodge’s Commercial Litigation Review (August 2009 edition)
By Troutman Pepper Locke on
EAPD has recently published the second electronic version of its ‘Commercial Litigation Review’ (August 2009), which focuses on the hot topics currently facing businesses in the UK and throughout the world.
Chilean Insurance Market Contracts By 12%
By Troutman Pepper Locke on
Posted in Latin American Developments, United States
Due largely to lower life annuity sales, total premiums in the Chilean insurance market fell 12.3% for the first half of 2009 when compared to the first half of 2008. Total premiums for the first half of 2009 were US$ 2.89 billion.
BREAKING NEWS: Client Advisory – Amended Massachusetts Security Regulations and Extension of Effective Date
On August 17, 2009, the Massachusetts Office of Consumer Affairs and Business Regulation (the “OCABR”) issued a press release announcing important amendments to 201 CMR 17.00: Standards for the Protection of Personal Information of Residents of the Commonwealth (the “Regulations”), and a third extension of its effective date from January 1, 2010 to March 1, 2010. The OCABR also called a public hearing scheduled for September 22, 2009 in connection with the Regulations.
SEC Division of Enforcement Director Announces Aggressive New Initiatives – An EAPD Client Advisory
By Troutman Pepper Locke on
Posted in Industry Developments, United States
On August 5, 2009, the Director of the Division of Enforcement of the Securities and Exchange Commission, Robert Khuzami, outlined multiple new steps the SEC is taking to increase enforcement of securities laws and regulations in the wake of high-profile cases and losses for investors, such as the Bernard Madoff ponzi scheme.