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On March 30, 2009, Judge Lawrence M. McKenna granted UBS’s Motion to Dismiss a putative class action complaint filed against it by investors in Auction Rate Securities (ARS).  This dismissal was based on Lead Plaintiffs having availed themselves of UBS’s offer to buy back the securities, as mandated by UBS’s settlement with state and federal regulators. 

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Read More Judge Dismisses ARS Class Action Against UBS Based Upon Regulatory Settlement

On March 25, 2009, Washington Governor Chris Gregoire signed into law Senate Bill 5417, An Act Relating to Flood Insurance Coverage (the “Act”).  The Act applies to insurers issuing homeowner, condominium unit owner, residential tenant and residential fire insurance policies that do not cover damage caused by flood. 

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Read More Washington Governor Signs Flood Insurance Coverage Bill

Helen Clark and Peter Fidler of EAPD attended this joint seminar, chaired by the Rt. Hon. Lord Justice Rix on 31 March 2009. The panel, including David Hertzell, Law Commissioner, Bob Britton, Chairman of the LMA Law Reform Committee and Paul Hopkin, Technical Director of AIRMIC, analysed the responses to date to the Consultation on the reform of insurance contract law and confirmed the next stages of the process. 

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Read More BILA/Law Commission Seminar on Insurance Contract Law Reform

On Tuesday, March 31, 2009, New York State Insurance Department (“NYSID”) Superintendent Eric Dinallo announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Autoridade Monetária de Macau (“AMCM”), Macau’s insurance regulator. 

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Read More New York Insurance Department Announces Cooperation Agreement with Macau

Rhonda Enterprises S.A. (“Rhonda”), a vessel owner, entered into a charter party agreement with certain charterers, Projector S.A. and Projector Asia Pte. Ltd for the carriage of goods from Taiwan to Singapore (collectively, “Projector”). 

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Read More Court Orders Party to Pay Attorney’s Fees and Costs Related to Opposing Party’s Motion to Confirm Arbitral Award

Legislation (Senate Bill 1894) introduced in the Florida Senate to exempt surplus lines insurers from the provisions of Chapter 627 has been amended by the Committee on Banking and Insurance and re-referred to the Judiciary Committee. 

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Read More UPDATE: Florida Senate Committee Amends Surplus Lines Insurer Exemption Legislation

The Solvency II framework directive has finally been agreed and the proposals are expected to be formally passed in the next six weeks by both the European Parliament and the European and Financial Affairs Council (a subset of the Council of Ministers). 

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Read More EU: Solvency II Directive Agreed – Group Supervision Proposals Dropped

The European Commission has stated in a report, adopted on 24 March 2009, that two of the four forms of cooperation benefiting from the Insurance Block Exemption Regulation (the “BER”) may continue to be protected under a partially renewed BER when the current one expires on 31 March 2010. 

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Read More EU: European Commission Issues Provisional Views on the Renewal of the Insurance Block Exemption Regulation (358/2003/EEC)

Shareholders of Perrigo Company recently filed suit in the United States District Court for the Southern District of New York against Perrigo, a pharmaceutical manufacturer and distributor and seven of its directors and officers, alleging violations of Section 10(b) and Rule 10b-5 of the 1934 Securities Exchange Act.  See Warner v. Perrigo Co., No. 09-CV-2255 (March 11, 2009). 

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Read More Shareholders File Suit in New York Federal Court Against Auction Rate Securities Buyer

The Delaware Chancery Court recently dismissed, without leave to amend, a derivative action brought by shareholders of Affiliated Computer Services, Inc. (“ACS”) arising out of a failed deal between Cerberus Capital Management LP (“Cerberus”) and ACS to take ACS private. 

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Read More Delaware Chancery Court Dismisses Shareholder Lawsuit Arising Out of Company’s Failed Bid to Go Private