Jurisdictions

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The United States District Court for the District of Colorado recently held that a warranty letter’s prior knowledge exclusion barred coverage for defense costs incurred by the insured directors and officers in an enforcement action initiated by the SEC. A copy of the decision can be found here. 

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Read More Prior Knowledge Exclusion in Warranty Letter Relieves D&O’s Insurer’s Obligation to Pay Increased Limits

In November 2007, shareholders of Vodafone Group Plc (“Vodafone”) filed a securities class action complaint in the U.S. District Court for the Southern District of New York under section 10(b) of the Securities Exchange Act of 1934 (the”34 Act”) alleging that Vodafone and several of its directors and officers artificially inflated the price of Vodafone’s stock through allegedly false and misleading statements about its financial health and business prospects. 

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Read More Vodafone Securities Class Action Dismissed For Lack of Subject Matter Jurisdiction

“[A]ll liability policies” issued or delivered in New York on or after January 17, 2009 will be subject to the recent Legislation promulgated under Chapter 388 of the Laws of 2008 (the “Legislation”). The New York Insurance Department (“Department”) has issued Circular Letter No. 26 (2008), dated November 18, 2008, to remind liability insurers writing property/casualty policies of the changes resulting from the new law, and also to clarify certain aspects of the Legislation.

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Read More New York Insurance Department Issues Circular Letter Regarding Late Notice Legislation, Which Takes Effect on January 17, 2009

We have reported previously on the progress of the Lloyd’s Legislative Reform Order (LRO) through the UK Parliament and on the consultation by Lloyd’s in relation to the proposed amendments to the Lloyd’s Byelaws (you can see our most recent post by clicking here). 

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Read More UK: Lloyd’s Legislative Reform Order: Amendments to Lloyd’s Byelaws

Cornerstone Research, in cooperation with Stanford Law School’s Securities Class Action Clearinghouse, recently released its report on federal securities class action filings in 2008. 

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Read More Cornerstone Report: Securities Class Action Filings Soar in 2008 Due to an Increase in Filings Against Financial Services Firms

On January 14, 2009, the U.S. House of Representatives passed the Children’s Health Insurance Program Reauthorization Act of 2009 (H.R. 2) (the “Act”) by a vote of 289-139.  The Act would expand coverage and extend the effective date of the State Children’s Health Insurance Program (“SCHIP”), which is set to expire at the end of 2009 fiscal year. 

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Read More SCHIP Bill Passed Again By House

This past year we’ve followed the U.S. Supreme Court’s decision in Hall Street Associates, L.L.C. v. Mattel, Inc., No. 06-989 (U.S. Mar. 25, 2008), and whether courts have interpreted it as eliminating the doctrine of manifest disregard of the law, a judicially-created concept that provides parties with a basis for challenging an arbitration award beyond those grounds enumerated in the Federal Arbitration Act (“FAA”). …
Read More Did Hall Street Eliminate Manifest Disregard of the Law as a Valid Basis for Vacating or Modifying Arbitration Awards? A 2008 Summary of Conflicting Decisions

Last month, Dianne Cornwall, Director of the Nevada Department of Business & Industry, announced that Scott Kipper would be appointed the new commissioner of the Nevada Division of Insurance.  Effective December 29, 2008, he replaced acting commissioner Betty Baker who has held the position since Alice Molasky-Arman’s retirement on September 7, 2008. …
Read More Scott Kipper Appointed New Nevada Insurance Commissioner