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On 27 November 2008, the European Commission (EC) published its Green Paper on Consumer Collective Redress. The paper proposes new methods to help large numbers of consumers who have been harmed by a trader’s breach of consumer law. 

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Read More EU : European Commission Publishes Green Paper on Consumer Collective Redress

AIG announced yesterday that it had completed a sale of residential mortgage backed securities (“RMBS”) to Maiden Lane II, a fund established by the Federal Reserve Bank of New York (the “NY Fed”) as part of its plan to ensure AIG remains solvent.  The assets, with a face value of $39.3 billion, were purchased by Maiden Lane II for $19.8 billion.  The fund was established to eliminate the liquidity issues associated with AIG’s securities lending program. …
Read More AIG Completes Sale of Residential Mortgage Backed Securities to the NY Fed

On December 10, 2008, the Senate Finance Committee (the “Committee”) held a meeting to discuss proposed legislation (the “Proposal”) that would reduce the purported competitive advantage in tax treatment received by affiliated foreign reinsurers by altering the tax code to disallow deductions for a portion of reinsurance premiums ceded by insurance companies to affiliated foreign reinsurers who are not subject to U.S. taxation. …
Read More Senate Finance Committee Discusses Reinsurance Tax Legislation

The recent case of Van Der Giessen-de-Noord Shipbuilding Division B.V. v Imtech Marine & Offshore B.V. [2008] EWHC 2904 concerned the challenge to an arbitration award arising out of a marine construction dispute. Imtech had been hired by Van Der Giessen-de-Noord (GN) to carry out electrical works on a ship GN was building for Brittany Ferries. The works apparently suffered from delays, disruption and extra work which resulted in Imtech making a claim against GM and GM making a counter claim. 

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Read More UK: High Court Judge Sets Aside Arbitration Award Because of Irregularity and Unfairness

The New York Insurance Department has long prided itself for being an activist state regulator for insurance business underwritten in the world’s financial capital. …
Read More The New York Insurance Department Will No Longer Approve D&O Policies Lacking “Duty-to-Defend” Coverage Feature

Four of the companies that have organized under the Puerto Rican International Insurance Center announced recently that they have created an association to promote Puerto Rico’s competitiveness in the international insurance and reinsurance markets. …
Read More Puerto Rican Offshore Insurance Companies Create Association

A New York state trial court recently ruled that general contractors/owners were entitled to primary coverage under both their own commercial general liability policy and under a subcontractor’s general commercial liability policy as an additional insured. 

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Read More General Contractor Entitled to Primary Coverage Under Its Own CGL Policy And As An Additional Insured Under Its Subcontractor’s CGL Policy

The United States District Court for the Northern District of California recently denied several commercial general liability insurers’ motions to dismiss, holding that the insurers may be required to defend the makers of Bluetooth Headsets against suits alleging negligent design and unfair marketing even though the suits do not allege that the plaintiffs suffered any physical injuries. …
Read More Insurers May Be Required To Provide Defense Of Bluetooth Headset Cases Even Though Complaints Do Not Allege Physical Injury

In the recent case of Downs v Secretary of State for Environment, Food and Rural Affairs [2008] EWHC 2666 Mr Justice Collins was asked to consider whether the defendant was complying with EC Directive (91/414/EEC) (the Directive) which was implemented in the UK by the Plant Protection Products Regulations 2005. …
Read More UK: High Court’s Decision Regarding Crop Spraying May Open the Way to New Personal Injury Liability

We previously reported on a Wachovia shareholder’s attempt to enjoin the Wells Fargo-Wachovia merger (please click here to view previous post).  On December 5, 2008, Judge Albert Diaz of the North Carolina Business Court denied the Wachovia shareholder’s request for a preliminary injunction. 

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Read More Update: Court Denies Wachovia Shareholder’s Request to Enjoin the Well Fargo-Wachovia Merger