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On certified questions from the Fifth Circuit Court of Appeals, the Supreme Court of Texas recently held that, when a policy does not otherwise specify, damages under an occurrence-based general liability policy “occur”, and an insurer’s duty to defend is triggered, on the date when the injury happens and not on the date the injury is discovered. …
Read More Under Occurrence Policy, Damage Occurred and Insurer’s Duty to Defend was Triggered On Date When the Injury Happened, Not Date of Discovery

The United States Court of Appeals for the Seventh Circuit recently remanded a choice-of-law determination to the district court for further proceedings because there was conflicting evidence about the principal place of business of one insured and the conflict could not be resolved on the paper record.
Read More Federal Appeals Court Vacates Summary Judgment Decision Where Conflicting Evidence Regarding Principal Place Business of Insured Precluded Determinative Choice of Law Decision

The U.S. District Court for the Central District of California recently denied a motion to strike and allowed a plaintiff to pursue treble punitive damages against his insurer for the insurer’s alleged bad faith. 

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Read More California Federal Court: Insured Plaintiff Can Seek Treble Punitive Damages For Insurer’s Alleged Bad Faith

Lehman Brothers Holdings Inc., the holding company for the fourth-largest United States investment bank, filed for protection under Chapter 11 of the United States Bankruptcy Code on September 15, 2008, marking the largest US bankruptcy filing in history.  Following the filing in the Southern District of New York, the directors of Lehman Brothers International (Europe) and three of its UK subsidiaries applied for administration (a process similar to Chapter 11) in the UK. 

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Read More EAPD Issues Advisory Regarding Insolvency Proceedings in the US, UK and Japan

As the New York Mets’ players are focused on reaching the post-season, team management has other concerns – insurance.  Billy Wagner, the team’s closer, underwent ulnar collateral ligament reconstruction (commonly known as Tommy John surgery) last week and is likely to miss the entire 2009 season. …
Read More The New York Mets’ Insurance Concern

In Buckley Towers Condominium, Inc. v. QBE Ins. Co., No. 07-22988-CIV, 2008 WL 2645680 (S.D. Fla., Jun. 26, 2008), a Florida federal court found that financial or contractual documents between an insurer and its adjusting agent are not discoverable in a coverage action, but the agent may be deposed as to his knowledge of financial incentives, and such testimony may be admissible for impeachment purposes. …
Read More Florida District Court Disallows Production of Documents Regarding Agent’s “Loss Ratio Bonuses” But Holds That Plaintiff May Nevertheless Depose Agent for Impeachment Purposes

The FSMT has handed down its decision in the case of Asgar Ali Ravjani (trading as Astrad Finance) v Financial Services Authority, which involved the failure to disclose a discharged bankruptcy to the FSA. …
Read More UK: Decision of the Financial Services and Markets Tribunal (FSMT) Emphasises the Importance of Disclosing All Relevant Information to the FSA

The New York Attorney General recently announced that it had reached a settlement with Fidelity Investments regarding Fidelity’s involvement with auction rate securities (“ARS”).  The settlement, which calls for Fidelity to return $300 million to its customers by the end of the year, is the first settlement reached with a downstream retail broker. 

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Read More Fidelity Reaches Auction Rate Securities Settlement With New York Attorney General