Following the Red Sox sweep of the Colorado Rockies, some 30,000 fans of the Boston Red Sox can now follow the lead of Alex Rodriguez and opt out of paying for their furniture purchased in the spring.
Jurisdictions
Oregon Attorney General Settles State Antitrust Claims with Insurer
By Troutman Pepper Locke on
On October 26, 2007, Oregon AG Hardy Myers announced a settlement with ACE Group Holdings, Inc. and its subsidiaries (“ACE”) over allegations of improper, fictitious quoting and steering of insurance businesses. The AG filed a stipulated judgment in Marion County State Circuit Court, in which ACE agreed to pay $4.5 million to a group of eight Attorneys General in settlement of their antitrust claims with no admission that ACE violated any laws. …
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If Red Sox Win the World Series, Boston Area Furniture Retailer, Backed by an Insurance Policy, Will Pay Full Refund for Sales Made in the Spring
By Troutman Pepper Locke on
A Massachusetts-based furniture store, Jordan’s Furniture, ran a “Monster Deal” promotion (named for the left field Green Monster in Fenway Park) this past spring that promised to customers a full refund on certain furniture purchased between March 7th and April 16th if the Red Sox were to win the World Series. The refund applies to sofas, dining tables, beds and mattresses. …
Read More If Red Sox Win the World Series, Boston Area Furniture Retailer, Backed by an Insurance Policy, Will Pay Full Refund for Sales Made in the Spring
Michigan Commissioner Linda Watters Resigns
By Troutman Pepper Locke on
Linda A. Watters resigned from her post as Commissioner of the Michigan Office of Financial and Insurance Services (the “OFIS”) on October 15, 2007, effective October 31. Watters, who was named Commissioner of OFIS on April 11, 2003, will join the financial risk management practice of KPMG LLP in Chicago.
California Insurance Commissioner Issues Emergency Declaration in Response to California Wildfires
By Troutman Pepper Locke on
Posted in Regulatory, United States
On October 24, 2007, California Insurance Commissioner Steve Poizner issued an emergency declaration in anticipation of claims resulting from the Southern California fire storms.
Hurricane Katrina Whistleblower Lawsuit Dismissed
By Troutman Pepper Locke on
Posted in Catastrophe Claims, United States
On October 17, 2007, a federal court judge sitting in the Eastern District of Louisiana dismissed a Katrina-related whistleblower lawsuit (United States of America, ex rel. Branch Consultants, Inc. v. Allstate Insurance Company, et al., Case No. 06-4091 (E.D.La. filed August 2, 2006)).
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Canadian D&O Claims Expected To Rise
By Troutman Pepper Locke on
Posted in D&O Liability, United States
According to a recent report by Business Insurance, Canadian insurers should brace for a coming surge in directors’ and officers’ liability claims. The rise in claims is an anticipated consequence of major changes in Canadian securities regulation dating back to 2005.
PCAOB Study: Post-SOX Drop in Market Reaction to Restatements
By Troutman Pepper Locke on
Posted in D&O Liability, United States
In a working paper recently released, the Public Company Accounting Oversight Board (PCAOB), a non-profit entity created by the Sarbanes-Oxley Act (SOX) to oversee the auditors of public companies, found that the loss in market value following announcements of financial restatements has diminished since the July 30, 2002 implementation of SOX.
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Court Rejects Cedent’s Argument that the “Follow the Fortunes” Clause Should be Implied into a Facultative Certificate and Binds Cedent to its Initial Settlement Allocation
By Troutman Pepper Locke on
Posted in Reinsurance, United States
In a recent decision originating from the United States District Court for the Western District of Oklahoma, Oklahoma v. Employers Reinsurance Corp., No. Civ-06-0426-HE, (W.D. Okla. Sept. 13, 2007), the court refused to imply a “follow the fortunes” clause into a facultative certificate in the absence of the explicit inclusion of such a term by the parties.
Connecticut Federal Court Rules that Certain Communications Between a Cedent and Reinsurer in a Hurricane Katrina-Related Case are Not Protected by the Work-Product Privilege
In a case arising out of Hurricane Katrina-related damages, the United States District Court for the District of Connecticut ruled that communications between a cedent and reinsurer that were prepared in the ordinary course of business are not protected by the work-product privilege.