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On November 30, 2012, the Securities Exchange Commission announced that it has filed a complaint in the Southern District of New York against China North East Petroleum Holdings Limited (“CNEP”) and a number of its current and former directors and officers (Securities and Exchange Commission v. China North East Petroleum Holdings Limited, et al., Civil Action No. 12-CV-8696 (S.D.N.Y.)).  CNEP is a Nevada corporation with principal executive offices in New York and oil drilling operations in China. …
Read More Securities and Exchange Commission Files Fraud Suit Against U.S. Public Company that was Formed as a Result of a Reverse Merger with Chinese Company

In Christopher Simmons v Derek Castle [2012] EWCA Civ 1288, the Court of Appeal amended the guidance given in the earlier judgment of Simmons v Castle [2012] EWCA Civ 1039 by stating that, with effect from 1 April 2013, the proper level of general damages in all civil claims for six specified heads of loss will be 10% higher than previously, unless the claimant falls within section 44(6) of the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (the Act). …
Read More UK: Court of Appeal Revises Guidance Regarding Level of General Damages in Civil Claims

HHS RELEASES PROPOSED RULES TO IMPLEMENT PPACA REFORMS
On November 20, the U.S. Department of Health and Human Services (HHS) issued three proposed rules to implement core provisions of the Patient Protection and Affordable Care Act (PPACA). All of the proposed rules were published in the Federal Register on November 26. …
Read More Healthcare Update: HHS Releases Proposed Rules to Implement PPACA Reforms; Number of Medicare ACOs Expected to Double

The next U.S. Under 40s Group social event will take place this Thursday evening at B Smith in midtown New York and we hope to see you there.  B Smith is located at 320 West 46th Street (between 8th Ave and 9th Ave) and the Under 40s Group will be on the second floor balcony beginning at 6:00 pm. …
Read More Join the U.S. Under 40s Group This Thursday in New York

In the Australian case of Bathurst Regional Council v Local Government Financial Services Pty Ltd (No 5) [2012] FCA 1200, the Australian Federal Court held Standard & Poor’s (S&P) to be jointly liable with ABN Amro Bank NV and Local Government Financial Services for losses suffered by 13 local councils, who had invested in complex credit derivatives that had been rated ‘AAA’ (the highest possible rating) by S&P. …
Read More Australian Court Rules Agencies Should be Held Accountable for Inaccurate Credit Ratings

In The Kittansett Club v. Philadelphia Indemnity Ins. Co., No. 11-11385 (Sept. 10, 2012), the District of Massachusetts ruled that a D&O insurer does not owe defense or indemnity to its insured when the insured had a duty prior to committing the alleged Wrongful Act to pay the amounts at issue. …
Read More District Court Finds No “Loss” Under D&O Policy When Insured Had Pre-Existing Duty to Pay For Tips in Dispute in Underlying Lawsuit

REMEDI, the Re/Insurance Mediation Institute, has released its forms  for a Mediation Clause and a Mediation Agreement for reinsurance disputes.  These documents resulted from a process that included consultation with senior industry executives active in reinsurance disputes. …
Read More REMEDI Issues Form Mediation Clause and Mediation Agreement for Reinsurance Disputes

The case involved a class action filed by an annuity beneficiary alleging that the insurer sold his mother and similarly situated plaintiffs a deferred annuity that did not comply with disclosure requirements of individual annuity contracts pursuant to California Insurance Code (“CIC”) §§ 10127.10(c) and 10127.13.   …
Read More US District Court in California Holds That an Out-of-State Group Annuity is Not Subject to California’s Individual Annuity Disclosure Requirements

Edwards Wildman Speakers:  Joshua P. Broudy, Alexander G. Henlin

When fire or another casualty damages a commercial building, businesses may suffer financial hardship beyond lost income and costs to repair the property. In most situations, a prudent business owner is likely to incur expenses that fall outside the scope of those normally seen in the business’s day-to-day operations. The nature of those expenses is as varied as the circumstances of each loss. …
Read More Complimentary Edwards Wildman WEBINAR: REPLAY: US Treatment of Extra Expense Claims