The U.S. District Court in Manhattan recently dismissed a securities class action brought by a proposed class of investors, alleging that the company and two of its senior officers violated Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and SEC Rule 10b-5 by making false or materially misleading disclosures about the company’s risk management and exposure to mortgage-related securities.
Read More District Court Dismisses Subprime Class Action Case With Prejudice
United States
OAL: CA Insurance Commissioner Improperly Restricted Insurers With Iran Investments
California Insurance Commissioner Steve Poizner took the initiative in 2009 to compel insurance companies doing business in his state to limit their investments in companies that do business with the nuclear, energy and defense sectors of the Iranian economy. …
Read More OAL: CA Insurance Commissioner Improperly Restricted Insurers With Iran Investments
Reinsurer’s Abstention Motion Denied: Later-Filed Federal Court Action is Held to be Proper Forum for Multi-Contract Reinsurance Dispute
By Troutman Pepper Locke on
Defendant, Clearwater Insurance Company, f/k/a Skandia America Reinsurance Corporation (“Clearwater”), filed suit against Seaton Insurance Company and Stonewall Insurance Company (“Plaintiffs”) in Connecticut Superior Court, arguing that there was no coverage under certain reinsurance agreements for Plaintiffs’ asbestos claims. Plaintiffs subsequently commenced a declaratory judgment action in Rhode Island federal court concerning the parties’ respective rights and obligations under the same reinsurance agreements, as well as eleven other contracts. …
Read More Reinsurer’s Abstention Motion Denied: Later-Filed Federal Court Action is Held to be Proper Forum for Multi-Contract Reinsurance Dispute
New Hampshire Supreme Court Rules That Damage To The Insured’s Work Is Not a Covered “Occurrence”
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
Clarifying its prior decision in High Country Assocs. v. New Hampshire Ins. Co., 139 N.H. 39 (1994), the Supreme Court of New Hampshire recently held that a CGL policy’s insuring agreement does not encompass damage to the insured’s work product. See Concord Gen. Mut. Ins. Co. v. Green & Co. Bdg. & Dev. Corp., No. 2009-699 (N.H. Sept. 17, 2010). …
Read More New Hampshire Supreme Court Rules That Damage To The Insured’s Work Is Not a Covered “Occurrence”
Federal Court Finds That the Proper Venue for a Motion to Confirm an Arbitration Award is the District in Which the Hearing Was Held, Not Where the Award was Signed
By Troutman Pepper Locke on
NGC Network Asia, LLC (“NGC”) and Pacific Group International, Inc. (“PAC”) were parties to an arbitration held in New York. After an award was rendered in NGC’s favor, it commenced an action in the U.S. District Court for the Southern District of New York and moved to confirm. PAC opposed the motion and cross moved to transfer, stay or dismiss the action. …
Read More Federal Court Finds That the Proper Venue for a Motion to Confirm an Arbitration Award is the District in Which the Hearing Was Held, Not Where the Award was Signed
Cedent Contends that U.S. Supreme Court Should Resolve Circuit Split Concerning Whether Convention Preempts State Law Precluding Arbitration
By Troutman Pepper Locke on
In a case we have been following on www.insurereinsure.com (click here for our most recent post), the Louisiana Safety Association of Timberman-Self Insurers Fund (“LSAT”) recently filed a supplemental brief petitioning the U.S. Supreme Court to grant certiorari to address whether the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the “Convention”) preempts a Louisiana Statute that bars enforcement of arbitration agreements in insurance or reinsurance contracts. …
Read More Cedent Contends that U.S. Supreme Court Should Resolve Circuit Split Concerning Whether Convention Preempts State Law Precluding Arbitration
Florida Federal Court Judge Sends Insurer’s Chinese Drywall Suit to New Orleans MDL
By Troutman Pepper Locke on
On September 22, 2010, a U.S. District Court Judge in the Middle District of Florida transferred an insurer’s Chinese Drywall coverage case to the District Court in New Orleans, where Multi-District Chinese Drywall Litigation is pending. …
Read More Florida Federal Court Judge Sends Insurer’s Chinese Drywall Suit to New Orleans MDL
Healthcare News from Capitol Hill and the Department of Health and Human Services – October 12, 2010
By Troutman Pepper Locke on
On October 1, the Centers for Medicare and Medicaid Services (CMS) announced a series of Senior Medicare Patrol (SMP) program grants totaling $9 million. These grants were awarded to SMPs across the country, and will be administered by the Administration on Aging (AoA) within the Department of Health and Human Services (HHS). …
Read More Healthcare News from Capitol Hill and the Department of Health and Human Services – October 12, 2010
California Appeals Court Affirms Ruling That Section 28 Tax Does Not Apply To Surplus Lines Insurers
By Troutman Pepper Locke on
Posted in Excess and Surplus Lines, United States
On September 30, 2010, the California Court of Appeal for the Second Appellate District affirmed a superior court ruling that California Constitution Section 28 taxes do not apply to surplus lines insurers. Section 28 provides that insurers doing business in California are subject to a 2.35% premium tax. …
Read More California Appeals Court Affirms Ruling That Section 28 Tax Does Not Apply To Surplus Lines Insurers
In Bloomberg Podcast, Alan Levin Looks at Liability Issues Arising from the BP Oil Spill
By Troutman Pepper Locke on
EAPD’s own Alan Levin, co-chair of the firm’s Insurance and Reinsurance Department, gave his thoughts on the insurance claims process and litigation resulting from the BP Plc oil spill in the Gulf of Mexico, in an interview with Bloomberg’s Lee Pacchia.
To listen to this Podcast, please click here.…
Read More In Bloomberg Podcast, Alan Levin Looks at Liability Issues Arising from the BP Oil Spill