Recently, the Supreme Judicial Court of Massachusetts upheld two lower court decisions dismissing, on separate motions to dismiss and for summary judgment, a number of claims brought by credit unions against a retailer in connection with a breach of debit and credit card data.
United States
Federal Court Upholds an Arbitration Panel’s Award Requiring a Cedent to Pay its Reinsurer’s Attorneys’ Fees
By Troutman Pepper Locke on
National Union Fire Insurance Company of Pittsburgh, PA entered into a reinsurance treaty with Odyssey America Reinsurance Corporation, which contained an arbitration clause. After a dispute arose between the parties and was submitted to arbitration, a panel issued a ruling in Odyssey’s favor.
Senate Financial Regulatory Reform Update
By Troutman Pepper Locke on
Posted in Federal Legislative Developments, United States
As efforts to produce a bipartisan deal on sweeping financial regulatory reform legislation inch forward, Senator Bob Corker (R-TN) offered an alternative proposal that aims to end the impasse over one of the legislation’s most controversial issues – consumer financial protection. Though sources reported this morning that the offer is gaining traction, a final agreement remains elusive. …
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Last Week in DC: The Healthcare Reform Debate – March 1, 2010
By Troutman Pepper Locke on
The White House released its own healthcare reform bill last week, in preparation for Thursday’s marathon healthcare summit. Despite its bipartisan billing, that six hour session did not yield tangible progress, leaving Democrats exactly where they were before the summit – faced with the question of how to move comprehensive healthcare reform forward without any help from the minority party.
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Medicare Secondary Payer Reporting Deadline Extended
By Troutman Pepper Locke on
Posted in Healthcare, United States
The Centers for Medicare & Medicaid Services (“CMS”) has revised the timeline for non-group health plan (“NGHP”) reporting under the Medicare secondary payer reporting provisions of Section 111 of the Medicare, Medicaid and SCHIP Extension Act of 2007 (“Section 111”). …
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House Introduces Health Insurance Bill to Repeal Antitrust Exemption
By Troutman Pepper Locke on
On Monday, February 22, Representatives Tom Perriello (D-Va.) and Betsy Markey (D-Colo.) introduced H.R. 4626, the Health Insurance Industry Fair Competition Act, to repeal the McCarran-Ferguson Act antitrust exemption for the business of health insurance. …
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Business Associate Regulations Effective; Enforcement Uncertain
By Troutman Pepper Locke on
New requirements making the HIPAA privacy and security rules applicable to business associates of healthcare entities became effective on February 17, 2010. However, the new requirements, under the the Health Information Technology for Economic and Clinical Health (“HITECH”) Act, may not be enforced immediately.
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Join the U.S. Re Under 40s at the “It’s Almost Spring” Happy Hour
By Troutman Pepper Locke on
Please join the U.S. Reinsurance Under 40s Group at the upcoming “It’s Almost Spring” Happy Hour — March 4, 2010 at Social at 6:00 p.m. — to celebrate the end of the winter.
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Last Week in DC: The Healthcare Reform Debate – February 22, 2010
By Troutman Pepper Locke on
With Congress in recess last week, the White House worked behind the scenes to craft a healthcare reform bill that will be used as a basis for moving forward during the bipartisan healthcare summit scheduled for this week. Meanwhile, more and more Democratic Senators formally voiced their support for reviving the controversial public option and using the budget reconciliation process to pass a final bill. …
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Two More Dismissals of Securities Act Lawsuits Against Rating Agencies
By Troutman Pepper Locke on
Posted in D&O Liability, United States
Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York granted McGraw Hill and Moody’s (together, the “Ratings Agencies”) motions to dismiss in both Tsereteli v. Residential Asset Securitization Trust 2006-A8 et al. and In re: IndyMac Securities Litigation — but without issuing detailed written
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