On December 19, 2009, President Obama signed into law an extension to the COBRA premium subsidy, extending both the period of eligibility for, and the length of, the premium subsidy.
United States
Last Week in DC: The Healthcare Reform Debate – December 29, 2009
By Troutman Pepper Locke on
After a prolonged floor debate that kept Senators in session through weekends for 25 consecutive days, the Senate completed its work on healthcare reform legislation in the early morning hours on Christmas Eve. The vote on final passage of the Senate’s bill – H.R. 3590 – came at 7:00 a.m., when it passed by a tally of 60-39.
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Lloyds TSB Bank Settles with OFAC
By Troutman Pepper Locke on
On December 22, 2009, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced the settlement of apparent violations by Lloyds TSB Bank of OFAC regulations relating to Iran, Sudan and Libya.
Court Examines Duty to Defend Funeral Homes Accused of Participation in Organ Harvesting
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
A federal judge in Pennsylvania recently examined whether an insurer must defend a crematorium and funeral home against several lawsuits alleging that they participated in an organ harvesting scheme. …
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NY Court: Insured May Recover Consequential Damages Absent Insurer Bad Faith
On December 15, 2009, New York’s Appellate Division for the First Department held that an insured need not allege or prove that its insurer acted in bad faith in order to recover consequential damages stemming from the insurer’s breach of the policy. …
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Client Advisory – SEC Requires Additional Corporate Governance and Compensation Disclosure for 2010 Annual Meetings
By Troutman Pepper Locke on
Most public companies will need to provide new disclosures about corporate governance, director qualifications and compensation matters in proxy statements for their 2010 annual meetings. …
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EAPD WEBINAR LINK: Privacy and Data Breaches
Privacy and data breaches are part of every company’s nightmare of what can go wrong. There is no company in any industry that is not exposed to risks and liabilities related to unauthorized access to personal information of individuals. The risk of data breaches, and the regulations governing company obligations to secure data, and to provide notification in the event of a breach, are increasing dramatically. …
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Unscrambling the Gramm-Leach-Bliley Omelet
By Troutman Pepper Locke on
Sen. John McCain, R-Arizona, and Sen. Maria Cantwell, D-Washington, proposed on December 16, 2009 rebuilding the barriers separating commercial banks, investment banks and insurers established under the Depression Era Glass-Steagall Act. In 1999, the requirements that the three industries remain separate were eliminated by the Gramm-Leach-Bliley Act. …
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The U.S. Supreme Court Grants Certiorari in F-Cubed Case
By Troutman Pepper Locke on
Posted in D&O Liability, United States
On November 30, 2009, the United States Supreme Court granted certiorari to hear the appeal of a Second Circuit Court of Appeals decision affirming the dismissal of an “F-Cubed” securities class action — i.e., a securities class action brought by foreign investors who purchased shares in a foreign company on a foreign stock exchange — on subject matter jurisdiction grounds.
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A.I.G. to List American International Assurance on the Hong Kong Stock Exchange
By Troutman Pepper Locke on
According to recent reports in the New York Times and Financial Times, A.I.G. plans to list its Asian life insurance unit, American International Assurance (“A.I.A.”), on the Hong Kong stock exchange by year’s end. The IPO, which is expected to raise as much as $20 billion, would be one of the largest public stock offerings in the exchange’s history.
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