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The New Jersey Department of Banking and Insurance (the “Department”) released a draft rule, N.J.A.C. 11:17B-4 (PRN 2009-242) (the “Proposed Rule”), setting forth the specific requirements of N.J.S.A. 17:22A-41.1.  N.J.S.A. 17:22A-41.1, which became effective on January 5, 2008, requires that insurance producers selling, soliciting or negotiating health insurance policies provide the purchaser with written notification of “the amount of any commission, service fee, brokerage, or other valuable consideration” received. 

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Read More New Jersey Releases Proposed Rule and Notice of Pre-Proposal for Disclosure of Producer Compensation for Sales of Health Insurance Policies

On July 30, 2009, the US District Court for the Eastern District of New York approved a $37.25 million settlement of a subprime-related securities class action styled, In re American Home Mortgage Securities Litigation. …
Read More Court Approves American Home Mortgage’s Settlement of a Subprime Securities Class Action

On July 15, 2009, the US District Court for the Eastern District of Pennsylvania preliminarily approved a $32 million settlement of a subprime related securities class action against RAIT Financial Trust, RAIT’s directors and officers, Grant Thornton, and Piper Jaffray. …
Read More Court Gives Preliminary Approval to RAIT’s Settlement of a Subprime Related Securities Class Action

On August 24, 2009, the US District Court for the Southern District of New York preliminarily approved a $150 million settlement of a subprime-related securities class action pending against Merrill Lynch and several of its directors and officers styled, Louisiana Sheriff’s Pension and Relief Fund v. Conway et al. …
Read More Court Gives Preliminary Approval to Merrill Lynch’s Settlement of a Subprime-Related Securities Class Action

According to industry reports, Massachusetts Insurance Commissioner, Nonnie S. Burnes, recently announced her plan to resign from the Insurance Department to become a senior university fellow at Northeastern University, where she earned her law degree. …
Read More Massachusetts Insurance Commissioner Steps Down for Position in Academia

Today, Senate Judiciary Committee Chairman Patrick Leahy introduced legislation to eliminate the federal antitrust exemption for health insurance and medical malpractice insurance companies. …
Read More Legislation Introduced to Eliminate Federal Antitrust Exemption for Health Insurance and Medical Malpractice Insurance Companies

As previously reported, here, on August 8, 2007, a jury convicted ex-Brocade CEO Greg Reyes for violating federal securities laws by failing to properly account for backdated options.   On August 18, 2009, the Ninth Circuit reversed Reyes’s conviction based on prosecutorial misconduct (but did not dismiss Reyes’ indictment). 

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Read More Ninth Circuit Reverses Reyes’ Conviction for Options Backdating

On July 31, 2009, the SEC filed a civil enforcement action against  NSP,  NSP’s CEO Douglas Faggioli, and NSP’s former CFO, Craig D. Huff, arising out of alleged bribes  that NSP made to Brazilian customs officials in violation of the Foreign Corrupt Practices Act. 

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Read More Nature’s Sunshine Products, Inc., (“NSP”) and Two of NSP’s Officers Settle FCPA Enforcement Action

In the last week of August, 2009, the Department of Health and Human Services (“HHS”) and the Federal Trade Commission (“FTC”) officially published their final rules concerning consumer notification of breaches of protected health information (“PHI”). Congress mandated that both rules be issued under the Health Information Technology for Economic and Clinical Health (“HITECH”) Act, part of the American Recovery and Reinvestment Act of 2009. 

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Read More Final Rules Issued for Breach of Electronic Health Information