On June 11, 2009, Ashland Inc., the maker of Valvoline Motor Oil, filed a complaint against Morgan Stanley in the U.S. District Court for the Southern District of New York, based upon Morgan Stanley’s alleged sale of Auction Rate Securities (“ARS”) to Ashland.
Read More ARS Suit by Valvoline Maker Alleges Morgan Stanley Fraudulently Misrepresented Securities
United States
Third Circuit Upholds Validity of Other Household Vehicle Exclusion
By Troutman Pepper Locke on
In Ginther v. Farmers New Century Insurance Company, No. 04-3478 (3d Cir. Apr. 21, 2009), the United States Court of Appeals for the Third Circuit recently upheld “the other household vehicle exclusion” contained in an automobile insurance policy. …
Read More Third Circuit Upholds Validity of Other Household Vehicle Exclusion
Florida Governor Charlie Crist Vetoes Property Insurance Reform Bill
By Troutman Pepper Locke on
On June 24, 2009 Florida Governor Charlie Crist vetoed Florida HB 1171, a property insurance reform bill, sought by the insurance industry and business advocacy groups. HB 1171 would have permitted insurers with adequate reserves to offer policies at whatever rate the market would bear while rate regulated companies continued to sell policies in Florida. …
Read More Florida Governor Charlie Crist Vetoes Property Insurance Reform Bill
Chinese Drywall – Environmental Protection Agency Releases Preliminary Test Results
The United States Environmental Protection Agency (EPA) recently conducted comparative testing on drywall manufactured in China and the United States. As reported here, here, and here, Chinese drywall emits fumes that allegedly smell like rotten eggs, cause health problems and corrode metal in thousands of new homes built between 2002 and 2007. Complaints have been registered nationwide but are concentrated in the Southeast, particularly in Florida.
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Read More Chinese Drywall – Environmental Protection Agency Releases Preliminary Test Results
Alabama Federal Court: Third-Party Beneficiary to Insurance Policy May Not Pursue Bad Faith Claim
Last month, a federal district court in Alabama ruled, as a matter of first impression that, under Alabama law, a litigant seeking to pursue an insurance bad faith claim against an insurer must have a direct contractual relationship with that insurer.
Deadline Approaches for Compliance with Massachusetts Pharmaceutical and Medical Device Manufacturer Conduct Regulations
By Troutman Pepper Locke on
Posted in Product Liability, United States
On July 1, 2009, pharmaceutical and medical device manufacturers of FDA-approved drugs or medical devices doing business in Massachusetts or doing business with health care practitioners (“HCPs”) licensed in Massachusetts (regardless of where benefits are provided or expenditures are made) (“Companies”) must be in compliance with the Massachusetts Code of Conduct Law. This requirement is contained in regulations issued by the Massachusetts Department of Public Health (the “DPH”) on March 11, 2009 (the “Regulations”). …
Read More Deadline Approaches for Compliance with Massachusetts Pharmaceutical and Medical Device Manufacturer Conduct Regulations
The Florida Office of Insurance Regulation Enters Cooperation Agreement with Germany’s Financial Regulator
By Troutman Pepper Locke on
This week, the head of the Florida Office of Insurance Regulation (“FLOIR”), Commissioner Kevin McCarty, announced the signing of a memorandum of understanding (“MoU”) with the German Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin”), Germany’s integrated financial regulator responsible for regulatory oversight of the insurance, banking and securities markets.
The Follow-on Biologics Debate and the June 2009 FTC Report on Follow-on Biologic Drug Competition
By Troutman Pepper Locke on
Posted in Product Liability, United States
On June 10, 2009, the Federal Trade Commission released a detailed report entitled: “Emerging Health Care Issues: Follow-on Biologic Drug Competition.” The FTC Report is important because it provides the most current government-sector analysis of the U.S. biologics market and the FTC’s recommendations for legislation designed to allow for “follow-on” versions of such drug products. …
Read More The Follow-on Biologics Debate and the June 2009 FTC Report on Follow-on Biologic Drug Competition
NY Federal Court: Availability of Consequential Damages Not Limited to Commercial Property Insurance
In Woodworth v. Erie Insurance Company, No. 05-CV-6344CJS (Jun. 12, 2009), the federal district court for the Western District of New York held that recovery of consequential damages under Bi-Economy Mkt., Inc. v. Harleysville Ins. Co. of NY, 10 N.Y. 3d 187 (2008), is not limited to commercial property insurance claims. …
Read More NY Federal Court: Availability of Consequential Damages Not Limited to Commercial Property Insurance
Financial Regulatory Overhaul Update
By Troutman Pepper Locke on
Posted in Federal Legislative Developments, United States
As previous reported here, President Obama’s release of his plan to overhaul the regulation of the financial industry was followed by Treasury Secretary Timothy Geithner’s defense of the Administration’s proposal before the Senate Committee on Banking, Housing and Urban Affairs on Thursday. The Secretary’s expected appearance before the House Committee on Financial Services later in the day was postponed, due to an extended series of votes on the House floor.