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On March 30, 2009, Judge Lawrence M. McKenna granted UBS’s Motion to Dismiss a putative class action complaint filed against it by investors in Auction Rate Securities (ARS).  This dismissal was based on Lead Plaintiffs having availed themselves of UBS’s offer to buy back the securities, as mandated by UBS’s settlement with state and federal regulators. 

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Read More Judge Dismisses ARS Class Action Against UBS Based Upon Regulatory Settlement

On March 25, 2009, Washington Governor Chris Gregoire signed into law Senate Bill 5417, An Act Relating to Flood Insurance Coverage (the “Act”).  The Act applies to insurers issuing homeowner, condominium unit owner, residential tenant and residential fire insurance policies that do not cover damage caused by flood. 

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Read More Washington Governor Signs Flood Insurance Coverage Bill

On Tuesday, March 31, 2009, New York State Insurance Department (“NYSID”) Superintendent Eric Dinallo announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Autoridade Monetária de Macau (“AMCM”), Macau’s insurance regulator. 

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Read More New York Insurance Department Announces Cooperation Agreement with Macau

Rhonda Enterprises S.A. (“Rhonda”), a vessel owner, entered into a charter party agreement with certain charterers, Projector S.A. and Projector Asia Pte. Ltd for the carriage of goods from Taiwan to Singapore (collectively, “Projector”). 

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Read More Court Orders Party to Pay Attorney’s Fees and Costs Related to Opposing Party’s Motion to Confirm Arbitral Award

Legislation (Senate Bill 1894) introduced in the Florida Senate to exempt surplus lines insurers from the provisions of Chapter 627 has been amended by the Committee on Banking and Insurance and re-referred to the Judiciary Committee. 

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Read More UPDATE: Florida Senate Committee Amends Surplus Lines Insurer Exemption Legislation

Shareholders of Perrigo Company recently filed suit in the United States District Court for the Southern District of New York against Perrigo, a pharmaceutical manufacturer and distributor and seven of its directors and officers, alleging violations of Section 10(b) and Rule 10b-5 of the 1934 Securities Exchange Act.  See Warner v. Perrigo Co., No. 09-CV-2255 (March 11, 2009). 

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Read More Shareholders File Suit in New York Federal Court Against Auction Rate Securities Buyer

The Delaware Chancery Court recently dismissed, without leave to amend, a derivative action brought by shareholders of Affiliated Computer Services, Inc. (“ACS”) arising out of a failed deal between Cerberus Capital Management LP (“Cerberus”) and ACS to take ACS private. 

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Read More Delaware Chancery Court Dismisses Shareholder Lawsuit Arising Out of Company’s Failed Bid to Go Private

In a lawsuit filed against the U.S. Army Corps of Engineers involving allegations that the Army Corps was negligent in its maintenance of the Mississippi Gulf River Outlet (“MRGO”), a federal district court in Louisiana recently denied plaintiffs’ partial summary judgment motion and defendants’ renewed motion to dismiss. 

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Read More Hurricane Katrina-Related Case Against the Army Corps of Engineers is Likely to Proceed to Trial