UBS AG and its affiliates (“UBS”) commenced arbitration against Lakah Funding Limited, the primary obligor and issuer of certain Eurobonds, and against four guarantors of the bonds.
United States
NAIC Exposes Draft Federal Legislation for Implementation of Reinsurance Regulatory Modernization Framework
By Troutman Pepper Locke on
As reported in our December 8, 2008 posting, the National Association of Inusrance Commissioners (“NAIC”) adopted a proposal to modernize reinsurance regulation (the “Proposal”) at its 2008 Winter Meeting.
New York State Appellate Court: Asbestos Claims Fall Within Products/Operations Hazard Coverage and Are Subject to Aggregate Limits
By Troutman Pepper Locke on
A New York state appellate court recently reversed a landmark 2007 trial court decision and held that asbestos-related bodily injury claims fall within the products/completed operations hazard coverage of the comprehensive general liability policies at issue and are therefore subject to that coverage’s aggregate limits.
Indiana Federal Court Recognizes Cause of Action Against Insurance Agent as Distinct From Claims That Insurer Acted in Bad Faith
By Troutman Pepper Locke on
The United States District Court for the Northern District of Indiana recently held that the insureds’ misrepresentation claim against its insurance agent was a viable claim under Indiana law and was distinct from claims that the insurer adjusted their claim in bad faith.
Sixth Circuit: Under Kentucky Law, Excess Insurers Must Show Reasonable Possibility of Substantial Prejudice to Justify Denial of Coverage Based Upon Late Notice
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
On January 7, 2009, the Sixth Circuit Federal Court of Appeals held in that, under Kentucky law, an excess liability insurer must show harm or prejudice as a result of late notice of a claim in order to deny coverage on that ground.
Peru and Chile Expected to Lead Latin America in Economic Growth through 2010
By Troutman Pepper Locke on
Posted in Latin American Developments, United States
A recent report by consulting firm Consensus Forecasts predicts that Peru and Chile will experience the greatest economic growth among Latin American countries between now and the end of 2010.
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Legislation Proposed in Connecticut and New Jersey Allows for Direct Action by Claimants for Unfair Claims Settlement Practices
Legislation is under consideration in Connecticut and New Jersey that may significantly expand a claimant’s ability to directly sue an insurer over unfair claims settlement practices.
New Jersey Federal Court Dismisses Securities Class Action Complaint as Sanction for Attorney Misconduct
By Troutman Pepper Locke on
Posted in D&O Liability, United States
The United States District Court for the District of New Jersey recently dismissed a securities class action complaint as a sanction for conduct by the lead plaintiff and class counsel. Guy Del Giudice v. S.A.C. Capital Management, LLC, et al., 06-cv-1413 (February 19, 2009).
Supreme Judicial Court Refuses to Extend Gamache Fee-Shifting Rule to Insurer Plaintiffs
By Troutman Pepper Locke on
In a recent decision, the Supreme Judicial Court of Massachusetts ruled that an insurer, in contrast to an insured, cannot obtain attorney’s fees incurred in successfully establishing another insurer’s duty to defend. John T. Callahan & Sons, Inc. v. Worcester Ins. Co., SJC-10180 (March 19, 2009).
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Senate Bill Aims to End the Use of Preexisting Condition Exclusions by Health Insurers
By Troutman Pepper Locke on
Last week, Senator John D. Rockefeller IV, (D-W.Va.) introduced the Preexisting Condition Patient Protection Act of 2009 (S. 623) (the “Bill”). According to Senator Rockefeller, the Bill will address any coverage gaps created in the Health Insurance Portability and Accountability Act of 1996 regarding preexisting condition exclusions by eliminating the use of preexisting condition exclusions in all health insurance markets.
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