On January 21, 2009, Edwards Angell Palmer & Dodge’s Privacy Group will host a complimentary breakfast seminar (in the firm’s Boston office) on the new security and privacy requirements in Massachusetts.
United States
Federal Court Rules That No D&O Coverage Exists For Discrimination Claims Despite Allegations Against Company’s Directors and Officers
By Troutman Pepper Locke on
The Federal District Court for the District of Maine recently held that a discrimination suit was not covered by a directors and officers liability insurance policy where the suit alleged corporate actions through a company’s officers and directors, but named only the company as a defendant.
Connecticut Court Rules That Insured Contractor’s Faulty Work Cannot Constitute Occurrence
By Troutman Pepper Locke on
Earlier this month, the Connecticut Superior Court for the Judicial District of Waterbury, Complex Litigation Docket, ruled that where a contractor was sued based on allegations of poor workmanship, the allegations are not covered by the contractor’s general liability policy because they do not constitute an “occurrence.” …
Read More Connecticut Court Rules That Insured Contractor’s Faulty Work Cannot Constitute Occurrence
AIG Completes Sale of Residential Mortgage Backed Securities to the NY Fed
By Troutman Pepper Locke on
AIG announced yesterday that it had completed a sale of residential mortgage backed securities (“RMBS”) to Maiden Lane II, a fund established by the Federal Reserve Bank of New York (the “NY Fed”) as part of its plan to ensure AIG remains solvent. The assets, with a face value of $39.3 billion, were purchased by Maiden Lane II for $19.8 billion. The fund was established to eliminate the liquidity issues associated with AIG’s securities lending program. …
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Senate Finance Committee Discusses Reinsurance Tax Legislation
On December 10, 2008, the Senate Finance Committee (the “Committee”) held a meeting to discuss proposed legislation (the “Proposal”) that would reduce the purported competitive advantage in tax treatment received by affiliated foreign reinsurers by altering the tax code to disallow deductions for a portion of reinsurance premiums ceded by insurance companies to affiliated foreign reinsurers who are not subject to U.S. taxation. …
Read More Senate Finance Committee Discusses Reinsurance Tax Legislation
The New York Insurance Department Will No Longer Approve D&O Policies Lacking “Duty-to-Defend” Coverage Feature
By Troutman Pepper Locke on
The New York Insurance Department has long prided itself for being an activist state regulator for insurance business underwritten in the world’s financial capital. …
Read More The New York Insurance Department Will No Longer Approve D&O Policies Lacking “Duty-to-Defend” Coverage Feature
Puerto Rican Offshore Insurance Companies Create Association
By Troutman Pepper Locke on
Four of the companies that have organized under the Puerto Rican International Insurance Center announced recently that they have created an association to promote Puerto Rico’s competitiveness in the international insurance and reinsurance markets. …
Read More Puerto Rican Offshore Insurance Companies Create Association
General Contractor Entitled to Primary Coverage Under Its Own CGL Policy And As An Additional Insured Under Its Subcontractor’s CGL Policy
By Troutman Pepper Locke on
A New York state trial court recently ruled that general contractors/owners were entitled to primary coverage under both their own commercial general liability policy and under a subcontractor’s general commercial liability policy as an additional insured.
Insurers May Be Required To Provide Defense Of Bluetooth Headset Cases Even Though Complaints Do Not Allege Physical Injury
By Troutman Pepper Locke on
The United States District Court for the Northern District of California recently denied several commercial general liability insurers’ motions to dismiss, holding that the insurers may be required to defend the makers of Bluetooth Headsets against suits alleging negligent design and unfair marketing even though the suits do not allege that the plaintiffs suffered any physical injuries. …
Read More Insurers May Be Required To Provide Defense Of Bluetooth Headset Cases Even Though Complaints Do Not Allege Physical Injury
Update: Court Denies Wachovia Shareholder’s Request to Enjoin the Well Fargo-Wachovia Merger
By Troutman Pepper Locke on
We previously reported on a Wachovia shareholder’s attempt to enjoin the Wells Fargo-Wachovia merger (please click here to view previous post). On December 5, 2008, Judge Albert Diaz of the North Carolina Business Court denied the Wachovia shareholder’s request for a preliminary injunction.