Three weeks after the federal government seized control of Freddie Mac and Fannie Mae – the two biggest mortgage companies in the United States – news reports indicate that on September 26, 2008, Fannie Mae and Freddie Mac each received federal grand jury subpoenas from the United States Attorney’s Office for the Southern District of New York.
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United States
Damages Caused To Component Parts By Subcontractors’ Deficient Work Is Not “Property Damage” Caused By An Occurrence”
By Troutman Pepper Locke on
An Indiana federal district court recently granted summary judgment on the ground that an insurer had no duty under a CGL policy to indemnify its insured, a general contractor, in a suit premised on alleged faulty workmanship of the insured’s subcontractors. …
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Insurer to Exclude Nanotube and Nanotechology from Coverage
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
On October 2, 2008, Advisen reported that insurance company Continental Western Group (“CWG”) announced that it would exclude nanotube and nanotechnology from its coverage.
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New Jersey Appeals Court Holds Pollution Exclusion Does Not Apply to D&O Claim Related to Asbestos Disclosures
By Troutman Pepper Locke on
The New Jersey Superior Court, Appellate Division recently held that a pollution exclusion contained in a D&O liability policy does not bar coverage for shareholder claims alleging fraudulent statements in SEC disclosures concerning alleged pollution.
Government Officials Announce Three Measures Taken to Shore-Up the United States Financial Market
A joint statement was issued by United States Treasury Secretary Henry Paulson, Federal Reserve Chairman Benjamin Bernanke, and Federal Deposit Insurance Corporation (“FDIC”) Chairman Sheila Bair regarding the role each governing body will play in bolstering public confidence in the United States banking system and the restoration and stabilization of market liquidity needed to support economic growth.
Invitation To Attend “The Global Credit Crisis And The International Insurance Industry” Symposium on November 7th in New York City
We are pleased to announce that AIDA US, the American Chapter of the International Insurance Law Society, will hold an afternoon seminar immediately following the ARIAS•US Conference on Friday, November 7th, from 1:30-4:15PM. “The Global Credit Crisis and the International Insurance Industry” brings together leaders in the field whose update
Court Finds That Insurer Did Not Waive Defense In Its Denial Letter Due to “Catch-all” Statement
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
A Pennsylvania state court recently held that an insurer had not waived a defense by failing to specifically reference it in a coverage denial letter because the letter contained a “catch-all” provision reserving the insurer’s rights to raise other coverage defenses and issues. …
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Announcement of Cover Florida Participating Health Insurance Companies Delayed
By Troutman Pepper Locke on
Last August, Florida Governor Charlie Crist announced that nine health insurers submitted insurance coverage plans to provide healthcare insurance under the Cover Florida plan. The names of participating insurers were to be announced in early October, but have now been delayed due to scheduling conflicts during negotiations. …
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Treasury Secretary Paulson Selects Interim Head of Financial Rescue Program
By Troutman Pepper Locke on
Neel Kashkari has been named the interim head of the new Office of Financial Stability within the United States Department of Treasury. The Office of Financial Stability was created under the Emergency Economic Stabilization Act of 2008, previously discussed here. …
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Third Circuit Upholds Liability of PricewaterhouseCoopers in Ambassador Insolvency
The United States Court of Appeals for the Third Circuit recently upheld a $182.9 million judgment against PricewaterhouseCoopers, LLP (“PWC”) for allegedly contributing to the failure of Ambassador Insurance Company (“Ambassador”) through negligent auditing.
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