On Thursday, August 28, Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department will host a webinar entitled “Insurance Implications of Climate Change”. This 60 minute webinar will comprise a discussion of the global legal framework which recognizes the reality of climate change.
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United States
Housing Bill Prohibiting Tie-Ins to Reverse Mortgages Becomes Law
Last week, the U.S. Senate passed H.R. 3221, the Housing and Economic Recovery Act of 2008, which provides measures to shore up Fannie Mae, Freddie Mac and the Federal Home Loan Banks, and provides relief to thousands of homeowners facing foreclosure. …
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Report: Subprime Mortgage and Auction Rate Securities Issues Fuel Increase In Securities Class Action Filings In The First Half of 2008
By Troutman Pepper Locke on
Cornerstone Research, in cooperation with Stanford Law Schools Securities Class Action Clearinghouse, recently released a report on federal securities class action filings in the first half of 2008. …
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Pay-as-You-Drive Auto Insurance in New Jersey
By Troutman Pepper Locke on
New Jersey has become the latest state to allow pay-as-you-drive auto insurance plans, which are also permitted in Alabama, Michigan, Minnesota and Oregon. A pay-as-you-drive auto insurance plan is one that charges a driver based on the numbers of miles driven and how abruptly drivers brake and accelerate. Two large insurers, GMAC Insurance and Progressive, currently offer such plans.
Continental Casualty Co. Pays California Guarantee Association $56 Million
By Troutman Pepper Locke on
On July 23, 2008, the California Insurance Department announced that it had recovered $56.25 million from Continental Casualty Co. (“Continental”) in connection with a surety bond issued by Continental that guaranteed the obligations of Superior National Insurance Company (“Superior”), a workers’ compensation insurer that was liquidated in 2000. …
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Kentucky Department Clarifies Regulation of Life Insurance Sales to Military Personnel
By Troutman Pepper Locke on
The Military Personnel Financial Services Protection Act, passed by Congress in 2006, prohibits insurers from entering into or renewing a contractual relationship with an agent or other person who sells life insurance on a military installation unless the insurer has implemented a system to report disciplinary actions taken by (1) the insurer or (2) any Federal or State government entity against its agents for conduct occurring on a military installation.
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Ohio Residents File Class Action Complaint Against Makers of Baby Bottles with BPA
By Troutman Pepper Locke on
Last month, Ohio residents filed a class action complaint against five of the largest baby bottle and “sippy cup” makers: Avent, Dr. Brown’s, Evenflo, Gerber, and Playtex. The lawsuit alleges that the bottle makers were aware of the dangers of Bisphenol-A (commonly referred to as “BPA”) but misrepresented, both intentionally and negligently, their products’ safety. BPA, a component of clear polycarbonate, is commonly used in baby bottles, pacifiers and other baby and adult products. …
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Agents and Brokers Urge Expansion of New York Excess Lines Export List
By Troutman Pepper Locke on
Last month, the New York State Insurance Department (the “Department”) held a public hearing in New York City to explore the possibility of expanding the Excess Lines Export List (the “Export List”). The Export List is a compilation of risks or coverages that may be placed by surplus lines brokers without compliance with the three declinations rule. …
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NY Attorney General Files Auction Rate Securities Complaint Against UBS
The New York Attorney General filed a civil complaint yesterday against UBS Securities LLC and UBS Financial Services, Inc. alleging that UBS “committed a multi-billion dollar consumer and securities fraud on the investing public by falsely selling securities facing mounting liquidity risk as cash equivalents.”
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Ninth Circuit: CAFA Does Not Override Anti-Removal Provision of Securities Act of 1933 in Subprime Class Action
By Troutman Pepper Locke on
Posted in D&O Liability, United States
The Ninth Circuit federal court of appeals recently held that the Class Action Fairness Act of 2005 (CAFA), which permits in general the removal to federal court of high-dollar class actions involving diverse parties, does not supersede section 22(a)’s specific bar against removal of cases arising under the Securities Act of 1933 (’33 Act).