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The United States District Court for the Southern District of New York recently held that a U.S. court does not have subject matter jurisdiction over a lawsuit in which 90% of the proposed class is made up of foreign investors who purchased the securities at issue on foreign exchanges. 

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Read More New York Federal Court Rejects “Global Fraud-on-the-Market” Presumption

A Florida appellate court recently held that the retroactivity limitation for asbestos lawsuits under the state’s 2005 Asbestos and Silica Compensation Act rendered the entire Act unconstitutional. 

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Read More Florida Appeals Court: 2005 Asbestos and Silica Compensation Act is Unconstitutional

Last month, the New York Court of Appeals held that a tenant breached its lease and, in doing so, violated New York Insurance Law § 3404.  The court ruled that the lease was breached because the tenant obtaining insurance coverage that explicitly excluded terrorism losses from coverage. 

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Read More New York’s Highest Court Holds that Policy with Terrorism Exclusion Restricts the Cause of Potential Covered Damages

The California State Court of Appeals recently reaffirmed that, under California law, claims made in one policy period and reported in a subsequent policy period are not covered under either of consecutive “claims made and reported” policies when both policies require that a claim be made and reported during the same policy period. 

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Read More California State Court: Claim Made In One Period And Reported In A Subsequent Period Not Covered By “Claims Made And Reported” Policy

Last month, the Senate began debate on the first comprehensive climate change bill, known as the Lieberman-Warner Climate Security Act (the “Bill”).  The Bill would rely on a “cap and trade” program (the “Program”) to give power plants, factories and refineries financial incentive to reduce their greenhouse gas emissions.  Under the Bill, the Program would first set a cap on the total carbon dioxide emissions allowed in the United States. 

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Read More Senate Debates Global Warming Bill

Plaintiffs in a mutual fund class action have sought rehearing en banc after a ruling by the United States Court of Appeals for the Seventh Circuit rejected the so-called Gartenberg test, which looks to the “reasonableness” of advisory fees charged by investment advisors. …
Read More Plaintiffs Petition Seventh Circuit For Rehearing on Ruling Rejecting Gartenberg Test

The Enforcement Section of the Massachusetts Securities Division recently filed an administrative complaint against UBS Securities, LLC and UBS Financial Services, Inc. alleging conflicts of interest and use of misleading sales practices in the marketing of auction rate securities (“ARS”). 

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Read More Massachusetts Files Securities Fraud Suit Against UBS Regarding Auction Rate Securities

According to the Insurance Information Institute, the cost of homeowners insurance along the East and Gulf coasts has increased by as much as 100% since 2004.  The Wall Street Journal (WSJ) recently reported that regulators and other critics contend that this increase in premiums is due in part to insurers’ use of a “computerized catastrophe model” that assumes climate change resulting in more frequent and more severe hurricanes. 

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Read More Insurers Questioned On Use Of Rate Model Assuming Increase in Weather Related Catastrophes