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UBS Financial Services, Inc. and UBS Securities LLC entered into an agreement Wednesday with the Massachusetts Attorney General to return over $35 million to Massachusetts towns, cities and government entitities that UBS had invested in auction rate securities.  The settlement resolves an investigation initiated in February 2008 into allegations that UBS had misrepresented to state entities that auction rate securities were “a permissible investment for the municipalities under Massachusetts law.” …
Read More Auction Rate Securities: UBS Settles Massachusetts Attorney General Probe for Over $35 Million

As previously reported on this blog, Brocade Communications Systems, Inc. and its directors and officers have been the subjects of civil litigation for allegedly improper stock option practices.  In addition, two former officers – former CEO Greg Reyes and former human resources director Stephanie Jensen – have been convicted of securities fraud and conspiracy, respectively, arising out of Brocade’s alleged stock option backdating. 

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Read More Brocade: Stock Option Backdating Derivative Suit Names Brocade’s Outside Counsel

The Louisiana Senate has recently voted to extend the Insure Louisiana Incentive Program (the “Program”).  We previously reported about the program here and here.  Under the Program, Louisiana earmarked $100 million in grants ranging from $2 to $10 million for qualified property and casualty insurance companies entering the Louisiana market.  The goal of the Program is to increase the private market capacity by 15%. 

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Read More Louisiana Looks To Extend Incentive Program

In a matter of first impression in the circuit, the U.S. Court of Appeals for the Eleventh Circuit recently affirmed a lower court’s dismissal order on the ground that the longer statute of limitation contained in the Sarbanes-Oxley Act (“SOX”) does not serve to revive claims that had already expired under the previous, shorter statute of limitations. 

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Read More Eleventh Circuit: SOX Does Not Save Previously Time-Barred Claims

In a recent decision by the United States District Court for the Southern District of New York, the court held that, despite the confidential nature of arbitration proceedings, a party seeking to confirm an arbitration award in court must establish some justifiable reason as to why the award and any documents filed in conjunction with the petition to confirm should remain confidential in order to overcome the strong presumption against sealing judicial records and prevent public access. 

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Read More New York Federal Court Finds That Arbitration Awards Should Not Be Sealed

Barney Frank (D-MA), Chairman of the House Financial Services Committee, and Paul E. Kanjorski (D-PA), Chairman of the House Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, recently sent an open letter to SEC Chairman Christopher Cox urging the SEC to take action concerning auction rate securities. 

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Read More Auction Rate Securities: Prominent Congressmen Urge SEC To Take Action

The legislation listed below is under consideration for inclusion on a future Assembly Insurance Committee agenda. In order to gather input on these bills, all interested parties are invited to offer comments in support or opposition to the bills listed below. Suggestions for proposed language changes are also welcome at this time. 

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Read More Requests for Comments on Proposed Legislation from New York State Assembly Committee on Insurance

The Mississippi Supreme Court has been asked, for the first time, to interpret the antic-concurrent causation clause in a homeowners’ insurance policy.  An anti-concurrent causation clause (“ACC clause”) generally provides that if a loss arises from a combination of covered and non-covered perils, the entirety of the loss is excluded from coverage. …
Read More Katrina: Mississippi Supreme Court Is Asked to Interpret a Homeowners’ Policy’s Anti-Concurrent Causation Clause