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In a recent decision (click here), New York’s highest court weighed in on a long-standing debate over an insurance policy’s requirement that insureds obtain their insurers’ consent before settling a claim made against an insured. …
Read More Insured’s Breach of Consent Provision Precludes Coverage for Settlement

The first shareholder action to surface in the wake of the momentous sale of Bear Sterns & Co. Inc. to J.P. Morgan Chase & Co. was filed yesterday in the U.S. District Court for the Southern District of New York.  The complaint names as defendants Bear Stearns and certain of its officers and directors, and charges them with violations of the Securities Exchange Act of 1934. 

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Read More Bear Stearns Sale Sparks First Shareholder Action

The Missouri Court of Appeals recently affirmed an $8 million punitive damages award against an insurer in a breach of contract, malicious prosecution, and punitive damages action arising from a denied automobile insurance claim valued at $10,300. 

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Read More Missouri Court of Appeals Upholds $8 Million Punitive Damages Award Against Insurer In Case Arising From $10,300 Auto Claim

A Massachusetts trial court recently held that an insurer must pay the attorneys’ fees incurred by its insured in the successful defense of a duty to defend declaratory coverage action brought by the insurer. …
Read More Gamache Exception Extended: Massachusetts Trial Court Orders Insurer To Pay Insured’s Attorneys’ Fees In Unsuccessful Duty to Defend Declaratory Judgment Action

On November 16, 2006, Financial Security Assurance Holdings Ltd. (“FSAH”) received subpoenas from the Securities and Exchange Commission and the Antitrust Division of the U.S. Department of Justice issued in connection with ongoing civil and criminal investigations of brokers, financial institutions and bond insurers suspected of bid rigging awards of municipal guaranteed investment contracts (“GICs”). 

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Read More Wells Notice Received by Bond Insurer in Municipal Guaranteed Investment Contracts Antitrust Investigation

A federal district court recently held that an ambiguity in a reinsurance contract’s arbitration provision regarding the structure of the arbitration and selection of arbitrators was for the arbitrators, not the court, to decide. 

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Read More Court Refers Ambiguity Over Structure of Arbitration and Selection of Arbitrators to the Panel

Edwards Angell Palmer & Dodge Hosts Seminar on Directors’ Duties and Sub-prime Issues
On 6 March 2008 Edwards Angell Palmer & Dodge hosted a seminar in London for over 90 representatives from a broad cross section of the insurance and reinsurance industry. Helen Clark and Antony Woodhouse, partners in the London office, spoke about codified duties and shareholder actions in the UK following the coming into force of the Companies Act 2006, which introduces a new statutory statement of directors’ duties and reforms to shareholder derivative actions. 

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Read More Edwards Angell Palmer & Dodge Hosts Seminar on Directors’ Duties and Sub-prime Issues

On February 13, 2008, United States District Court Judge Saundra Brown Armstrong appointed Gwyn Jones, a U.K. citizen that resides in Cyprus, as the lead plaintiff in a securities class action brought against BigBand Networks, Inc., its directors and officers, and other defendants. …
Read More Foreign Plaintiff Named Lead Plaintiff in BigBand Securities Class Action