United States Archives - Page 277 of 314

Massachusetts Attorney General Files Complaint Against Insurer Alleging Bid Rigging

Jan 15, 2008 | Antitrust, Massachusetts Developments | United States

In a press release dated January 4, 2008, Massachusetts Attorney General Martha Coakley’s Office reported that it filed a complaint in Suffolk Superior Court against Ohio-based insurer Great American Insurance Group (“Great American”).

Breaking News: Supreme Court Rules Against Investors to Limit Shareholder Suits

Jan 15, 2008 | D&O Liability | United States

In a highly anticipated decision issued this morning, the U.S. Supreme Court upheld the dismissal of a shareholder lawsuit where the plaintiffs failed to establish reliance on any statements made by the defendants.

Governor Crist Assembles Trial Team To Review Insurers’ Compliance With Rate Reform

Jan 15, 2008 | Catastrophe Claims, Florida Developments, Regulatory | United States

As one of his first actions upon taking office in January 2007, Florida Governor Charlie Crist asked the state legislature to increase the state’s hurricane catastrophe fund. Crist’s initiative was designed to lower insurers’ costs, and insurers, which bought reinsurance from the state, were supposed to pass their savings on to policyholders.

Illinois Issues a Consumer Alert Regarding Stranger/ Investor Originated Life Insurance

Jan 15, 2008 | Illinois Developments, Life Insurance & Annuities, Regulatory | United States

On January 10, 2008, the Illinois Division of Insurance (“DOI”) issued a consumer alert advising caution with respect to “Stranger/ Investor Originated Life Insurance” (“STOLI”) arrangements.

Aggressive New Proposed Regulation for the Security of Personal Information

Jan 14, 2008 | Massachusetts Developments, Privacy/Data Security/Cyber Risk, Regulatory | United States

With potential implications for anyone doing business with a Massachusetts resident, the Massachusetts Office of Consumer Affairs and Business Regulation (“OCABR”) held a public hearing today concerning the proposed regulation 201 Mass. Code Regs. 17.00, the new Standards for the Protection of Personal Information of Residents of the Commonwealth.

Brocade Stock Options Backdating Criminal Trial: Reyes’ Motion For New Trial Denied

Jan 11, 2008 | D&O Liability | United States

On January 9, 2008, U.S. District Judge Charles Breyer denied ex-Brocade CEO Greg Reyes’ motion for a hearing or a new trial based on the allegedly false testimony of a witness at trial. As previously reported (see here), Reyes was convicted of securities fraud on August 7, 2007 for failing to properly account for backdated stock options.

Ex-Waste Management CFO Ordered to Pay $4 Million in Connection with Accounting Fraud

Jan 10, 2008 | D&O Liability, Illinois Developments | United States

On January 3, 2008, the U.S. District Court for the Northern District of Illinois ordered Waste Management Inc.’s former CFO to pay more than $4 million to the Securities and Exchange Commission (“SEC”) in civil penalties and disgorgement.

Ohio’s Highest Court Upholds Constitutionality of Statutory Cap on Pain and Suffering Damages

Jan 9, 2008 | Product Liability | United States

On December 27, 2007, the Ohio Supreme Court voted 5 to 2 to uphold the constitutionality of the state’s statutory cap on pain and suffering damages in personal injury lawsuits.

Louisiana Federal Court Orders State Farm to Pay Its Insureds’ Legal Fees in Bad Faith Katrina-Related Coverage Litigation

Jan 9, 2008 | Catastrophe Claims, Coverage & Claims | United States

While there have been several pre-trial rulings from Louisiana federal courts on Katrina-related insurance coverage issues, the first such trial in Louisiana federal court took place recently. On November 7, 2007, a jury in the Eastern District of Louisiana awarded $365,000 to Michael and Judy Kodrin from their homeowners’ insurer, State Farm Fire Insurance Company.

Ohio Court of Appeals: Consideration of Extrinsic Evidence is Proper in Determining Meaning of Policy Wording As to Aggregate Limits Where Portions of the Policy at Issue are Missing

Jan 8, 2008 | Asbestos, Coverage & Claims, Extra-Contractual Liability | United States

The Ohio state Court of Appeals recently determined that where portions of insurance policies at the center of a dispute were missing, the lower court’s consideration of extrinsic evidence in determining the meaning behind ambiguous policy wording was proper.

Jurisdiction: United States

Massachusetts Attorney General Files Complaint Against Insurer Alleging Bid Rigging

Breaking News: Supreme Court Rules Against Investors to Limit Shareholder Suits

Governor Crist Assembles Trial Team To Review Insurers’ Compliance With Rate Reform

Illinois Issues a Consumer Alert Regarding Stranger/ Investor Originated Life Insurance

Aggressive New Proposed Regulation for the Security of Personal Information

Brocade Stock Options Backdating Criminal Trial: Reyes’ Motion For New Trial Denied

Ex-Waste Management CFO Ordered to Pay $4 Million in Connection with Accounting Fraud

Ohio’s Highest Court Upholds Constitutionality of Statutory Cap on Pain and Suffering Damages

Louisiana Federal Court Orders State Farm to Pay Its Insureds’ Legal Fees in Bad Faith Katrina-Related Coverage Litigation

Ohio Court of Appeals: Consideration of Extrinsic Evidence is Proper in Determining Meaning of Policy Wording As to Aggregate Limits Where Portions of the Policy at Issue are Missing

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