Jurisdiction: United States

Court Rejects Cedent’s Argument that the “Follow the Fortunes” Clause Should be Implied into a Facultative Certificate and Binds Cedent to its Initial Settlement Allocation

Oct 24, 2007 | |

In a recent decision originating from the United States District Court for the Western District of Oklahoma, Oklahoma v. Employers Reinsurance Corp., No. Civ-06-0426-HE, (W.D. Okla. Sept. 13, 2007), the court refused to imply a “follow the fortunes” clause into a facultative certificate in the absence of the explicit inclusion of such a term by the parties. 

Read More

Connecticut Federal Court Rules that Certain Communications Between a Cedent and Reinsurer in a Hurricane Katrina-Related Case are Not Protected by the Work-Product Privilege

Oct 24, 2007 | , , , |

In a case arising out of Hurricane Katrina-related damages, the United States District Court for the District of Connecticut ruled that communications between a cedent and reinsurer that were prepared in the ordinary course of business are not protected by the work-product privilege. 

Read More

Mississippi Court Denies State Farm’s Motion to Disqualify Dickie Scruggs and the Scruggs Katrina Group

Oct 24, 2007 | , |

On September 12, 2007, Judge L.T. Senter, Jr., sitting in the federal district court in Mississippi, denied a motion filed by State Farm Fire and Casualty Company to disqualify Richard (“Dickie”) Scruggs, his law firm, and other attorneys and firms in the Scruggs Katrina Group from representing plaintiffs in the case of McIntosh v. State Farm Fire & Casualty Co. 

Read More

Bear Stearns Faces Further Scrutiny as Massachusetts Regulators Probe Failed Hedge Funds

Oct 23, 2007 | , |

The Massachusetts Secretary of the Commonwealth confirmed on Friday October 19, 2007 that it is investigating certain trades in two failed Bear Stearns funds.  The investigation, which was first reported in the Wall Street Journal last week, involves trades between Bear Stearns and two hedge funds managed by Bear Stearns that may have been made without the proper disclosures to the funds’ independent directors. 

Read More

Wyeth Vows To Appeal $99 Million Punitive Damages “Aberration” In Nevada Hormone Replacement Case

Oct 23, 2007 | |

In the wake of a Nevada jury’s recent  $99 million punitive damages judgment against Wyeth Pharmaceuticals Inc., in L. Brocklin v. Wyeth, No. CV04-01701 (October, 15, 2007), Wyeth’s attorneys are vowing to appeal what they are calling an “aberration” in the various hormone replacement cases brought against the Madison, N.J.-based company. 

Read More

Florida’s Valued Policy Law – The Florida Supreme Court Weighs In

Oct 23, 2007 | , |

In a greatly anticipated opinion, the Florida Supreme Court recently clarified the Valued Policy Law (“VPL”), §627.702(1), Fla. Stat. (2004).  Florida Farm Bureau Casualty Ins. Co. v. Cox, No. SC06-2494, 2007 WL 2727072 (Fla. S. Ct. Sept. 20, 2007).   The Court considered whether the  VPL required an insurer to pay the face value of the policy for a “total loss” caused, in part, by a covered peril and, in part, by a non-covered peril. 

Read More

UnitedHealthcare Settles Claims For $12 Million

Oct 23, 2007 | , |

UnitedHealthcare, a subsidiary of UnitedHealth Group, Inc., entered into a settlement agreement last month whereby it agreed to pay $12 million to the Attorneys General of 36 states and the District of Columbia.  This settlement comes after a multi-state investigation by state insurance regulators regarding UnitedHealthcare’s claims practices, fee schedules and deductibles. 

Read More

Senate Banking Committee Approves Bill to Amend NFIP

Oct 22, 2007 | , , |

The Senate Banking Committee has approved a version of the Flood Insurance Reform and Modernization Act of 2007 (the “Act”), which will now go to the entire Senate for a vote.  The Act, which extends the National Flood Insurance Program (“NFIP”) through 2013, has several major differences from the House of Representatives’ version we previously reported about here. 

Read More

InsurTech

Topics

Archives

Email the Editor

Click here to Email the Editor

Share

Locke Lord LLP

For the latest information about our Firm visit lockelord.com

Follow Us