Jurisdiction: United States

New York Supreme Court Commercial Division Allows Fraud Claim Against Law Firm That Advised Hedge Fund On Market Timing Trading Which Resulted In Regulatory Investigation

In a decision dated, September 27, 2007, the Hon. Bernard J. Fried, Commercial Division Justice of the New York Supreme Court for the County of New York, granted in part and denied in part Akin Gump Strauss Hauer & Feld LLP’s motion to dismiss a lawsuit filed by the Veras hedge fund families (“Veras Hedge Funds”) in the case captioned Veras Investment Partners, LLC, et al.  v. Akin Gump Strauss Hauer & Feld LLP, Index No. 600340/2007. 

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First Circuit: Under Puerto Rico Law, A Plaintiff Must Ordinarily Introduce Expert Testimony Concerning Standard Of Care To Prevail On Defective Or Negligent Design Claim

The United States Court of Appeals for the First Circuit recently held that, where a design is beyond the common experience or knowledge of the average layperson, a defective or negligent design case cannot succeed unless the plaintiff presents evidence “as to the relevant standard of care for the design and the way(s) in which the defendant’s design fell below that standard.” 

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Ninth Circuit Finds Evident Partiality In Arbitrator’s Failure To Investigate Potential Conflicts Arising From New Employment

Recently, in New Regency Productions, Inc. v. Nippon Herald Films, Inc., No. 05-55224 (9th Cir. Sept. 4, 2007), the United States Court of Appeals for the Ninth Circuit upheld a district court’s vacatur of an arbitration award based upon evident partiality of the arbitrator, holding that an arbitrator has a duty to investigate possible conflicts arising from new employment and an obligation to disclose that employment to the parties. 

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Katrina Business Interruption Loss Suit

A medical clinic located in New Orleans, Spine Care East, LLC, filed suit in a federal district court in Louisiana on August 24, against its insurer, Hanover Insurance Company.  In the Complaint (click here to review the Complaint), Spine Care alleges that Hanover acted in bad faith by failing to properly compensate Spine Care for its business interruption losses sustained in the wake of Hurricane Katrina. 

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