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In a 73-page exhaustive treatment of RICO pleading standards, Chief Judge Brown of the District of New Jersey dismissed with prejudice the federal RICO claims levied by putative class plaintiffs against most of the nation’s large insurers and insurance brokers. 

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Read More Judge Dismisses Federal RICO Claims in Insurance Brokerage Antitrust Case

Prudential Financial, Inc. announced yesterday that one of its subsidiaries has filed a lawsuit against State Street & Trust Corp. and State Street Global Advisors over losses allegedly suffered by Prudential clients in two bond funds managed by State Street.  The suit accuses State Street of “radically” changing its investment strategies for the two funds without disclosing those changes to Prudential or its clients. 

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Read More BREAKING NEWS: Prudential Sues State Street Over Mortgage Related Losses

Last week, the House of Representatives voted 263-146 to approve the Flood Insurance Reform and Modernization Act of 2007 (H.R. 3121), which, among other things, would allow homeowners to purchase windstorm coverage from the National Flood Insurance Program (“NFIP”). 

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Read More House of Representatives Passes Bill to Amend NFIP

August 29 was the last day that Louisiana residents could file lawsuits against their insurers alleging that their insurers did not properly adjust, or pay, their Hurricane-Katrina related claims.  Louisiana had previously extended the time in which parties had to file lawsuits arising out of Katrina-related damage, on property claims from one to two years. 

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Read More The Flurry of Katrina-Related Filings Before the Statute of Limitations Passed

Christopher Christie, U.S. Attorney for the District of New Jersey, yesterday announced a settlement with four major hip and knee replacement manufacturers that allows the companies to avoid criminal prosecution and civil suits arising from alleged kickback relationships with orthopedic surgeons. 

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Read More Hip And Knee Replacement Manufacturers Agree To Pay $310 Million To Avoid Criminal Prosecution And Civil Suits For Alleged Kickback Arrangements With Doctors

As previously reported here, the Supreme Court of Appeals of West Virginia has specifically declined to adopt the learned intermediary doctrine.  Johnson & Johnson Corp. v. Karl, No. 33211 (W.Va. June 27, 2007).  The Court reasoned that the healthcare industry has changed and that pharmaceutical manufacturers “are pushing their products onto the public like never before.” 

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Read More West Virginia’s Recent Rejection of The Learned Intermediary Doctrine In The Pharmaceutical Context May Apply Equally To Medical Device Claims

Last month, Solicitor General Paul D. Clement filed an amicus brief with the United States Supreme Court siding with non-issuer defendants in a securities class action case. The case, entitled Stoneridge Investment Partners v. Scientific-Atlanta, No. 06-43 (U.S. Sup. Ct.), involves securities class action claims brought by shareholders against two third-party suppliers based on certain transactions between those suppliers and the issuer, Charter Communications, Inc. (“Charter”). 

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Read More Solicitor General Comes Out In Favor Of Non-Issuer Defendants In Securities Class Action Case

The United States Federal District Court for the Central District of California recently held that there was no bad faith where the insurer had a reasonable basis upon which to genuinely dispute the insured’s claim. 

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Read More California Federal Court: No Bad Faith Just Because Arbitrator Awards More Than Insurer Had Offered to Pay

California Governor Schwarzenegger is expected to sign into law SB 430, a bill that will set the commitment of participating insurers to fund the California Earthquake Authority (“CEA”) at $1.3 billion. 

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Read More Funding Agreement for Earthquake Authority between the California Legislature and Homeowners Insurers Awaits Approval by Governor

The Delaware Supreme Court recently held that a group of directors incurred a “Loss” under their company’s director and officer liability (D&O) policies even though the directors were indemnified by a company shareholder for the defense costs and settlements in the underlying cases. 

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Read More Delaware Supreme Court: At Home Directors Suffered A “Loss” Despite Being Indemnified By AT&T