In a bad faith case involving wrongful denial of coverage of a wrongful death suit, a Pennsylvania Court awarded the policyholder’s assignee $8,490,666 in damages, despite the fact that the policyholder had pled guilty to voluntary manslaughter.
United States
Third Circuit Revives Vioxx Derivative Suit Against Merck
By Troutman Pepper Locke on
The Third Circuit Court of Appeals recently ruled that the New Jersey federal district court improperly dismissed derivative claims against certain of Merck & Co.’s officers and directors.
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No Right To New York Review Of Arbitration Decision Under Bermuda Form Arbitration Clause
By Troutman Pepper Locke on
A recent ruling from the English Commercial Court illuminates one risk with the use of the Bermuda form arbitration clause: if the losing party is dissatisfied with the arbitration result, it may not be permitted to challenge the result under New York law in a New York court, but may instead be limited to challenging the arbitration award under English law in English court.
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Exon-Florio Reviews Amended by the U.S. Foreign Investment and National Security Act of 2007
By Troutman Pepper Locke on
Effective October 26, 2007, the U.S. Foreign Investment and National Security Act of 2007 (“FINSA”) will amend the Exon-Florio review process to place more scrutiny on foreign acquisition of U.S. companies. FINSA was prompted by national security concerns that arose after the proposed acquisitions of U.S. ports by a Dubai-owned company and of UNOCAL by China.
Marsh Seeks to Amend 2004 Settlement to Allow New Fees
By Troutman Pepper Locke on
It was widely reported this week that insurance broker Marsh & McLennan Cos. is attempting to amend its landmark 2004 settlement with insurance regulators and the New York State Attorney General’s Office that required it to give up so-called contingent commissions.
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Massachusetts: Excess Insurers Not Bound To Follow The Settlement Decisions Made By A Primary Carrier
By Troutman Pepper Locke on
In a case of first impression, the Massachusetts Supreme Judicial Court (“SJC”) ruled on August 6, 2007 that a “follow-form” excess liability insurer is not bound by the decision of a primary insurer to settle a claim.
The Brocade Options Backdating Trial: Reyes Found Guilty on All Counts
By Troutman Pepper Locke on
On Tuesday, August 7, 2007, after more than a week of deliberations, the jury in the criminal trial of ex-Brocade CEO Greg Reyes returned a guilty verdict.
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Massachusetts Mandatory Health Insurance
By Troutman Pepper Locke on
On April 12, 2006, Massachusetts Governor Mitt Romney signed a health care bill, known as “An Act Providing Access to Affordable, Quality, Accountable Health Care (the “Act”)”, into law.
New United Kingdom Life Insurance Product Offers Vegetarians Discount
By Troutman Pepper Locke on
Animal Friends Insurance (“Animal Friends”), a UK nonprofit pet insurance specialist, has partnered with Liverpool Victoria to introduce a novel term life insurance product that gives vegetarians and fish-eaters an average discount of six percent on premiums.
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Alabama Appeals Court Finds Ten Days Not Reasonable Notice of Settlement Under Auto Insurance Policy
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
An intermediate Alabama court of appeals recently held that an automobile insurer properly denied underinsured motorist benefits where it had received only ten days notice of potential settlement of the underlying litigation. Morgan v. Safeway Ins. Co. of Alabama, Inc., 2007 WL 1866768 (June 29, 2007).