As we previously wrote about here, legislation has been introduced to further extend the Terrorism Risk Insurance Act (TRIA), currently set to expire at year’s end.
United States
Further Analysis of the KPMG Dismissal
By Troutman Pepper Locke on
Posted in D&O Liability, United States
By Order dated July 16, 2007, Judge Kaplan confirmed his previous holding, in connection with KPMG tax shelter litigation, that the government’s interference with KPMG’s payment of the legal fees of its employees and former employees (under the now-superseded Thompson Memo) violated the employee’s constitutional rights.
Update: Multiple Peril Insurance Act of 2007 Hits Roadblock
As reported here the House Committee on Financial Services held a hearing on July 17 to discuss Rep. Gene Taylor’s (D-MS) proposal, the Multiple Peril Insurance Act of 2007, which would expand the National Flood Insurance Program to include wind coverage.
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The Brocade Trial: Judge Breyer Postpones Decision On Motion To Dismiss
By Troutman Pepper Locke on
Posted in D&O Liability, United States
On July 19, 2007, Judge Breyer deferred, for the second time, his decision on the pending motion to dismiss in the Brocade stock options backdating trial. As discussed in prior posts, see below, the government’s first criminal trial of stock-options backdating conduct began last month against ex-Brocade CEO Greg Reyes.
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SEC On The Verge Of Making Announcements Regarding Stock Options Investigations
By Troutman Pepper Locke on
The Chairman of the United States Securities and Exchange Commission told reporters recently that the SEC is close to making announcements regarding ongoing stock options investigations. The Chairman said that the SEC believes it has “rounded up” most of the companies that improperly backdated options.
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Florida’s Claims Administration Statute: Use it or Lose it
By Troutman Pepper Locke on
An Insurer issuing liability policies in Florida must comply with Florida’s Claims Administration Statute, Florida Statutes §627.426, or risk waiving otherwise viable “coverage defenses.”
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NYAG Sues ExxonMobil over Alleged 17-million-gallon Oil Spill in New York City
By Troutman Pepper Locke on
On July 17, 2007, New York Attorney General (“NYAG”) Andrew M. Cuomo filed suit against the ExxonMobil Corporation and ExxonMobil Refining and Supply Company “to force the cleanup of a 17-million-gallon oil spill in Greenpoint, Brooklyn, and to restore Newtown Creek, the contaminated waterway separating Queens from Brooklyn.”
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Read More NYAG Sues ExxonMobil over Alleged 17-million-gallon Oil Spill in New York City
Federal Court Dismisses RICO Complaint Against Coventry
By Troutman Pepper Locke on
A federal district court has dismissed a complaint containing seven claims, including three RICO claims, against Coventry First LLC and several related corporate entities and principals.
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U.S. Attorney To Appeal KPMG Dismissals
By Troutman Pepper Locke on
As anticipated, the U.S. Attorney for the Southern District of New York filed official notice on Monday, July 17 that it intends to appeal U.S. District Judge Lewis A. Kaplan’s recent dismissal of criminal tax fraud charges against 13 out of 16 former KPMG employees.
Missouri Governor Signs Legislation Allowing Formation of Captive Insurers
By Troutman Pepper Locke on
Posted in Regulatory, United States
As of August 28, 2007, Missouri will become the latest state to allow the formation of captive insurance companies.
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