Florida’s First District Court of Appeal recently decided that, when determining whether the structure is a “total loss” under Florida’s former Valued Policy Law (“VPL”), a court could consider whether the cost of repairing the building would exceed its value.
United States
Delaware Court Grants Motion to Dismiss Stock Options Backdating Suit
By Troutman Pepper Locke on
The Delaware Court of Chancery recently granted a motion to dismiss a shareholder derivative action involving Sycamore Networks, Inc. that alleged misconduct in the issuance of stock options.
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Florida Appellate Court Holds That Injured Party Suing Tortfeasor’s Insurer for Bad Faith is Not Entitled to Privileged Communications Between Insured, Insurer, and their Joint or Separate Counsel
A Florida appellate court recently swam against a tide of decisions that have eroded the attorney-client privilege in bad faith litigation.
SEC Prevails in Fraud Case Against Risk Manager
By Troutman Pepper Locke on
Posted in Industry Developments, United States
A New York jury recently found a cell phone distributor’s risk manager liable for his alleged role in a scheme to commit securities fraud. According to the SEC’s allegations, the scheme involved the cell phone distributor’s purchase of a multi-year finite risk insurance policy, which enabled the company to spread a loss over several years.
Supreme Court Weighs in on Dirty Sites – CERCLA Permits Private Right of Action
By Troutman Pepper Locke on
On June 11, the United States Supreme Court has paved the way for additional litigation under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”).
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First Circuit Finds Flexibility in “Sudden and Accidental” Pollution Exception
By Troutman Pepper Locke on
On May 30, the U.S Court of Appeals for the First Circuit held that an insured’s broad allegations of pollution over a course of decades are enough to trigger a liability insurer’s duty to defend environmental contamination lawsuits.
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Eliot Spitzer Establishes Commission to Modernize Insurance Regulation in New York
By Troutman Pepper Locke on
On May 29th, Eliot Spitzer, Governor of New York, signed an executive order creating the New York Commission to Modernize the Regulation of Financial Services. The Commission’s objective is to streamline state regulation of an industry that has become increasingly complex over the past decade.
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Introducing Pennsylvania’s New Insurance Commissioner
By Troutman Pepper Locke on
Joel Ario, former insurance administrator of the Insurance Division in the Oregon Department of Consumer and Business Services (“DCBS”), has confirmed that he has accepted the nomination by Pennsylvania Governor Edward Rendell to serve as Insurance Commissioner for Pennsylvania.
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Florida Court Recognizes New Statutory Medical Malpractice Bad Faith Cause of Action
By Troutman Pepper Locke on
A Florida appellate court recently recognized a new statutory cause of action for bad faith in the handling of medical malpractice claims.
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Hurricane Katrina Whistleblower Lawsuit
By Troutman Pepper Locke on
A Katrina-related whistleblower lawsuit originally filed under seal on August 2, 2006, was recently unsealed and made public.