EAPD is hosting a complimentary webinar on Thursday, October 28, 2010 on the government investigations of lenders’ foreclosure practices. Please click here to register for this one hour program to learn more about what the exposure implications are for financial institutions.
Read More The Brewing Foreclosure Crisis – An EAPD Complimentary Webinar
District Court Dismisses Subprime Class Action Case With Prejudice
The U.S. District Court in Manhattan recently dismissed a securities class action brought by a proposed class of investors, alleging that the company and two of its senior officers violated Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and SEC Rule 10b-5 by making false or materially misleading disclosures about the company’s risk management and exposure to mortgage-related securities. …
Read More District Court Dismisses Subprime Class Action Case With Prejudice
OAL: CA Insurance Commissioner Improperly Restricted Insurers With Iran Investments
California Insurance Commissioner Steve Poizner took the initiative in 2009 to compel insurance companies doing business in his state to limit their investments in companies that do business with the nuclear, energy and defense sectors of the Iranian economy. …
Read More OAL: CA Insurance Commissioner Improperly Restricted Insurers With Iran Investments
Reinsurer’s Abstention Motion Denied: Later-Filed Federal Court Action is Held to be Proper Forum for Multi-Contract Reinsurance Dispute
By Troutman Pepper Locke on
Defendant, Clearwater Insurance Company, f/k/a Skandia America Reinsurance Corporation (“Clearwater”), filed suit against Seaton Insurance Company and Stonewall Insurance Company (“Plaintiffs”) in Connecticut Superior Court, arguing that there was no coverage under certain reinsurance agreements for Plaintiffs’ asbestos claims. Plaintiffs subsequently commenced a declaratory judgment action in Rhode Island federal court concerning the parties’ respective rights and obligations under the same reinsurance agreements, as well as eleven other contracts. …
Read More Reinsurer’s Abstention Motion Denied: Later-Filed Federal Court Action is Held to be Proper Forum for Multi-Contract Reinsurance Dispute
New Hampshire Supreme Court Rules That Damage To The Insured’s Work Is Not a Covered “Occurrence”
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
Clarifying its prior decision in High Country Assocs. v. New Hampshire Ins. Co., 139 N.H. 39 (1994), the Supreme Court of New Hampshire recently held that a CGL policy’s insuring agreement does not encompass damage to the insured’s work product. See Concord Gen. Mut. Ins. Co. v. Green & Co. Bdg. & Dev. Corp., No. 2009-699 (N.H. Sept. 17, 2010). …
Read More New Hampshire Supreme Court Rules That Damage To The Insured’s Work Is Not a Covered “Occurrence”
FEATURED POST: ARS Derivative Suits Will Need To Overcome Business Judgment Rule
By Troutman Pepper Locke on
Posted in Coverage & Claims, Illinois Developments
In the past few months, several derivative suits against mutual fund issuers of auction rate securities (ARS) have hit the courts. …
Read More FEATURED POST: ARS Derivative Suits Will Need To Overcome Business Judgment Rule
UK Government Confirms Plan to Merge Competition Authorities and Reform Consumer Protection Enforcement
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The UK government has confirmed today that, as part of its so-called ‘bonfire of the quangos,’ it intends to make substantial changes to the current institutional framework for the enforcement of competition (antitrust) and consumer protection law. …
Read More UK Government Confirms Plan to Merge Competition Authorities and Reform Consumer Protection Enforcement
Federal Court Finds That the Proper Venue for a Motion to Confirm an Arbitration Award is the District in Which the Hearing Was Held, Not Where the Award was Signed
By Troutman Pepper Locke on
NGC Network Asia, LLC (“NGC”) and Pacific Group International, Inc. (“PAC”) were parties to an arbitration held in New York. After an award was rendered in NGC’s favor, it commenced an action in the U.S. District Court for the Southern District of New York and moved to confirm. PAC opposed the motion and cross moved to transfer, stay or dismiss the action. …
Read More Federal Court Finds That the Proper Venue for a Motion to Confirm an Arbitration Award is the District in Which the Hearing Was Held, Not Where the Award was Signed
UK: English and American Pool Scheme Sanctioned
By Troutman Pepper Locke on
Following creditors’ meetings at the end of April 2010, the English High Court sanctioned the English and American Underwriting (EAUA) pools solvent scheme on 6 October 2010. By the time of the court hearing, the scheme, which consists of sixteen reinsurers, thirteen solvent and three insolvent, the scheme was unopposed. …
Read More UK: English and American Pool Scheme Sanctioned
Cedent Contends that U.S. Supreme Court Should Resolve Circuit Split Concerning Whether Convention Preempts State Law Precluding Arbitration
By Troutman Pepper Locke on
In a case we have been following on www.insurereinsure.com (click here for our most recent post), the Louisiana Safety Association of Timberman-Self Insurers Fund (“LSAT”) recently filed a supplemental brief petitioning the U.S. Supreme Court to grant certiorari to address whether the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the “Convention”) preempts a Louisiana Statute that bars enforcement of arbitration agreements in insurance or reinsurance contracts. …
Read More Cedent Contends that U.S. Supreme Court Should Resolve Circuit Split Concerning Whether Convention Preempts State Law Precluding Arbitration