In Levicom International Holdings BV and anr v Linklaters (a firm) [2010] EWCA Civ 494, Levicom appealed against the first instance decision of  Mr Justice Andrew Smith that, although Linklaters had negligently advised Levicom, Levicom had suffered no damage as a consequence because it would have proceeded in the manner that it had even if it had received non-negligent or proper advice. …
Read More UK: Court of Appeal rules on causation issues following negligent professional advice

The Massachusetts Supreme Judicial Court recently held that G.L. c. 186 §15, which makes void any indemnification agreement or provision whereby a tenant is obligated to indemnify a landlord, in whole or in part, for the landlord’s own negligence, does not apply to insurance provisions in the lease agreement. …
Read More Massachusetts Supreme Judicial Court Defines Contours of Statute Regulating Indemnification (But Not Insurance Provisions) in Lease Agreements

A federal judge in the United States District Court for the Southern District of Florida recently issued findings of fact and conclusions of law following a bench trial in favor of Wachovia in a suit brought by investors who were unable to liquidate certain Auction Rate Securities (“ARS”) originally purchased through Wachovia. …
Read More SDFL Judge Finds for Wachovia in Unique Auction Rate Securities Suit

China is considering reviving its plan to set up a super regulator in order to make the government’s oversight of the financial sector more efficient and expedient and improve the lack of integration and co-ordination between existing regulators. This is especially important as the financial sector becomes increasingly integrated (for example it is now possible for banks to invest in insurance companies and vice versa). 

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Read More China: Chinese Consider Revising Plan for a Super Regulator

IRB Brasil Ressegurous SA v CX Reinsurance Company Ltd [2010] EWHC 974 (Comm) concerned an appeal brought by IRB in relation to an arbitration award made in favour of CX Re and against IRB.  The claims arose from losses occurring in the 1970s and 1980s which were later settled by insurers, including CX Re. …
Read More UK: Commercial Court Considers Follow the Settlements Clause, Allocation and Recoverability of IBNR

In a news release issued by the State of New Jersey Department of Banking and Insurance (“DOBI”) on May 7, 2010 (the “News Release”), DOBI Commissioner Tom Considine applauded two pieces of proposed legislation which, he said, “would make some common sense changes to regulation and allow captive insurers, and carriers of reinsurance and surplus lines to operate more expansively in New Jersey.” 

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Read More New Jersey Insurance Commissioner Praises Captive Insurance Bill and Unveils Reinsurance and Surplus Lines Initiative

Petitioners (“Stolt-Nielsen”) entered into a contract with respondent AnimalFeeds International Corporation that contained an arbitration clause.  After a dispute arose between the parties, AnimalFeeds sought arbitration on behalf of itself and a class of customers who had purchased services from Stolt-Nielsen. …
Read More U.S. Supreme Court Rules on Class Arbitration, Addresses Manifest Disregard of the Law

In World Harbourview Hotel Co. Ltd & Others v ACE Insurance & Others [2010]  HKCFI 327, the High Court of the Hong Kong Special Administrative Region Court of First Instance considered a claim filed under insurance policies in respect of business interruption suffered as a result of the outbreak of Severe Acute Respiratory Syndrome (SARS) in 2003. 

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Read More HK: Insurers Win at Court of First Instance in Severe Acute Respiratory Syndrome Claim Dispute

In a first-of-its-kind victory for a state attorney general, the office of Connecticut Attorney General Richard Blumenthal won its case against an insurance brokerage whom the court found to have failed to disclose to consumers the contingent commissions it received from certain insurers. …
Read More Connecticut Attorney General Wins in Landmark Contingent Commissions Case