In Barber v. Berthiaume, No. NNH-CV-05-4009532-S (Oct. 19, 2009), a contractor was hired to expand and repair plaintiff’s home.  As part of that work, the contractor was required to raise the home in order to construct new piers.  During that process, the house toppled, causing damage in the amount of $26,000. 

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Read More Connecticut Superior Court Holds Business Risk Exclusion Bars Coverage for Damage to Entire Home When it Toppled After Being Raised by Contractor

In Vincoli v. Hartford Underwriters Ins. Co., FST-CV-09-5009591-S (Conn.Super. Sept. 24, 2009), a Connecticut Superior Court recently denied an Insurer’s motion to strike counts alleging bad faith and violations of CUTPA from a complaint.  The Insured was seriously injured when his car struck a tree after he was forced to take evasive action to avoid colliding with a phantom motorist. …
Read More A Connecticut Superior Court Denies Insurer’s Motion to Strike Counts Alleging Bad Faith and Violations of CUTPA

The Court of Appeals for the Third Circuit, applying New Jersey law, recently held that all claims against an insured architectural firm arising out of the firm’s architectural work on a parking garage that later collapsed are not covered under its general liability policies due to professional services exclusions. …
Read More Third Circuit Holds That Professional Services Exclusion in General Liability Policy Applies To All Allegations Arising Out of Architect’s Work and Insurers Had No Duty To Defend

The Georgia Supreme Court recently remanded a case alleging an insurer’s bad-faith failure to settle based upon the fact that the trial court improperly instructed the jury that where a claimant’s demand is conditioned upon the response of another insurance company, the insurer’s offer of its policy limits fulfills its duty to its insured. …
Read More Georgia Supreme Court Holds Insurer Not Entitled to Safe Harbor Jury Instruction Where it Conditioned Tender of Policy Limits

The United States District Court for Oklahoma recently ruled that homeowners’ liability policies (primary and excess) did not cover a homebuyer’s lawsuit against the insured sellers for misrepresenting the condition of the home’s fireplaces. …
Read More Oklahoma Federal Court Holds Claim For Misrepresentations in Home Sale Not Covered By Homeowners’ Liability Policy

On December 7, 2009, the SEC charged three former executives of New Century Financial Corporation with securities fraud. See Securities and Exchange Commission v. Morrice et al., Civ. No. 09cv1426 (C.D. Cal. Dec. 7, 2009).  A copy of the SEC’s complaint is available here.    Until its bankruptcy in April 2007, New Century was one of the largest subprime lenders in the United States. 

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Read More U.S. Securities and Exchange Commission Brings Civil Action Against Former New Century Executives

German insurer Munich Re issued a press release stating that while 2009 saw fewer natural catastrophe losses than 2008, the number of natural hazard events was above average.  Munich Re reports that economic losses totaled $50 billion and uninsured losses totaled $22 billion in 2009, as compared to $200 billion in economic losses and $50 billion in uninsured losses in 2008. 

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Read More European Insurer Issues Press Release Addressing the Impact of Climate Change on Claims

On December 29, 2009, Broadcom announced that it had agreed in principle to pay $160.5 million to settle a securities class action pending in United States District Court for the Central District of California  against the company and certain of its current and former officers and directors. 

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Read More Broadcom Settles Options Backdating Securities Class Action

In 2002, Tyco became embroiled in a well-publicized scandal arising out of alleged corporate looting by the company’s top management.  In 2005, Tyco’s former CEO, Dennis Kozlowski, and its former CFO, Mark H. Swartz, were convicted of grand larceny and securities fraud and are currently serving prison sentences.  Many civil litigations arose out of the Tyco scandal, including a securities class action that settled for nearly $3 billion. …
Read More Former Tyco Director Settles With Pension Fund in Opt-Out Action