By orders dated September 1, 2009 and October 15, 2009, the U.S. District Court for the Southern District of New York granted in part, and denied in part, the defendants motion to dismiss in Abu Dhabi Commercial Bank et al v. Morgan Stanley et al, which names as defendants Moody’s Corporation (“Moody’s”) and McGraw Hill Companies (“McGraw Hill”) (collectively, the “Rating Agencies”). 

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Read More Southern District Grants in Part and Denies in Part the Rating Agencies’ Motion to Dismiss in Subprime Suit

On October 5, 2009, the U.S. District Court for the Southern District of New York granted the defendants’ motion to dismiss in Cornwell v. Credit Suisse on subject matter jurisdiction grounds. 

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Read More Southern District Grants Motion to Dismiss in F-Cubed Securities Class Action

The House passed its $1 trillion healthcare reform bill over the weekend, following a week-long flurry of behind the scenes activity by Democratic leaders, as they worked to line up the 218 votes necessary for passage.  Across the Capitol, the Senate remained in a holding pattern, and many Senators have begun to acknowledge that a vote on healthcare reform may not occur in their chamber before the end of the year. 

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Read More Last Week in DC: The Healthcare Reform Debate – November 9, 2009

Machua Millett of EAPD recently participated in the 32nd Hemispheric Insurance Conference hosted by the Federacion Interamericana de Empresas de Seguros (FIDES).  Kicked off by a fiery performance by five-time Grammy Award winner Olga Tañon, FIDES 2009 brought together nearly 900 insurance industry representatives from Latin America, North America, Europe and Asia to discuss the status and future of the Latin American (re)insurance markets. …
Read More FIDES 2009: Latin American Insurance Conference Addresses Developing Opportunities, CAT Risk, Insurance Penetration, Climate Change and Solvency II

IRB-Brasil Re, the government-controlled former monopoly holder in Brazil’s reinsurance market, has maintained a 78.5% share of the market’s local reinsurance premiums since the market’s opening, but perhaps at a significant cost to its bottom line. 

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Read More Brazil: IRB Maintains Local Reinsurance Market Share of 78.5%, But Earnings Down 58.5% for First Eight Months of 2009

On October 27, 2009, the House Financial Services Committee and the Treasury Department released draft legislation, titled the Financial Stability Improvement Act of 2009 (the “Bill”), to address systemic risk issues, particularly in connection with financial institutions that are considered “too big to fail.” 

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Read More House Financial Services Committee and Treasury Department Release Draft Financial Stability Improvement Act of 2009

In a judgment handed down last week, the Court of Appeal upheld the decision of Mr Justice Blackburne (previously reported here) that the English courts have no jurisdiction to sanction the proposed scheme of arrangement for Lehman Brothers International Europe (LBIE) insofar as it purports to extinguish rights of beneficiaries under trusts. 

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Read More UK: Court of Appeal Confirms that English Courts have no Jurisdiction to Sanction Lehman Brothers Scheme

Liberty Mutual Insurance Europe Limited (LMIE) was recently granted authorization by Ecuadorian insurance regulator la Superintendencia de Bancos y Seguros (SBS) to do business in the country as a foreign reinsurer.  LMIE was advised through the application process by EAPD attorneys Jack Dearie and Machua Millett, together with local counsel. 

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Read More Ecuador: Liberty Mutual Insurance Europe Limited Obtains Foreign Reinsurer Authorization

In a meeting this week with Democrats from the Florida House of Representatives, Florida Insurance Commissioner Kevin McCarty stated that, in his opinion, damages associated with allegedly toxic Chinese drywall are not covered damages under homeowner’s insurance policies. …
Read More Chinese Drywall – Florida Insurance Commissioner States that Chinese Drywall Damage Not Covered By Homeowner’s Policies

In Wickham Van Eyck (a firm) v Norwich Union Insurance Limited [2009] EWCH 2625 (Comm), the High Court held that the defendant insurer was bound to indemnify the claimant firm of architects under the terms of an insurance policy in respect of a dispute between the claimant and another firm of architects. 

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Read More UK: Court Refuses to Imply Concept of Dominant Purpose into Insurance Policy Wording