The FSA has brought forward the date from which it will fully integrate TCF into its supervisory work from September 2009 to January 2009. Jon Pain, managing director of retail markets at the FSA, stated that the announcement means: “the FSA can deliver the benefit from the TCF programme more quickly. Our focus will be on the outcome for consumers. 

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Read More UK: Integration of the Treating Customers Fairly (TCF) Initiative Into the Core Supervisory Work of the Financial Services Authority (FSA)

On December 3, 2008, the U.S. federal district court for Minnesota affirmed a magistrate’s denial of a motion by Sun Life Assurance Company of Canada (“Sun Life”) to amend its complaint seeking to void life insurance policies issued to John R. Paulson that were later acquired by Coventry First, LLC (“Coventry First”), The Atticus Fund, LP (“Atticus”) and Orca Finance Trust (“Orca”). …
Read More Federal Court Reaffirms Holding Regarding “Mutual Intent” in Insurable Interest Case

On Tuesday, December 2, 2008, New York State Insurance Department (“NYSID”) Superintendent Eric Dinallo announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Autorité de Contrôle des Assurances et des Mutuelles, France’s insurance regulator (“ACAM”). 

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Read More New York Insurance Department Announces Cooperation Agreement With France

Last week Bayer HealthCare LLC (Bayer) agreed to pay $97.5 million plus interest to the federal government to settle allegations that Bayer paid kickbacks to diabetes supplies companies and caused such companies to submit false claims to Medicare. 

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Read More Bayer Agrees to Pay Federal Government $97.5 Million to Settle Allegations of Paying Kickbacks to Diabetes Supplies Companies

Plaintiffs Matria Healthcare LLC f/k/a Matria Healthcare, Inc. (“Matria”) moved to compel the depositions of Angus M. Duthie and Thomas Hannon, non-parties in an arbitration that was pending before the American Arbitration Association. 

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Read More Illinois Federal Court Finds That Arbitrator Cannot Compel Prehearing Depositions of Non-Parties Under the Federal Arbitration Act

El jefe de la reguladora financiera Colombiana (Superfinanciera), Cesar Prado Villegas, renunció recientemente ante el colapso de esquemas piramidales que han costado a los inversionistas Colombianos hasta mil millones de dolares.  Roberto Borras, director de la unidad reguladora del ministerio de finanzas, ha sido nombrado para reemplazar a Prado de forma ínterina. …
Read More Regulador Colombiano Renuncia Ante el Colapso De Esquemas Piramidales Financieros

The head of Colombian financial regulator Superfinanciera, Cesar Prado Villegas, recently resigned in the wake of the collapse of pyramid schemes estimated to have swindled investors out of as much as $1 billion.  Roberto Borras, director of the finance ministry’s regulatory unit, has been named to replace Prado on an interim basis. 

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Read More Colombian Financial Regulator Resigns In Wake Of Pyramid Scheme Collapses

In August, a group of cedents filed a petition to confirm an arbitration award (the “Final Award”) entered in their favor against their reinsurer, National Casualty Company.  National Casualty moved to dismiss the motion to confirm based upon lack of subject matter jurisdiction, arguing that the Final Award did not satisfy the amount in controversy requirement. …
Read More Federal Court Orders Arbitration Award To Be Sealed Temporarily

A California state appellate court recently ruled that a name-brand pharmaceutical manufacturer’s common-law duty of care in formulating product warnings extends to patients whose doctors foreseeably rely on such product information when prescribing a medication, even if the prescription is ultimately filled with a generic equivalent. 

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Read More California State Appeals Court Holds that Brand-Name Pharmaceutical Manufacturers’ Duty to Use Due Care in Disseminating Product Warnings Extends to Patients Using Generic Equivalents