The FSA has concluded its consultation in respect of a review of the provisions of its Client Assets Sourcebook (CASS) and has published its feedback and made rules in Policy Statement 08/10 which can be found by clicking here.
NovaStar Plaintiffs Appeal Subprime Dismissal
By Troutman Pepper Locke on
In early 2007, a purported class of investors in NovaStar Financial Corporation, a residential mortgage lender that made a percentage of its loans to subprime borrowers, sued NovaStar and certain of its directors and officers in the United States District Court for the Western District of Missouri. …
Read More NovaStar Plaintiffs Appeal Subprime Dismissal
UPDATE: Congress Passes NFIP Short-Term Extension
As we previously reported here, Rep. Barney Frank’s (D-MA) bill, H.R.6965, which would temporarily extend the NFIP for an additional seven months, was passed by the House of Representatives and the Senate. The National Flood Insurance Program (“NFIP”) was set to expire at the end of September.
…
Read More UPDATE: Congress Passes NFIP Short-Term Extension
UK/EU: FSA Issues Discussion Paper (DP) on Solvency II
By Troutman Pepper Locke on
The FSA has recently issued a DP in preparation for Solvency II. Entitled “Insurance risk management: The path to Solvency II”, the DP explains key elements of the Solvency II regime and identifies areas that UK insurers should be considering over the next 18 months to prepare for implementation in 2012.
…
Read More UK/EU: FSA Issues Discussion Paper (DP) on Solvency II
Edwards Angell Palmer & Dodge Announces Hong Kong Office
By Troutman Pepper Locke on
Posted in Hong Kong
In an effort to formally expand EAPD’s client service capacity into Asia, the Firm is pleased to announce the opening of a Hong Kong office by having entered into an association agreement with the Hong Kong firm Lister Swartz.
…
Read More Edwards Angell Palmer & Dodge Announces Hong Kong Office
UPDATE: House Fails to Pass Bailout Bill
As an update to our previous post, by a vote of 228-205 the House of Representatives rejected the $700 billion bailout bill, formally known as the Emergency Economic Stabilization Act of 2008, which was designed to aid the struggling U.S. economy.
Industry Participants and Regulators Discuss Development of the Brazilian Reinsurance Market (Part II)
EAPD lawyer Machua Millett recently participated in the American Conference Institute’s ReAct Brazil International Forum on Positioning for Success in the Brazilian Reinsurance Market. …
Read More Industry Participants and Regulators Discuss Development of the Brazilian Reinsurance Market (Part II)
False Billing Claims Are Not Covered “Professional Services” Under General Liability Policies
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
The United States Court of Appeals for the Tenth Circuit recently held that general liability insurance policies that provide coverage for injuries caused by acts or omission in providing “professional services” do not trigger a duty to defend or indemnify claims for false billing. …
Read More False Billing Claims Are Not Covered “Professional Services” Under General Liability Policies
Proposed $700 Billion Bailout Plan Sparks Shareholder Derivative Action
While Congressional leaders continue to negotiate the terms of a bailout plan to relieve mortgage lenders and investment banks of their distressed mortgage debt, a shareholder derivative action has been filed against PFBB Bancorp (“PFBB”) and several of its directors and officers in the Delaware Chancery Court to enjoin a proposed merger between PFBB and FBOP Bancorp (“FBOP”). A copy of the complaint, filed on September 22, 2008, can be found by clicking here.
…
Read More Proposed $700 Billion Bailout Plan Sparks Shareholder Derivative Action
UPDATE: AIG Signs Definitive Agreement with Federal Reserve
By Troutman Pepper Locke on
As we previously reported here, on September 16, 2008 the Federal Reserve Bank of New York (“Federal Reserve”) agreed to issue American International Group, Inc. (“AIG”) a two year, $85 Billion secured revolving credit facility. On September 23, 2008 AIG announced it signed a definitive agreement with the Federal Reserve with respect to such credit facility.
…
Read More UPDATE: AIG Signs Definitive Agreement with Federal Reserve