The Mesothelioma Act (Northern Ireland) 2008 (the Act) was given Royal Assent on 2 July 2008.  The Act allows victims with diffuse mesothelioma or their dependants to claim a lump sum payment from the government. This new Act allows even those victims who did not have workplace exposure to asbestos to claim a payment under the Act. …
Read More UK: Legislation Extends Government Compensation for Mesothelioma Victims

Brocade Communications Systems, Inc. announced recently that it plans on pursuing claims for racketeering against 10 former Brocade officers and directors.  As previously reported on this blog, Brocade and its directors and officers have been the subjects of civil and criminal litigation for allegedly improper stock option backdating practices (click here). 

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Read More Brocade to Pursue Racketeering Claims Against Ten Former Officers and Directors

The two consultation papers published by the European Commission (Commission) on 31 July 2008 result from the perception that CRAs contributed to current market turmoil by underestimating the credit risk of structured instruments in which sub prime mortgages were embedded. Many investors relied too heavily on the generally favourable ratings given by CRAs to these products instead of assessing the risk characteristics themselves and assessing performance of the underlying assets. …
Read More EU: European Commission Publishes Two Consultation Papers on Regulation of Credit Rating Agencies (CRAs)

A German court recently ordered Deutsche Telekom (“DT”) to provide records from a 2005 U.S. lawsuit to plaintiffs in a similar lawsuit filed in Germany. …
Read More Deutsche Telekom Ordered by German Court to Turn Over Records Provided in Earlier U.S. Lawsuit

As previously reported in our prior post, Congress is examining three key pieces of legislation that involve regulation of the insurance industry. 

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Read More UPDATE: Congress to Continue Examination of Federal Insurance Regulatory Initiatives in September

The Nebraska Department of Insurance recently adopted uniform producer licensing measures to make the lines of authority available for Nebraska licensed producers consistent with the uniformity standard of the National Association of Insurance Commissioners. 

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Read More Nebraska Adopts Uniform Producer Licensing Measures

On July 29, XL Capital (“XL”) announced plans to raise $2.5 billion through an offering of ordinary shares and equity security units, the proceeds of which were to be used to recapitalize Syncora Holdings, Ltd. (formerly known as Security Capital Assurance) (“Syncora”), a bond insurance company that XL spun off in 2006. …
Read More NY Insurance Department Announces Successful Closing of Agreement to Recapitalize Syncora Holdings, Ltd.

With the 2008 Olympic Games set to begin in Beijing, China on Friday, August 8, the International Olympic Committee (“IOC”) has opted to purchase cancellation and abandonment insurance with policy limits of $415 million, more than double the policy limits for the last two Olympic Games combined. 

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Read More Beijing Olympics Protected With Record High-Limit Cancellation Insurance Policies

A recent Florida state court decision underscores the importance of accepting a policy limits demand on its precise terms. 

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Read More Placing Conditions on Settlement Payment Constitutes Counteroffer, Opening Door for Bad Faith Claim

As previously reported here, Florida Farm Bureau Insurance was seeking a state-wide, 28.4 percent average increase for its homeowners insurance policies. …
Read More Florida Insurance Commissioner Intends to Disapprove of Florida Farm Bureau’s Proposed Rate Hike