In a seemingly routine discovery order issued in the Maxim stock-option backdating case, the Delaware Court of Chancery recently issued a decision that could have major ramifications for special committee practice. 

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Read More Delaware Chancery Court Orders Disclosure of Special Committee Communications with Counsel

Earlier this month, President Bush announced a voluntary five-year interest rate freeze plan for subprime borrowers facing large increases in their monthly mortgage payments due to rate resets. 

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Read More Government Moves to Prevent Foreclosures and Other Fallout from the Subprime Meltdown

In the context of a Katrina-related claim, in its recent decision in Sher v. Lafayette Insurance Company, et al., a Louisiana state appellate court held that an insurer’s water exclusion was ambiguous and that the insurer could not deny coverage for water damage sustained to an insured’s property on the basis of the exclusion. 

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Read More Louisiana Appellate Court Holds that Insurer’s Water Exclusion is Ambiguous

As previously reported here, Bermuda held its first general election since 2003 on December 18, 2007.  As a result, Bermuda Premier Ewart Brown of the Progressive Labour Party (“PLP”) was officially elected by public vote as Premier, a position he originally obtained through an internal party battle a year ago.  …
Read More Brown Remains Bermuda Premier With Election Victory

UK insurer Admiral Group plc has successfully used the procedure contained in Part VII of the Financial Services and Markets Act 2000 to transfer business – a motor book – from its Lloyd’s Syndicate  to Admiral Insurance Company and then close the syndicate. 

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Read More Part VII FSMA 2000: Admiral Group plc uses Part VII to close Lloyd’s syndicate

In December 2007, the London office of EAPD held an industry workshop to provide a forum for discussion of the European Commission’s Final Report into Business Insurance. The report sets out the findings of the EC’s sector commission inquiry into business insurance which was initiated in June 2005. 

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Read More EAPD London workshop discusses the impact of the European Commission’s Final Report into Business Insurance

The case of Law Society v Dixit Shah (2007) EWHC 2841 (Ch) arose from the intervention of the Office for the Supervision of Solicitors into an association of firms owned by Dixit Shah which traded under “the BJ Brandon Group” name. The Law Society alleged that the OSS discovered that around £12.5 million of client money had been misappropriated by Mr Shah. 

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Read More Third party claims: A decision of the High Court clarifies the law with regard to claims under the Third Party (Rights against Insurers) Act 1930

On 1 November 2007 the English Court placed Highlands Insurance Company (UK) Limited into administration. Dan Schwarzmann and Mark Batten of PricewaterhouseCoopers LLP have been appointed as the administrators. 

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Read More Insolvency: Highlands Insurance Company (UK) Limited

In HLB Kidsons (A Firm) v Lloyds Underwriters & Others [2007] EWCH 2699, a dispute arose over whether the claimant firm of accountants had properly notified claims to the defendant insurers. 

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Read More Costs: The English High Court has ruled on various costs issues following judgment in a late notification case involving the Lloyd’s Market