As the number of home foreclosures continues to rise, the United States House of Representatives recently passed legislation directed at a range of players involved in the subprime crisis. 

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Read More U.S. House of Representatives Passes Subprime Legislation Targeting Wall Street Banks

Earlier this month, New York Superintendent of Insurance Eric Dinallo unveiled a draft regulation that would establish a system of principles-based regulation in New York State.  If implemented, the regulation would make New York the first jurisdiction employing principles-based regulation in the United States. 

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Read More NY Superintendent of Insurance Unveils Principles-Based Regulation Proposal

On November 14, 2007, federal court judge Jeremy Fogel, sitting in the district court of the Northern District of California, dismissed a purported class action brought by Apple shareholders against Steve Jobs and other Apple D&Os. 

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Read More Options Backdating Class Action Against Apple D&Os Dismissed

In Mello Constr. Co. v. Acadia Ins. Co., 874 N.E.2d 1142 (Mass. App. Ct. 2007), an unpublished decision, the court held that the commercial general liability (“CGL”) policy of a general contractor did not cover the defective work of a subcontractor who performed a portion of the work.  In Mello, a subcontractor improperly constructed the concrete slab supporting the elementary school for which the  insured was the general contractor. 

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Read More Massachusetts Appeals Court Finds That CGL Policy Does Not Cover Subcontractor’s Defective Work

Last week, the United States House of Representatives passed the Homeowners’ Defense Act of 2007 by a vote of 258-155, a day after Senators Hillary Rodham Clinton and Bill Nelson introduced companion legislation  in the Senate.  We have previously reported on the Act here and here. 

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Read More House Passes Homeowners’ Defense Act, Senate Introduces Companion Legislation

On Friday, the Senate approved, by voice vote, the Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIPRA”), which seeks to extend the federal Terrorism Risk Insurance Program for an additional 7 years. 

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Read More Senate Approves Terrorism Risk Insurance Program Reauthorization Act of 2007

A Georgia state court judge recently preliminarily approved a $45 million settlement of a nationwide class action lawsuit concerning allegedly improper servicing of credit life and disability insurance policies in Toole v. JMIC Life Insurance Co., Georgia Super. Ct. Docket No. SU-03-CV-246 (filed 2003). …
Read More $45 Million Settlement in Loan Insurance Class Action

A New York Appellate Court recently held that an excess insurer has no direct cause of action for malpractice against a law firm retained by the primary insurer to defend the insured as there was no privity or even “near privity” with the law firm. …
Read More Excess Insurer Can’t Bring Direct Attorney Malpractice Claim Against Insured’s Defense Counsel

The Ninth Circuit Court of Appeals recently vacated a Nevada federal jury award of $10 million in punitive damages against Paul Revere Life Insurance Company and Unum Provident. …
Read More Ninth Circuit Vacates $10 Million Bad Faith Punitive Damages Award