The United States District Court for the Southern District of New York recently broadly applied a so-called “prior and pending litigation” exclusion to limit coverage for the settlement of a lawsuit, finding that many of the lawsuit’s allegations overlapped with allegations made in a lawsuit filed prior to the inception of the policy. 

…
Read More SDNY Applies “Prior And Pending Litigation” Exclusion To Limit Coverage Under D&O Policy

Recently, the United States District Court for the District of Nevada vacated an arbitration panel’s award that consisted of, among other things, punitive damages, finding that the award was in manifest disregard of the law and outside the scope of the panel’s jurisdiction. 

…
Read More Nevada Court Vacates Arbitrator’s Award of Punitive, Other Damages

The United States Supreme Court heard oral argument yesterday in a case that presents the Court with the opportunity to broaden the class of potential defendants in private securities class actions, which would substantially increase litigation exposure for corporate America.  The questions and comments of the Justices suggest that the majority of the Court is not prepared to alter the current securities class action landscape. 

…
Read More Stoneridge v. Scientific-Atlanta: Supreme Court Indicates It Will Not Broaden Secondary Actor Liability In Securities Class Actions

Louisiana has begun accepting applications from property and casualty insurance companies for grants under the Insure Louisiana Incentive Program.  According to Louisiana Insurance Commissioner Jim Donelon, the program is designed to “attract more property and casualty providers to [Louisiana] and to increase the private market capacity by 15%.” …
Read More Louisiana Launches $100 Million Property & Casualty Incentive Program

Massachusetts Attorney General Martha Coakley announced on Friday that her office has filed a lawsuit against one of the nation’s largest subprime lenders, Fremont Investment and Loan (“Fremont”).  The suit accuses Fremont of predatory lending practices under Massachusetts’ 2004 Predatory Home Practices Act. 

…
Read More Massachusetts Attorney General Files Suit Against National Mortgage Lender Over Subprime Mortgages

This blog serves as an update to our June 7 and September 12 postings. 
 
Last week, we attended the Fall NAIC meeting in Washington D.C.  During the meeting, the Reinsurance (E) Task Force discussed a proposal to modernize current reinsurance regulation. 

…
Read More NAIC Reinsurance Task Force Considers Modernizing Reinsurance Regulation

Judge Stanwood R. Duval, Jr. of the United States district court of Lousisa federal district court sitting in Louisiana recently held that two homeowners could jointly file an amended complaint and proceed with their proposed class action lawsuit against State Farm Fire and Casualty Company and software company Xactware. 

…
Read More Potential Class Action against State Farm and Its Claims Adjusting Software Company

The Fall 2007 Edition of the EAP&D Corporate Law and Litigation Bulletin has recently been released and is available here.  The Bulletin contains discussion of the following developments: 

…
Read More EAP&D Corporate Law And Litigation Bulletin Addresses Recent Statutory And Caselaw Developments In Delaware Corporate Law

In a decision dated, September 27, 2007, the Hon. Bernard J. Fried, Commercial Division Justice of the New York Supreme Court for the County of New York, granted in part and denied in part Akin Gump Strauss Hauer & Feld LLP’s motion to dismiss a lawsuit filed by the Veras hedge fund families (“Veras Hedge Funds”) in the case captioned Veras Investment Partners, LLC, et al.  v. Akin Gump Strauss Hauer & Feld LLP, Index No. 600340/2007. 

…
Read More New York Supreme Court Commercial Division Allows Fraud Claim Against Law Firm That Advised Hedge Fund On Market Timing Trading Which Resulted In Regulatory Investigation

On September 17, 2007 Presidential candidate Senator Hillary Clinton weighed in with her proposal, “the American Health Choices Plan” (“the Plan”), which according to Senator Clinton “expands personal choice, but keeps costs down.” 

…
Read More Senator Clinton Proposes the American Health Choices Plan