On July 17, 2007, New York Attorney General (“NYAG”) Andrew M. Cuomo filed suit against the ExxonMobil Corporation and ExxonMobil Refining and Supply Company “to force the cleanup of a 17-million-gallon oil spill in Greenpoint, Brooklyn, and to restore Newtown Creek, the contaminated waterway separating Queens from Brooklyn.”  

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Read More NYAG Sues ExxonMobil over Alleged 17-million-gallon Oil Spill in New York City

A federal district court has dismissed a complaint containing seven claims, including three RICO claims, against Coventry First LLC and several related corporate entities and principals. 

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Read More Federal Court Dismisses RICO Complaint Against Coventry

As anticipated, the U.S. Attorney for the Southern District of New York filed official notice on Monday, July 17 that it intends to appeal U.S. District Judge Lewis A. Kaplan’s recent dismissal of criminal tax fraud charges against 13 out of 16 former KPMG employees. 

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Read More U.S. Attorney To Appeal KPMG Dismissals

Rep. Gene Taylor (D-MS) has introduced H.R. 920, entitled the “Multiple Peril Insurance Act of 2007,” to the United States House of Representatives in response to the denial of claims from Hurricane Katrina due to wind loss. 

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Read More Congress Considering Reforms to National Flood Insurance Program

The Travelers Companies, Inc. has announced a settlement with ACandS Inc. to resolve all current and future asbestos-related coverage claims.  ACandS, an insulation contractor, has been undergoing Chapter 11 reorganization since 2002, and its bankruptcy counsel has described the Travelers insurance coverage as “the most important asset of ACandS’s bankruptcy estate.” 

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Read More Travelers Enters Settlement with ACandS, Ending “Potentially Unlimited” Exposure; Plan Includes Reinsurance Allocation

The Blue Cross and Blue Shield Association, along with a majority of its nationwide affiliated “Blues plans,” has reached settlement with a class of approximately 900,000 physicians, to resolve a class action suit brought in the Southern District of Florida. …
Read More Blues, Physicians Reach Settlement in Love Case

On January 20, 2006, Century Indemnity Company filed suit in the United States District Court for the Southern District of New York against Clearwater Insurance Company  (“Clearwater”) seeking payment under a facultative reinsurance certificate that contained an arbitration clause. 

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Read More District Court Enforces Arbitration Agreement

On June 12, 2007, a New York appellate court reversed a lower court’s decision and held that a reinsurer was not required to follow the fortunes of a cedent’s loss allocation on a single occurrence “per site” basis, finding that such allocation, which allowed the cedent to exceed the facultative reinsurance contract’s $1 million per-occurrence deductible with respect to certain sites, was unreasonable. 

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Read More Reinsurer Not Obligated to Follow Cedent’s Settlement Allocation

Judge Lewis Kaplan of the S.D.N.Y. today granted 13 of 16 KPMG partners’ motions to dismiss the indictments brought against them by federal prosecutors concerning allegedly fraudulent tax shelters at KPMG. …
Read More Breaking News: Government’s Indictments Against 13 KPMG Partners Dismissed