Coverage & Claims

The Supreme Court Defines the PSLRA’s “Strong Inference” Standard

By Troutman Pepper Locke on June 22, 2007

Posted in Coverage & Claims, D&O Liability, United States

On June 21, 2007, the Supreme Court issued a significant decision for securities litigators and D&O insurers that eliminated a circuit split over the interpretation of a key pleading requirement of the Private Securities Litigation Reform Act (the “PSLRA”).

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The Brocade Criminal Trial: Former Employee Testimony Damaging to Reyes

By Troutman Pepper Locke on June 21, 2007

Posted in Coverage & Claims, D&O Liability, United States

The first criminal trial arising out of the stock options backdating scandals, involving Brocade Communications Systems, Inc.’s former CEO, Gregory Reyes, began on Monday, June 18, 2007 in the United States District Court for the Northern District of California. Reyes is accused of intentionally falsifying board meeting minutes and disseminating false financial statements in order to conceal the backdating of stock options.

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Florida’s Valued Policy Law – When Determining Whether Building is “Total Loss,” Court May Consider Whether Cost of Repair Exceeds Value

By Troutman Pepper Locke on June 19, 2007

Posted in Coverage & Claims, Florida Developments, United States

Florida’s First District Court of Appeal recently decided that, when determining whether the structure is a “total loss” under Florida’s former Valued Policy Law (“VPL”), a court could consider whether the cost of repairing the building would exceed its value.

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Delaware Court Grants Motion to Dismiss Stock Options Backdating Suit

By Troutman Pepper Locke on June 19, 2007

Posted in Coverage & Claims, D&O Liability, United States

The Delaware Court of Chancery recently granted a motion to dismiss a shareholder derivative action involving Sycamore Networks, Inc. that alleged misconduct in the issuance of stock options.

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Florida Appellate Court Holds That Injured Party Suing Tortfeasor’s Insurer for Bad Faith is Not Entitled to Privileged Communications Between Insured, Insurer, and their Joint or Separate Counsel

By Troutman Pepper Locke on June 18, 2007

Posted in Coverage & Claims, Extra-Contractual Liability, Florida Developments, United States

A Florida appellate court recently swam against a tide of decisions that have eroded the attorney-client privilege in bad faith litigation.

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Supreme Court Weighs in on Dirty Sites – CERCLA Permits Private Right of Action

By Troutman Pepper Locke on June 15, 2007

Posted in Coverage & Claims, Toxic Tort, United States

On June 11, the United States Supreme Court has paved the way for additional litigation under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”).

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First Circuit Finds Flexibility in “Sudden and Accidental” Pollution Exception

By Troutman Pepper Locke on June 15, 2007

Posted in Coverage & Claims, Massachusetts Developments, Toxic Tort, United States

On May 30, the U.S Court of Appeals for the First Circuit held that an insured’s broad allegations of pollution over a course of decades are enough to trigger a liability insurer’s duty to defend environmental contamination lawsuits.

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Hurricane Katrina Whistleblower Lawsuit

By Troutman Pepper Locke on June 12, 2007

Posted in Catastrophe Claims, Coverage & Claims, United States

A Katrina-related whistleblower lawsuit originally filed under seal on August 2, 2006, was recently unsealed and made public.

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Fifth Circuit Hears Katrina-related Appeal

By Troutman Pepper Locke on June 6, 2007

Posted in Catastrophe Claims, Coverage & Claims, United States

Today, the Fifth Circuit Court of Appeals is hearing oral argument on the appeal of a Katrina-related coverage decision by U.S. District Court Judge Stanwood R. Duval, Jr., issued in November 2006.

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Insured Is Under No Duty To Notify Insurer of Material Changes In Coverage Risk

By Troutman Pepper Locke on June 5, 2007

Posted in Coverage & Claims, Massachusetts Developments, United States

A Massachusetts Appeals Court recently issued an opinion that highlights the importance of policy provisions and renewal application questions requiring insureds to update the insurer concerning changes in circumstances.

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Coverage & Claims

The Supreme Court Defines the PSLRA’s “Strong Inference” Standard

The Brocade Criminal Trial: Former Employee Testimony Damaging to Reyes

Florida’s Valued Policy Law – When Determining Whether Building is “Total Loss,” Court May Consider Whether Cost of Repair Exceeds Value

Delaware Court Grants Motion to Dismiss Stock Options Backdating Suit

Florida Appellate Court Holds That Injured Party Suing Tortfeasor’s Insurer for Bad Faith is Not Entitled to Privileged Communications Between Insured, Insurer, and their Joint or Separate Counsel

Supreme Court Weighs in on Dirty Sites – CERCLA Permits Private Right of Action

First Circuit Finds Flexibility in “Sudden and Accidental” Pollution Exception

Hurricane Katrina Whistleblower Lawsuit

Fifth Circuit Hears Katrina-related Appeal

Insured Is Under No Duty To Notify Insurer of Material Changes In Coverage Risk

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