A federal judge in the United States District Court for the Southern District of Florida recently issued findings of fact and conclusions of law following a bench trial in favor of Wachovia in a suit brought by investors who were unable to liquidate certain Auction Rate Securities (“ARS”) originally purchased through Wachovia.
Read More SDFL Judge Finds for Wachovia in Unique Auction Rate Securities Suit
Florida Developments
Florida Amends Rating and Approval Process to Exclude Certain Commercial Lines
By Troutman Pepper Locke on
On Friday, April 30, 2010, the Florida Legislature approved S.B. 2176, which excludes certain lines of insurance from the rate filing and approval requirements in Fla. Stat. § 627.062(2)(a) and (f).
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Homeowners’ Defense Act Approved by House Committee
By Troutman Pepper Locke on
On April 27, 2010, the Homeowners’ Defense Act of 2009, H.R. 2555 (the “Act”) was passed by the House of Representatives’ Financial Services Committee by a vote of 39-26, and will head to the House floor for a full vote, although no date has yet been set.
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Chinese Drywall – Chinese president says that he will look into drywall responsibility
By Troutman Pepper Locke on
United States Senator Bill Nelson (D-Fla.) reports that, this week, Chinese president Hu Jintao told him this week that he would investigate problems with Chinese manufactured drywall.
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Chinese Drywall – Federal Judge Rules No Coverage For Drywall Remediation
By Troutman Pepper Locke on
On March 24, 2010, Judge Rebecca Beach Smith of the U.S. District Court for the Eastern District of Virginia dismissed claims filed by a Virginia Beach-based builder seeking insurance coverage for the costs of voluntarily remediating Chinese Drywall. …
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Chinese Drywall – Second Bellwether Trial Complete
By Troutman Pepper Locke on
Posted in Coverage & Claims, Florida Developments
As reported here, the first federal trial in the nationwide Chinese drywall controversy began on February 19th, 2010 in New Orleans, La. That trial, involving defendant Taishan Gypsum, has now concluded and Proposed Findings of Fact and Conclusions of Law have been submitted for consideration.
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Florida Supreme Court Considering Question of Rental Car Company Vicarious Liability
By Troutman Pepper Locke on
On March 1, 2010, the Florida Supreme Court heard oral argument in Rafael Vargas v. Enterprise Leasing Company, et al., SC08-2269. The case challenges the application of a federal law that shields rental car companies from vicarious liability for accidents involving rental cars.
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Chinese Drywall – First Bellwether Trial Ongoing
By Troutman Pepper Locke on
The first federal trial in the nationwide Chinese drywall controversy began on February 19th, 2010 in New Orleans and is ongoing. This “bellwether” trial involves seven Virginia plaintiffs whose homes contain drywall manufactured by China-based Taishan Gypsum Co.
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Florida Court Affirms That Insurer of Physician Is Not Obligated to Indemnify Based Upon Applicability of Business Liability Policy’s Professional Services Exclusion
By Troutman Pepper Locke on
The District Court of Appeal of the State of Florida (the “Appeals Court”) recently affirmed the trial court’s determination that a doctor’s business owner insurer was not obligated to indemnify the doctor for a wrongful death suit that resulted, in part, from the mis-filing of laboratory results by the doctor’s assistant, although it did have a duty to defend.
Florida Legislator Seeks De-Regulation of Rates for Property Insurance that Covers Risk of Windstorm or Hurricane
By Troutman Pepper Locke on
Posted in Florida Developments, Regulatory
On December 8, 2009, State Representative Bill Proctor filed HB 447, An Act Relating to Residential Property Insurance, in the Florida Legislature. HB 447 would permit insurers to charge rates higher than those they have filed with the Florida Office of Insurance Regulation (FOIR) for residential property insurance that covers hurricane or windstorm risk, as long as the insurers comply with certain new requirements set forth in HB 447.