Industry Developments

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Republican Mike Chaney recently defeated Democrat Gary Anderson in the race for the next Mississippi Insurance Commissioner.  According to press reports, Chaney is committed to rebuilding the Gulf Coast more than two years after Hurricane Katrina by bringing affordable insurance coverage to residents and businesses. 

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Read More Mike Chaney Elected as New Mississippi Insurance Commissioner

On Wednesday, November 7, 2007, the United States Supreme Court heard oral arguments in Hall Street Associates, LLC v. Mattel, Inc., No. 06-989, in which the court is examining whether parties can contract for arbitration agreements that allow for judicial review of an arbitrator’s decision beyond that which is already provided for in the Federal Arbitration Act (“FAA”). …
Read More Supreme Court Hears Oral Argument on the Scope of Judicial Review of Arbitral Awards

A shareholder class action suit was filed against Merrill Lynch & Co. on October 30, 2007 following an announcement by Merrill Lynch that it would have to write-down $8.4 billion in connection with mortgage-related investments. The charge for that write-down is being taken in the third-quarter of 2007. 

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Read More Shareholders File Class Action and Derivative Suits Against Merrill Lynch Over $8.4 Billion Subprime Write-Down

A team of  Edwards Angell Palmer & Dodge LLP lawyers representing Bank of America Corporation recently completed the sale of its commercial insurance brokerage, Banc of America Corporate Insurance Agency, LLC (“BACIA”), to Hilb Rogal & Hobbs Company (“HRH”). 

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Read More Bank of America Corp. Completes Sale of Its Commercial Insurance Brokerage

Several members of Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department recently attended an interesting meeting with representatives of the Office of the Commissioner of Insurance of the Commonwealth of Puerto Rico. 

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Read More The International Insurance Center of Puerto Rico

US law firm Edwards Angell Palmer & Dodge LLP (“EAPD”) and Kendall Freeman of London today announced a plan to merge effective January 1, 2008. 

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Read More Merger Plans Announced Between Edwards Angell Palmer & Dodge LLP and Kendall Freeman of London

Following the Red Sox sweep of the Colorado Rockies, some 30,000 fans of the Boston Red Sox can now follow the lead of Alex Rodriguez and opt out of paying for their furniture purchased in the spring. 

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Read More 30,000 Red Sox Fans Go To Bed Particularly Happy, At Prize Indemnification Insurer’s Expense

On October 26, 2007, Oregon AG Hardy Myers announced a settlement with ACE Group Holdings, Inc. and its subsidiaries (“ACE”) over allegations of improper, fictitious quoting and steering of insurance businesses.  The AG filed a stipulated judgment in Marion County State Circuit Court, in which ACE agreed to pay $4.5 million to a group of eight Attorneys General in settlement of their antitrust claims with no admission that ACE violated any laws. …
Read More Oregon Attorney General Settles State Antitrust Claims with Insurer