The Massachusetts Appeals Court recently ruled that an Insured’s willful, unexcused refusal to submit to an examination under oath violated the cooperation clause in its policy resulting in a material breach on the part of the Insured.
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Massachusetts Developments
August 28 EAPD Webinar: Insurance Implications of Climate Change
By Troutman Pepper Locke on
Posted in Bermuda, Catastrophe Claims, Climate Change, Connecticut Developments, European Union, Florida Developments, Hong Kong, Industry Developments, Latin American Developments, Life Insurance & Annuities, Massachusetts Developments, New Jersey Developments, New York Developments, United Kingdom, United States
On Thursday, August 28, Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department will host a webinar entitled “Insurance Implications of Climate Change”. This 60 minute webinar will comprise a discussion of the global legal framework which recognizes the reality of climate change. …
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New England Patriots Face Auction Rate Securities Crunch
According to a recent report in the Boston Globe, an affiliate of the New England Patriots has filed suit against its bond insurer, AMBAC, in an attempt to avoid $2.8 million in accelerated premium payments linked to the troubled auction rate securities (“ARS”) market.
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UBS Agrees To Buy Back Up To $3.5 Billion Of Auction Rate Preferred Shares
In the wake of a lawsuit by the Massachusetts Securities Division alleging fraudulent sales of auction rate securities (“ARS”), UBS AG reportedly plans to buy back as much as $3.5 billion in ARS-impacted preferred shares issued by tax-exempt closed-end funds.
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Massachusetts Legislature Considers Homeowners Insurance Reform
By Troutman Pepper Locke on
The Massachusetts House of Representatives is currently considering a homeowners insurance reform bill that has already been unanimously approved by the state Senate.
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Massachusetts Files Securities Fraud Suit Against UBS Regarding Auction Rate Securities
The Enforcement Section of the Massachusetts Securities Division recently filed an administrative complaint against UBS Securities, LLC and UBS Financial Services, Inc. alleging conflicts of interest and use of misleading sales practices in the marketing of auction rate securities (“ARS”).
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Massachusetts Federal Court: Subsequent Demand Moots Demand-Excused Derivative Suit
By Troutman Pepper Locke on
The United States District Court for the District of Massachusetts recently granted a motion to dismiss a “demand excused” shareholder derivative suit on the basis that the suit was mooted by the plaintiffs’ subsequent demand letter. …
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First Circuit Federal Appeals Court Certifies Important Allocation Questions to Massachusetts Supreme Judicial Court
By Troutman Pepper Locke on
The U.S. First Circuit Court of Appeals recently certified to the Massachusetts Supreme Judicial Court critical questions regarding allocation of loss to multiple insurers for long-term environmental contamination. …
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Auction Rate Securities: UBS Settles Massachusetts Attorney General Probe for Over $35 Million
UBS Financial Services, Inc. and UBS Securities LLC entered into an agreement Wednesday with the Massachusetts Attorney General to return over $35 million to Massachusetts towns, cities and government entitities that UBS had invested in auction rate securities. The settlement resolves an investigation initiated in February 2008 into allegations that UBS had misrepresented to state entities that auction rate securities were “a permissible investment for the municipalities under Massachusetts law.” …
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Massachusetts To Allow Six-Month Automobile Policies
By Troutman Pepper Locke on
On April 3, 2008, Commissioner Nonnie Burns of the Massachusetts Division of Insurance issued a new bulletin permitting insurance companies to offer the option of purchasing automobile policies with six-month terms. …
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