Last fall, we posted about a New England furniture company that, backed by prize indemnification insurance, offered customers the chance to get their furniture purchase for free if the Boston Red Sox won the World Series. Click here. We later posted about the approximately 30,000 fans that won reimbursement of their furniture purchase when the Red Sox defeated the Colorado Rockies in the World Series. Click here.
Massachusetts Developments
Massachusetts State Pension Fund Will Not (and Cannot) Form Bond Insurer
Michael Travaglini, who oversees the Massachusetts Pension Reserves Investment Management Board, recently voiced his disagreement with California Treasurer Bill Lockyer’s plan to form a state-owned bond insurer, saying that pension funds should not be in the business of insuring securities. “I am very glad that in Massachusetts we are prohibited by our enabling statutes [from creating a bond insurer],” Travaglini said. He continued, “I’m in the investment business, not the lending business in any way, shape or form.
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Massachusetts State Court: Insured May Proceed With Bad Faith Claim Even Though Statute of Limitations On Breach of Contract Claim Has Run
A Massachusetts state trial court recently ruled that, even though an insured’s contractual coverage claim against its insurer was time-barred, its claim for insurer bad faith could proceed under a separate statutory limitations period.
Gamache Exception Extended: Massachusetts Trial Court Orders Insurer To Pay Insured’s Attorneys’ Fees In Unsuccessful Duty to Defend Declaratory Judgment Action
By Troutman Pepper Locke on
A Massachusetts trial court recently held that an insurer must pay the attorneys’ fees incurred by its insured in the successful defense of a duty to defend declaratory coverage action brought by the insurer. …
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Update: Massachusetts Managed Competition System for Auto Insurance Rates
By Troutman Pepper Locke on
Posted in Massachusetts Developments, United States
The proposed rates of 15 auto insurers have been reviewed and approved by the Massachusetts Division of Insurance since the implementation at the beginning of this year of a “managed competition” system for setting auto insurance rates. …
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Health Insurers’ Motion to Treble Damages Against Pharmaceutical Companies in Antitrust Case is Granted
By Troutman Pepper Locke on
On June 1, 2005, after a jury trial lasting over three weeks, a jury found for Blue Cross Blue Shield of Massachusetts (“BCBS-MA”), Blue Cross Blue Shield of Minnesota (“BCBS-MN”), Federated Mutual Insurance Company (“Federated”), and Health Care Service Corporation (“HCSC”) (collectively “Plaintiffs”) against Mylan Laboratories Inc. and Mylan Pharmaceuticals Inc., Cambrex Corporation, and Gyma Laboratories (“Defendants”) on state law claims – agreement in unreasonable restraint of trade; conspiracy in unreasonable restraint of trade; monopolization; and, attempted monopolization – in the Lorazepam active pharmaceutical ingredient (“API”) market, Lorazepam tablet market and in the Clorazepate API and tablet markets. The jury awarded BCBS-MA $8,430,887, BCBS-MN $1,756,096, Federated $410,878.00, and HCSC $1,448,437.00 in damages. …
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Aggressive New Massachusetts Data Breach Law and Proposed Security Rules Require Company Action
Massachusetts has become one of the most aggressive states in the country regarding protecting personal data. It has adopted a new data breach law, a new document destruction law and proposed regulations that may represent one of the most far-reaching information security requirements anywhere in the U.S. Taken together, these will have major compliance implications and will likely require more rigorous, written security policies for any company doing business in Massachusetts or holding Massachusetts personal data, wherever located. …
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Texas Attorney General Settles Bid-Rigging Charges With Insurance Carrier
In a press release dated January 29, 2008, Texas Attorney General Greg Abbott announced the settlement of a bid-rigging investigation involving American International Group Inc. Click here to review the press release, petition and final judgment with AIG. The press release states that the agreement was spearheaded by Texas Attorney General Abbott’s Antitrust Division.
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Massachusetts Attorney General Files Complaint Against Insurer Alleging Bid Rigging
By Troutman Pepper Locke on
In a press release dated January 4, 2008, Massachusetts Attorney General Martha Coakley’s Office reported that it filed a complaint in Suffolk Superior Court against Ohio-based insurer Great American Insurance Group (“Great American”).
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Aggressive New Proposed Regulation for the Security of Personal Information
With potential implications for anyone doing business with a Massachusetts resident, the Massachusetts Office of Consumer Affairs and Business Regulation (“OCABR”) held a public hearing today concerning the proposed regulation 201 Mass. Code Regs. 17.00, the new Standards for the Protection of Personal Information of Residents of the Commonwealth.
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