A New York trial court recently denied an insurer’s motion to dismiss the insured’s claim of consequential/extra-contractual damages for pain and suffering and held that the insured may proceed with discovery to explore whether the insurer’s denial of benefits violated the duty of good faith and fair dealing.
Read More NY Court Extends Availability of Consequential Damages to No-Fault Insurance Cases
New York Developments
New York State Court Orders Parties to Arbitrate Dispute, even where Plaintiff Alleges that Contract Containing Arbitration Clause Was Induced by Fraud
By Troutman Pepper Locke on
Defendant New York Merchants Protective Co. Inc. (“NYMP”) is engaged in the business of installing and/or maintaining alarm systems. See Custom Metal Inc. v. New York Merchants Protective Co. Inc., 21343/08 (Nassau County, Sup. Ct., Apr. 6, 2009). Plaintiff Custom Metal Inc. (“Custom Metal”) was a customer of NYMP and entered into a contract in 2003 by which NYMP was responsible for installing and maintaining a security system at Custom Metal’s principal place of business.
U.S. Reinsurance Under 40s Group to Host Lloyd’s Non-Marine Under 30s Group on May 6th for Spring Event in New York City
By Troutman Pepper Locke on
On Wednesday, May 6, 2009, the U.S. Reinsurance Under 40s Group will host the the Lloyd’s Under 30’s Non-Marine Group at its annual Spring event in New York City. The Lloyd’s Under 30’s Non-Marine Group was established more than 30 years ago, and is an organization that is open to all those under the age of 30 years who are engaged in the Lloyd’s Non-Marine market.
New York State Appellate Court Addresses the Potential Overlap in CGL and D&O Coverage
By Troutman Pepper Locke on
A New York State appellate court recently held that a CGL insurer was entitled to contribution from the insured’s D&O insurer for its equitable share of the defense costs incurred by the CGL insurer in defending two underlying actions against the insured that included causes of action that were not covered under the CGL policy, but were covered by the D&O policy. …
Read More New York State Appellate Court Addresses the Potential Overlap in CGL and D&O Coverage
NYID Proposes New Regulation Establishing Mandatory Catastrophe Reserves for P&C Companies
By Troutman Pepper Locke on
On April 8, the New York Insurance Department (the “NYID”) introduced proposed Regulation 189, which would require authorized property/casualty insurers to establish reserve funds for payment of losses that occur in New York arising out of natural catastrophes. …
Read More NYID Proposes New Regulation Establishing Mandatory Catastrophe Reserves for P&C Companies
New York State Court Vacates Arbitral Award Where Party Failed to Follow Procedures Set Forth in Arbitration Clause
By Troutman Pepper Locke on
A credit card agreement between Cheryl DiLorenzo and, by assignment, FIA Card Services, N.A. (“FIA”) contained a provision that permitted either party to submit any dispute between them to arbitration before J.A.M.S./Endispute (“JAMS”).
Judge Dismisses ARS Class Action Against UBS Based Upon Regulatory Settlement
On March 30, 2009, Judge Lawrence M. McKenna granted UBS’s Motion to Dismiss a putative class action complaint filed against it by investors in Auction Rate Securities (ARS). This dismissal was based on Lead Plaintiffs having availed themselves of UBS’s offer to buy back the securities, as mandated by UBS’s settlement with state and federal regulators.
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Read More Judge Dismisses ARS Class Action Against UBS Based Upon Regulatory Settlement
New York Insurance Department Announces Cooperation Agreement with Macau
By Troutman Pepper Locke on
On Tuesday, March 31, 2009, New York State Insurance Department (“NYSID”) Superintendent Eric Dinallo announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Autoridade Monetária de Macau (“AMCM”), Macau’s insurance regulator.
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Read More New York Insurance Department Announces Cooperation Agreement with Macau
Court Orders Party to Pay Attorney’s Fees and Costs Related to Opposing Party’s Motion to Confirm Arbitral Award
By Troutman Pepper Locke on
Rhonda Enterprises S.A. (“Rhonda”), a vessel owner, entered into a charter party agreement with certain charterers, Projector S.A. and Projector Asia Pte. Ltd for the carriage of goods from Taiwan to Singapore (collectively, “Projector”).
Court Enjoins Arbitrators from Determining Jurisdiction Over Non-Parties to Arbitration Agreement
By Troutman Pepper Locke on
UBS AG and its affiliates (“UBS”) commenced arbitration against Lakah Funding Limited, the primary obligor and issuer of certain Eurobonds, and against four guarantors of the bonds.