In the wake of American International Group, Inc.’s (“AIG”) request for a $40 billion bridge loan from the Federal Reserve, New York Governor David Patterson has announced that AIG has been granted “special permission to access $20 billion of capital in its subsidiaries to free up liquidity.” This will enable, in essence, AIG to make a bridge loan to itself.
New York Developments
New York Attorney General Subpoenas Several Bank of America Executives in Auction-Rate Securities Probe
By Troutman Pepper Locke on
New York Sate Attorney General Andrew Cuomo recently subpoenaed eight Bank of America Corp. executives as part of the state’s investigation into the sale and marketing of auction rate securities.
Edwards Angell Palmer & Dodge Webinar: ‘Mortgage-Backed and Auction-Rate Securities: Structure, Litigation and Insurance Issues’
Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department will host a webinar on the above topic on Monday, September 29, 2008 at 12:00 PM EDT / 5:00 PM BST. …
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Second Circuit Affirms Dismissal Of Indictments Against KPMG Executives
By Troutman Pepper Locke on
The U.S. Court of Appeals for the Second Circuit recently upheld the S.D.N.Y.’s decision to dismiss federal indictments against thirteen former KPMG executives for alleged tax-fraud after finding that federal prosecutors violated the KPMG executives’ constitutional rights. …
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New York Appellate Court Holds that Insurer Engaged in Deceptive Practices by Failing to Inform Insureds of their Right to Select Independent Defense Counsel at Insurer’s Expense
By Troutman Pepper Locke on
In Elacqua v. Physicians’ Reciprocal Insurers, 52 A.D.3d 886 (N.Y. App. Div. 2008) (“Elacqua II”), the Supreme Court, Appellate Division held that the insurer engaged in deceptive practices by failing to inform the insureds of their right to select independent counsel to defend them at the insurer’s expense.
New York Attorney General Reaches Agreement With Energy Company To Require Disclosure Of Financial Risks Of Climate Change To Investors
By Troutman Pepper Locke on
In a press release dated August 27, 2008, New York Attorney General Andrew Cuomo announced what is claimed to be the first-ever agreement requiring a company, Xcel Energy (NYSE: XEL) (“Xcel”), to detail financial liabilities related to climate change. The Office of the Attorney General reports that the agreement comes at a time when many power companies are investing in new coal-burning power generation that will contribute to global warming emissions.
London Insurers Sue Milberg LLP
On Tuesday Lloyd’s underwriters along with Zurich Specialties London Ltd commenced proceedings in New York against class action specialists Milberg LLP. Insurers are seeking to rescind certain professional liability insurance policies issued to Milberg’s predecessor firms based on material mispresentations made by the Milberg firm. …
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TODAY’S 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
Today, 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 York to Hold Joint Hearing on Out-of-Network Coverage
By Troutman Pepper Locke on
On October 7, 2008, the New York Insurance Department and New York Department of Health will be holding a joint meeting to address out-of-network insurance coverage. The hearing will be held in response to numerous consumer complaints regarding bills from specialists whom the consumers did not know were out-of-network.
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Regulators Probing Fidelity’s and Schwab’s Involvement in Auction Rate Securities Issues
Reports indicate that state and federal regulators are now turning their attention to Fidelity’s and Schwab’s participation in the Auction Rate Securities (ARS) market.
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