New York Developments Archives - Page 39 of 44

Interested In Reading The Bear Stearns Shareholder Class Action Complaint? See Attached…

May 2, 2008 | D&O Liability, New York Developments, Subprime/Credit Crisis Developments | United States

For our readers who are interested in the specific allegations contained in the recent shareholder class action complaint against Bear Stearns arising from the JPMorgan buyout, a copy is attached here.

Shareholders Sue Blackstone Over FGIC and Other Poorly Performing Investments

May 2, 2008 | D&O Liability, New York Developments, Subprime/Credit Crisis Developments | United States

Earlier this month, shareholders filed a securities class action against Blackstone Group L.P. (“Blackstone”), its CEO and its CFO over their alleged failure to warn investors that some of the investments managed by Blackstone were performing poorly and that Blackstone was at risk of having to pay back some of its performance fees.

New York Auto Repair Shops Permitted To Fix More Than Just Autos

May 1, 2008 | New York Developments, Regulatory | United States

The New York State Insurance Department has issued a legal opinion in response to an anonymous inquiry regarding whether automobile collision repair facilities are permitted to pay part or all of an insured’s deductible. The opinion states that such a payment does not constitute a rebate, which the N.Y. Ins. Law § 2324 prohibits, and therefore is permissible.

Chair of New York’s Assembly Insurance Committee Speaks at IFNY Event

Apr 25, 2008 | New York Developments | United States

EAPD’s New York office hosted an Insurance Federation of New York (IFNY) Breakfast on Friday, April 25, 2008 featuring New York State Assemblyman Joseph Morelle, the new Chair of the Assembly Insurance Committee.

Auction Rate Securities Update: New York Attorney General Issues Subpoenas To 18 Firms

Apr 23, 2008 | New York Developments, Subprime/Credit Crisis Developments | United States

In the latest development arising from recent concerns regarding auction rate securities, the New York Attorney General has reportedly launched a wide-ranging criminal investigation by serving subpoenas on 18 firms, including UBS AG, Citigroup, Inc., Merrill Lynch & Co., J.P. Morgan Chase & Co. and Goldman Sachs Group, Inc.

Dinallo: NY is Working “Avidly” to Solve the Crisis at FGIC

Apr 10, 2008 | New York Developments, Regulatory, Subprime/Credit Crisis Developments | United States

New York Superintendent of Insurance, Eric Dinallo, recently revealed that the New York State Insurance Department is working “avidly” to alleviate the capital crisis at bond insurer FGIC. FGIC was the subject of ratings downgrades by both Fitch Ratings and S&P earlier this year.

New York Committee Rejects Proposed Increases in Insurance Fines

Apr 7, 2008 | New York Developments, Regulatory | United States

The New York Senate Finance Committee (the “Committee”) has rejected several proposals in Former Governor Eliot Spitzer’s 2008-2009 Executive Transportation, Economic Development and Environmental Conservation Budget, which would have increased various civil penalties placed on insurance agents and brokers for violations of Insurance Law and related regulations.

New Yorkers To Receive Annual Flood Notices

Apr 1, 2008 | New York Developments, Regulatory | United States

Former New York Governor Eliot Spitzer signed legislation this past month that requires annual mailings to New York State homeowners on how to obtain flood insurance coverage with the National Flood Insurance Program (“NFIP”).

Ritchie Capital RICO claims against Coventry First Dismissed

Mar 4, 2008 | New York Developments | United States

On February 29, 2008, the U.S. District Court for the Southern District of New York, dismissed claims by funds managed by Ritchie Capital against Coventry First and all other defendants for civil violations of the federal RICO statutes.

New Bid Bond Program Launched in NY

Mar 3, 2008 | New York Developments, Regulatory

A new program called the New York State Bonding Initiative has been introduced in New York City, Buffalo, Rochester, Syracuse and Albany that aims to aid small businesses in their attempts to obtain bid bonds.

Topic: New York Developments

Interested In Reading The Bear Stearns Shareholder Class Action Complaint? See Attached…

Shareholders Sue Blackstone Over FGIC and Other Poorly Performing Investments

New York Auto Repair Shops Permitted To Fix More Than Just Autos

Chair of New York’s Assembly Insurance Committee Speaks at IFNY Event

Auction Rate Securities Update: New York Attorney General Issues Subpoenas To 18 Firms

Dinallo: NY is Working “Avidly” to Solve the Crisis at FGIC

New York Committee Rejects Proposed Increases in Insurance Fines

New Yorkers To Receive Annual Flood Notices

Ritchie Capital RICO claims against Coventry First Dismissed

New Bid Bond Program Launched in NY

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