New York Developments

Subscribe to New York Developments via RSS
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. 

…
Read More New York Committee Rejects Proposed Increases in Insurance Fines

By complaint dated February 1, 2008, four named individuals commenced a class action lawsuit against fourteen (14) title insurance companies in the United States District Court for the Eastern District of New York alleging violations of antitrust laws. …
Read More Class Action Antitrust Suit Brought Against Title Insurers in NY Federal Court

In Bi-Economy v. Harleysville, 2008 N.Y. Slip Op. 01418 (Feb. 19, 2008), the New York Court of Appeals reversed summary judgment for an insurer and held that, under the factual circumstances presented and “in light of the nature and purpose of the insurance contract at issue,” the insured had stated a viable claim for consequential damages. …
Read More BI-Economy: New York’s Highest Court Sustains Insured’s Claim for Consequential Damages

The New York Court of Appeals recently held that consequential damages are a permissible remedy for an insurer’s breach of the covenant of good faith and fair dealing. …
Read More Panasia: New York High Court Permits Consequential Damages for Bad Faith Breach of Policy

On February 14, 2008, a divided New York Court of Appeals held that a member of a New York limited liability corporation (often referred to simply as a “LLC”) could bring a derivative lawsuit on behalf of the LLC against the entity’s managers. …
Read More NY Court of Appeals Introduces Derivative Liability Exposure to LLC Managers

The United States District Court for the Southern District of New York recently held that an arbitrator was not precluded by the doctrine of functus officio from modifying his findings regarding a prior award in a dispute between parties, since that award did not resolve the question of damages related to a particular issue and thus was not “final.”

…
Read More Federal Court Confirms Arbitration Award, Finding that Arbitrator did not Exceed His Powers in Amending a Portion of a Prior Award Regarding a Reinsurer’s Liability for Payments Made by its Cedent

A New York appellate court recently held that factual issues should have precluded summary judgment for a subcontractor and its insurer concerning whether they were obligated to provide defense and indemnification to a general contractor pursuant to the subcontract entered into between the general contractor and subcontractor. 

…
Read More New York Appellate Court: Question of Fact Concerning Additional Insured Obligations Precludes Summary Judgment