Topics

Subscribe to Topics via RSS

A Maryland bankruptcy court has declared that Side A benefits under a D&O policy are not property of the bankrupt estate, with the result that two former executives who have been accused of making illegal payments and diverting funds from their former employer to start a new venture may be able to recoup certain defense costs. …
Read More Court Rules D&O Policy’s Side-A Benefits Not Property of Bankrupt Estate

The Massachusetts Appeals Court recently affirmed the Superior Court’s granting of an insurer’s motion to dismiss after finding that the standard mortgage clause in a business owner’s policy did not confer coverage on a mortgagee for loss of rent where the mortgagor had executed an assignment of rent in the event of default. …
Read More Massachusetts Appeals Court Affirms Dismissal of Action Against Business Owner Policy by Mortgagee

The law firm of Akin Gump Strauss Hauer & Feld, LLP is seeking to quash a subpoena from accused Ponzi schemer Allen Stanford in the U.S. District Court for the Southern District of Texas, where Mr. Stanford’s criminal case is pending.  Mr. Stanford allegedly conducted an $8 billion Ponzi scheme involving certificates of deposit. …
Read More Insurers’ Law Firm Engaged In Multi-Pronged Legal Battle Against Accused Ponzi Artist

In a case of first impression, the Massachusetts Appeals Court has ruled that an insured’s waiver of its carrier’s subrogation rights can survive the completion of a construction project.  Middleoak Ins. Co. v. Tri-State Sprinkler Corp., No. 09-P-1265 (Mass. App. Ct. Aug. 5, 2010).  The court’s decision puts Massachusetts in the majority of jurisdictions to have considered the issue. …
Read More Massachusetts Court Says Subrogation Waiver Can Survive Project Completion

Japan moved to impose new sanctions against Iran on September 3, 2010, including freezing the assets of people and entities associated with its nuclear program and imposing tighter restrictions on financial transactions.  Although we have not yet obtained a draft of the sanctions, Japanese officials have indicated that new investments in Iran’s oil and gas industries would also be suspended under the new sanctions according to a recent article in Agence France Presse (AFP). …
Read More Japan Imposes New Sanctions Against Iran

California legislators are ready to pass a bill to entice insurance companies to invest in “green” technology projects in low- and moderate-income urban and rural communities. …
Read More Insurance Turning “Green” in California: Lawmakers Propose Tax Credit for Insurers Who Invest in “Green” Tech Projects

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) is the latest development in the ongoing saga of state versus federal regulation of insurance. Unlike other major industries, insurance is still primarily and almost exclusively regulated by the states – and the states have long been vigilant about keeping it that way. …
Read More The Dodd-Frank Act: The U.S. Government Turns its Attention to Insurance Regulation

In Fensterstock v. Education Finance Partners and Affiliated Computer Services, Inc., plaintiff Fensterstock commenced a class action lawsuit in the Southern District of New York against Education Finance Partners and Affiliated Computer Services for engaging in fraudulent and deceptive practices in connection with the issuance of student loans.  The defendant lenders moved to stay the action and compel individual arbitration in accordance with the loan agreement’s binding arbitration clause. …
Read More Second Circuit Finds that Class Arbitration Waiver Clause Is Unconscionable, Refuses to Compel Arbitration