On December 22, 2009, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced the settlement of apparent violations by Lloyds TSB Bank of OFAC regulations relating to Iran, Sudan and Libya.
Topics
Court Examines Duty to Defend Funeral Homes Accused of Participation in Organ Harvesting
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
A federal judge in Pennsylvania recently examined whether an insurer must defend a crematorium and funeral home against several lawsuits alleging that they participated in an organ harvesting scheme. …
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NY Court: Insured May Recover Consequential Damages Absent Insurer Bad Faith
On December 15, 2009, New York’s Appellate Division for the First Department held that an insured need not allege or prove that its insurer acted in bad faith in order to recover consequential damages stemming from the insurer’s breach of the policy. …
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Client Advisory – SEC Requires Additional Corporate Governance and Compensation Disclosure for 2010 Annual Meetings
By Troutman Pepper Locke on
Most public companies will need to provide new disclosures about corporate governance, director qualifications and compensation matters in proxy statements for their 2010 annual meetings. …
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EAPD WEBINAR LINK: Privacy and Data Breaches
Privacy and data breaches are part of every company’s nightmare of what can go wrong. There is no company in any industry that is not exposed to risks and liabilities related to unauthorized access to personal information of individuals. The risk of data breaches, and the regulations governing company obligations to secure data, and to provide notification in the event of a breach, are increasing dramatically. …
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Unscrambling the Gramm-Leach-Bliley Omelet
By Troutman Pepper Locke on
Sen. John McCain, R-Arizona, and Sen. Maria Cantwell, D-Washington, proposed on December 16, 2009 rebuilding the barriers separating commercial banks, investment banks and insurers established under the Depression Era Glass-Steagall Act. In 1999, the requirements that the three industries remain separate were eliminated by the Gramm-Leach-Bliley Act. …
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The U.S. Supreme Court Grants Certiorari in F-Cubed Case
By Troutman Pepper Locke on
Posted in D&O Liability, United States
On November 30, 2009, the United States Supreme Court granted certiorari to hear the appeal of a Second Circuit Court of Appeals decision affirming the dismissal of an “F-Cubed” securities class action — i.e., a securities class action brought by foreign investors who purchased shares in a foreign company on a foreign stock exchange — on subject matter jurisdiction grounds.
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A.I.G. to List American International Assurance on the Hong Kong Stock Exchange
By Troutman Pepper Locke on
According to recent reports in the New York Times and Financial Times, A.I.G. plans to list its Asian life insurance unit, American International Assurance (“A.I.A.”), on the Hong Kong stock exchange by year’s end. The IPO, which is expected to raise as much as $20 billion, would be one of the largest public stock offerings in the exchange’s history.
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UK: Court of Appeal Clarifies the Scope of the West Tankers Decision
By Troutman Pepper Locke on
Posted in Arbitration, United Kingdom
In National Navigation Co v Endesa Generacion SA [2009] EWCA Civ 1397 the Court of Appeal overturned the first instance judgment of Mrs Justice Gloster (previously reported on the blog here) and held that the English court was bound by an earlier decision of the Spanish court to the effect that no arbitration clause was incorporated into the relevant contract.
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UPDATE: Congress Approves Another Short-Term Extension of the NFIP through February 28, 2010
By Troutman Pepper Locke on
Congress recently approved another short-term extension of The National Flood Insurance Program (“NFIP”) through February 28, 2010. The NFIP extension was included in a defense appropriations measure, and was approved shortly before the program was to expire.