In C v D [2007] EWCA Civ 1282, D insured C under a Bermuda Form policy that provided for London arbitration and was governed by New York Law. C commenced arbitration proceedings in London against D for unpaid monies and the Tribunal held that C was entitled to recover in full.
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Deadline to implement Directive 2005/68/EC on Reinsurance
By Troutman Pepper Locke on
Member states of the European Union were required to implement Directive 2005/68/EC on Reinsurance (the Reinsurance Directive) by 10 December 2007.
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$464 million Attorney Fee Award Approved in Connection with $3.2 Billion Tyco Settlement
By Troutman Pepper Locke on
Posted in D&O Liability, United States
In early November 2007, lead counsel responsible for achieving a $3.2 billion settlement in the Tyco securities class action sought court approval for a $464 million fee award. …
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Delaware Chancery Court Orders Disclosure of Special Committee Communications with Counsel
By Troutman Pepper Locke on
Posted in D&O Liability, United States
In a seemingly routine discovery order issued in the Maxim stock-option backdating case, the Delaware Court of Chancery recently issued a decision that could have major ramifications for special committee practice.
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Government Moves to Prevent Foreclosures and Other Fallout from the Subprime Meltdown
Earlier this month, President Bush announced a voluntary five-year interest rate freeze plan for subprime borrowers facing large increases in their monthly mortgage payments due to rate resets.
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Louisiana Appellate Court Holds that Insurer’s Water Exclusion is Ambiguous
By Troutman Pepper Locke on
In the context of a Katrina-related claim, in its recent decision in Sher v. Lafayette Insurance Company, et al., a Louisiana state appellate court held that an insurer’s water exclusion was ambiguous and that the insurer could not deny coverage for water damage sustained to an insured’s property on the basis of the exclusion.
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Brown Remains Bermuda Premier With Election Victory
By Troutman Pepper Locke on
Posted in Industry Developments, United States
As previously reported here, Bermuda held its first general election since 2003 on December 18, 2007. As a result, Bermuda Premier Ewart Brown of the Progressive Labour Party (“PLP”) was officially elected by public vote as Premier, a position he originally obtained through an internal party battle a year ago. …
Read More Brown Remains Bermuda Premier With Election Victory
Breaking News: Florida Supreme Court Affirms in U.S. Fire v. JSUB Case
By Troutman Pepper Locke on
The Florida Supreme Court has just issued its opinion in U.S. Fire v. J.S.U.B., No. SC05-1295 (Fla. Dec. 20, 2007). …
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Part VII FSMA 2000: Admiral Group plc uses Part VII to close Lloyd’s syndicate
By Troutman Pepper Locke on
UK insurer Admiral Group plc has successfully used the procedure contained in Part VII of the Financial Services and Markets Act 2000 to transfer business – a motor book – from its Lloyd’s Syndicate to Admiral Insurance Company and then close the syndicate.
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EAPD London workshop discusses the impact of the European Commission’s Final Report into Business Insurance
By Troutman Pepper Locke on
In December 2007, the London office of EAPD held an industry workshop to provide a forum for discussion of the European Commission’s Final Report into Business Insurance. The report sets out the findings of the EC’s sector commission inquiry into business insurance which was initiated in June 2005.