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In Johnson v. Gruma Corp., No. 08-56911 (9th Cir. 2010), the Ninth Circuit Court of Appeals – applying the California Arbitration Act (“CAA”) in lieu of the Federal Arbitration Act (“FAA”) – affirmed a District Court decision refusing to vacate an arbitration award on the ground that the arbitrator failed to disclose his wife’s former professional relationship with the law firm ultimately retained to represent the respondent in the arbitration. …
Read More Ninth Circuit Finds That Parties Agreed to Apply the Arbitrator Disclosure and Vacatur Standards of the California Arbitration Act, Not the FAA

The U.S. District Court in Manhattan recently dismissed a securities class action brought by a proposed class of investors, alleging that the company and two of its senior officers violated Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and SEC Rule 10b-5 by making false or materially misleading disclosures about the company’s risk management and exposure to mortgage-related securities. …
Read More District Court Dismisses Subprime Class Action Case With Prejudice

Defendant, Clearwater Insurance Company, f/k/a Skandia America Reinsurance Corporation (“Clearwater”), filed suit against Seaton Insurance Company and Stonewall Insurance Company (“Plaintiffs”) in Connecticut Superior Court, arguing that there was no coverage under certain reinsurance agreements for Plaintiffs’ asbestos claims.  Plaintiffs subsequently commenced a declaratory judgment action in Rhode Island federal court concerning the parties’ respective rights and obligations under the same reinsurance agreements, as well as eleven other contracts. …
Read More Reinsurer’s Abstention Motion Denied: Later-Filed Federal Court Action is Held to be Proper Forum for Multi-Contract Reinsurance Dispute

NGC Network Asia, LLC (“NGC”) and Pacific Group International, Inc. (“PAC”) were parties to an arbitration held in New York.  After an award was rendered in NGC’s favor, it commenced an action in the U.S. District Court for the Southern District of New York and moved to confirm.  PAC opposed the motion and cross moved to transfer, stay or dismiss the action. …
Read More Federal Court Finds That the Proper Venue for a Motion to Confirm an Arbitration Award is the District in Which the Hearing Was Held, Not Where the Award was Signed

In a case we have been following on www.insurereinsure.com (click here for our most recent post), the Louisiana Safety Association of Timberman-Self Insurers Fund (“LSAT”) recently filed a supplemental brief petitioning the U.S. Supreme Court to grant certiorari to address whether the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the “Convention”) preempts a Louisiana Statute that bars enforcement of arbitration agreements in insurance or reinsurance contracts. …
Read More Cedent Contends that U.S. Supreme Court Should Resolve Circuit Split Concerning Whether Convention Preempts State Law Precluding Arbitration

We previously reported the judgment of Mr Justice Hamblen in Gard Marine & Energy Ltd v LLoyd Tunnicliffe and Ors [click here for our previous blog] concerning the law applicable to a contract of reinsurance. At first instance, Hamblen J held that it was “overwhelmingly just, convenient and expedient that Gard’s claims against Advent, Glacier Re and its consequent contingent claim against AHP be determined in one jurisdiction” i.e. England. …
Read More UK: English Court of Appeal Addresses Determining Factors in the Law Applicable to a Contract of Reinsurance

Don’t forget to RSVP for the U.S. Re Under 40s Group event at Katwalk on October 7 at 6:00 p.m. as they host members of the Bermuda Under 40s Re/Insurance Group in New York.  It promises to be an excellent opportunity to meet members of the Bermuda Under 40s Group and network with other members of the U.S. Re Under 40s Group. …
Read More Don’t Forget — Join the U.S. Re Under 40s Group on October 7 at Katwalk

A recent decision of the Third Circuit Court of Appeals, Ario, Insurance Commissioner of the Commonwealth of Pennsylvania, in his official capacity as the statutory liquidator of Legion Insurance Company (in liquidation) v. The Underwriting Members of Syndicate 53 at Lloyd’s for the 1998 Year of Account, No. 09-1921, 09-2989 and 09-2991 (3d Cir. 2010), involved a dispute between the Liquidator of Legion and Villanova, as cedents, and The Underwriting Members of Syndicate 53 at Lloyd’s for the 1998 Year of Account, as reinsurers, which concerned whether the cedents had properly underwrote the business described in the reinsurance placement materials. …
Read More Third Circuit Rules that Clear and Unambiguous Intent is Required to Opt Out of the Removal Provision and Vacatur Standards of the FAA and Convention