MetLife has reportedly loaned $150 million to Kamber Management for a New York office property, while Shimao Property is said to have won an auction for a $903 million Hong Kong residential development site.
MetLife’s closely watched court fight against its new regulatory label, systemically important financial institution, attracted eight major amicus briefs on Monday — some saying the Financial Stability Oversight Council overreached and some saying that loosely connected state insurance regulators can’t prevent another AIG.
Steered by Debevoise & Plimpton LLP, private equity-backed Nassau Reinsurance Group Holdings Ltd. said Tuesday it has agreed to a $217.2 million go-private deal to acquire The Phoenix Cos. Inc., a life insurance and annuity provider advised by Simpson Thacher & Bartlett LLP.
A Pennsylvania federal judge has ruled that three Intellectual Ventures Management LLC patents on database and communications technology are invalid for claiming only abstract ideas under the U.S. Supreme Court's Alice ruling, in a win for Highmark Inc. and other insurers accused of infringement.
Axis Insurance Co.'s attempt to preemptively escape paying out to PNC Financial Services Group Inc. under a $25 million excess policy for the bank's potentially massive exposure to a funeral scam jury verdict and separate overdraft fees litigation is not ripe for adjudication, a Pittsburgh federal judge held Tuesday.
Crop insurers accusing the Federal Crop Insurance Corp. of reneging on promises made during the negotiation of a 2011 premium rate agreement, which they say cost them $200 million in underwriting gains, told a D.C. federal court Monday that the government must be held accountable for false representations.
First Mercury Insurance Co. has no duty to defend home security system dealer Defender Security Co. in an underlying class action alleging that it illegally recorded customer calls, the Seventh Circuit affirmed Tuesday, agreeing with a lower court that coverage doesn't exist because customers' data wasn't published.
The Internal Revenue Service warned a D.C. district judge on Monday that a ruling in favor of a Swiss insurance company in a $38 million tax refund suit would impinge on the executive branch’s exclusive ability to implement foreign policy.
An insurer that guaranteed a Skanska AB subcontractor's work at a Texas air base has fired back at the Swedish construction giant's bid for summary judgment, saying Skanska’s lax administration of the work, left unfinished when the subcontractor folded, voids the performance bond.
A Houston-area hospital tangled in a $120 million billing fraud and kickbacks dispute with Aetna asked a Texas federal court Monday to compel ConocoPhillips to produce documents on its relationship and service agreements with the insurer, saying they are material to the case.
The House Ways and Means Committee on Tuesday advanced a bill that would repeal taxes enacted in the Affordable Care Act to be included in so-called budget reconciliation legislation that would need just a simple majority to pass the Senate.
PHH Corp. urged the D.C. Circuit on Monday to overturn the Consumer Financial Protection Bureau’s order that the mortgage lender pay a $109 million penalty over a mortgage insurance kickback scheme, saying the agency is trying to criminalize a legitimate business.
A Minnesota federal judge ruled Monday that National Union Fire Insurance Co. of Pittsburgh, Pa., and a slew of excess insurers don't have to cover 3M Co.'s alleged losses in connection with WG Trading Co. LP's massive Ponzi scheme, finding 3M didn't own the lost earnings as required by the policies.
After the Florida Supreme Court ordered her removed from the bench, a former state judge now faces a renewed disciplinary case filed Monday by the Florida Bar over the same underlying conduct related to her role as an attorney in a $14.5 million settlement with an insurer.
Onetime plaintiffs in centralized New Jersey cases accusing Prudential Financial Inc. of handing Leeds Morelli & Brown PC a commercial bribe to cap its exposure to employee claims have launched a putative class action against their attorneys, claiming they deducted improper costs from settlement proceeds.
A Maryland federal judge on Monday dismissed a suit against an insurer brought by now-defunct Mann Bracken LLP over coverage for $8.8 million in funds debited by a bankrupt collection services agency, saying that the former law firm hadn’t alleged any written notice was provided to the insurer.
Former cyclist and performance-enhancing drug user Lance Armstrong has settled a Texas state lawsuit with SCA Promotions and apologized to the prize insurer after an arbitration panel awarded SCA $10 million for what it called “the most devious sustained deception” in sports history, Armstrong's attorney confirmed Monday.
A New York magistrate judge recommended Monday that Aspen American Insurance Co. be released from a Brooklyn shopping center's suit seeking coverage for damages tied to Superstorm Sandy, as the policyholder failed to timely submit a proof of loss and the insurer didn't disclaim coverage.
A Louisiana appellate court has upheld a lower court's ruling that Louisiana Medical Mutual Insurance Co. didn't breach any contractual duty to a doctor sued for medical malpractice by settling the suit without her consent, holding that the insurer didn't need to obtain the doctor's consent to reach a deal.
Four insurance companies with liability policies formerly issued to a Wisconsin whey protein producer are now trying to cut loose from coverage after the company’s executives were accused by Land O’Lakes Inc. of tainting their product with animal urine, with each insurer alleging the claims don’t qualify as property damage and are excluded.
Specific cyberliability exclusions exist but are not yet mainstream in the directors and officers insurance market. However, there are more generic D&O policy exclusions that could affect coverage for losses resulting from a data breach, say Rachel Raphael and Ellen Farrell of Crowell & Moring LLP.
In Kaady v. Mid-Continent Casualty Co. the Ninth Circuit held that a contractor's general commercial liability policy’s “known-loss” exclusion might have been drafted too narrowly to cover the facts of the case — showing the importance that even a single definitive article can have in insurance disputes, says Ashley Harrison Sakakeeny at Carlton Fields Jorden Burt PA.
The abuse of illegal drugs continues to claim its victims in the entertainment industry, as the death of Academy Award winner Philip Seymour Hoffman shows, but real potential for coverage disputes exists under many event cancellation policies if the insured dies from a prescription drug overdose, as in the case of Michael Jackson, says Isabella Stankowski-Booker at Zelle Hofmann Voelbel & Mason LLP.
What are we going to do about opening joint sessions in mediations? Mediators love them, but many lawyers have grown to avoid them at all costs. Can we reconcile this and invent a new, improved opening joint session that mediators and lawyers alike will applaud? asks Jeff Kichaven of Jeff Kichaven Commercial Mediation.
A recent decision by a divided Tenth Circuit panel in Landmark American Insurance Co. v. VO Remarketing Corp. affirms that while facts extrinsic to an underlying complaint can be used to determine duty to defend, the underlying complaint’s legal conclusions aren't sufficient to trigger duty to defend, say Suzanne M. Meintzer and Shawna Ruetz at Wilson Elser Moskowitz Edelman & Dicker LLP.
Given compressed deal timelines and the inability of a buyer to conduct even rudimentary diligence on classified contracts, a buyer may not have the ability to accurately identify and cabin all of the potential risks in mergers that involve defense and government contractors. Representations and warranties insurance may thus make the difference between a closed transaction and a busted deal, say attorneys with Crowell & Moring LLP.
Insurance companies routinely withhold undisputed amounts of insurance benefits with, at the very least, knowledge of its coercive effect on the insured — yet there’s a surprising lack of authority on whether this underhanded tactic amounts to bad faith under California law, say Brian Kabateck and Levi Plesset of Kabateck Brown Kellner LLP.
While anti-concurrent cause provisions are enforceable in a vast number of policies and jurisdictions, the Ninth Circuit's Stankova decision has brought the enforceability of such clauses into question for fire losses in Arizona and in states that have adopted the New York standard fire insurance policy, say William Webster and Charles Cannizzaro at Robins Kaplan LLP.
In George Orwell’s "Animal Farm," the governing principle that “all animals are equal” was revised by the pigs who had ascended into power to “all animals are equal, but some animals are more equal than others.” A recent decision by the Tenth Circuit, BancInsure Inc. v. Federal Deposit Insurance Corp., appears to apply a similar principle to insurance policy interpretation, say Alex Lathrop and Harry Moren at Orrick Herrington & Sutcliffe LLP.
Although NFL fans do not routinely contemplate issues of arbitrator bias, partiality arguments made by New England Patriots quarterback Tom Brady during ongoing litigation over his Deflategate suspension are similar to common arguments made during reinsurance arbitration disputes, says J.P. Jaillet at Choate Hall & Stewart LLP.