Massachusetts' highest court has agreed to review a lower court's ruling that a pair of insurers can't recoup sums they paid to defend Vibram USA Inc. against a suit alleging the company unlawfully obtained a trademark for a shoe named after the late Olympic marathon champion Abebe Bikila in a case that raises multiple issues of first impression under state law.
The comment period on the U.S Department of Labor's proposal to delay parts of its fiduciary rule for retirement account advisers closed Friday, with a chorus of industry stakeholders, investor advocates and think tanks weighing in on what freezing key provisions of the rule until July 2019 might mean. Here, Law360 looks at what financial groups, politicians, individuals and others had to say.
Pfizer Inc. can't break into the market with its biosimilar version of Johnson & Johnson's blockbuster biologic Remicade, as J&J and its subsidiary Janssen Biotech Inc. have been holding on to a monopoly through a multifaceted anti-competitive campaign, Pfizer told a Pennsylvania federal court Wednesday.
The Senate is set to vote next week on the contentious Affordable Care Act repeal measure, a leadership aide said Wednesday, as more groups came out against the embattled legislation.
Starr Indemnity & Liability Co. told a Washington federal judge Tuesday that a notice of a possible suit under California's Proposition 65 labeling law created a claim that a fruit juice maker should have told the insurer about when it applied for a policy, while the juice maker urged the court to find the claim didn't arise until the suit was filed.
A Delaware state judge Wednesday found Catlin Specialty Insurance Co. does not have to cover a mall owner and real estate management company for a fraud suit, saying the clear wording or both the policy and the suit block coverage.
A Georgia federal court Wednesday refused to find that Ace American Insurance Co. need not cover any of a $2.3 million judgment against Exide Technologies Inc. over acid damage at a former battery factory, rejecting the insurer's contention that a pollution exclusion was mistakenly left off Exide's policy.
Google is closing in on a deal to buy assets from struggling smartphone maker HTC, AIA Group is nearing an agreement to buy the roughly $4 billion insurance business of Commonwealth Bank of Australia, and Switzerland's stock exchange operator is mulling a sale of its multibillion-dollar payments business.
A New Jersey federal judge Monday found the dissolution of the original policyholder in a merger did not relieve Progressive Casualty Insurance Co. of the duty to defend the post-merger bank from a stockholder suit.
TransCanada Energy USA Inc. is entitled to nearly $58 million in coverage for its costs for property damage and business interruption stemming from the breakdown and temporary loss of a faulty turbine, a New York appellate court affirmed on Tuesday.
The White House started a public push for the latest Affordable Care Act repeal bill Tuesday as the Senate dropped bipartisan reform efforts.
A Washington federal judge Tuesday told a group of homeowners that American Safety Indemnity Co. does not have to pay into their $4.5 million settlement with their homebuilder, saying the builder put up too many houses to qualify for coverage.
A little more than a week after Hurricane Irma made landfall in Florida, the state's insurers have received more than 372,000 claims totaling $2.1 billion for a storm that is expected to cost more than $40 billion.
An Illinois federal judge on Tuesday dismissed certain claims brought by a U.S. insurance agency against a Lloyd’s of London underwriting member in a dispute over profit-sharing commissions, saying the insurer had failed to refute an arbitration bid based on a clause contained in some of their contracts.
Arent Fox LLP has urged a New York federal court to snub a magistrate judge’s recommendation to deny it access to communications between a former client suing for malpractice and the client’s other attorneys, saying the messages can’t be used “as both a sword and a shield.”
The Second Circuit on Tuesday upheld a judgment that Beazley Insurance doesn't have to cover a video surveillance company's settlement with a business partner over lapsed payments, saying an exclusion in Beazley's directors and officers policy bars coverage because the partner's executive was also a director of the insured company.
Lloyd's of London Friday asked the Ninth Circuit not to revive a suit seeking to force it to pay $5 million on an excess policy into a shareholder settlement with a bankrupt subprime lender, saying the actual amount paid in the settlement does not exceed the policy limits.
The winner of a contract to provide dental benefits for Florida's health insurance program for children asked a state appeals court Tuesday to overturn an order forcing the company to hand over a list of providers in response to a public records request by a losing bidder, arguing the list is a protected trade secret.
A Florida condominium association and Empire Indemnity Insurance Co. have filed dueling summary judgment motions in federal court over whether a building must have fallen down to count as “collapsed” under Empire’s policy.
U.S. Bank NA has asked a New York federal court to stay or dismiss a lawsuit by insurer Ambac Assurance Corp. that claims U.S. Bank failed to prevent losses on billions of dollars’ worth of residential mortgage-backed securities, saying there’s no reason for the court to weigh in on a dispute that has been working its way through state courts for several years.
Since the passage of the Affordable Care Act, health care providers in markets around the country have started exploring the payor side of the business by sponsoring health plans. Attorneys with Ropes & Gray LLP examine some of the factors giving rise to this trend and what it might (and might not) mean for health insurance exchanges, smaller providers and the insurance markets generally.
Imagine going to a restaurant and ordering your steak medium-rare. The steak arrives burned. You expect the kitchen to bring you another one properly done, right? And you don’t expect to pay for two steaks, do you? Paying a vendor for document review should be no different, says Lisa Prowse, an attorney and vice president at e-discovery firm BIA Inc.
Though Massachusetts' adoption of the National Association of Insurance Commissioners' model Own Risk Solvency Act earlier this year was a watershed moment for Massachusetts insurers' risk management framework and processes, the act is not as ominous as it might appear, say Richard Glovsky and William Primps of Locke Lord LLP.
The captive insurance industry has had little guidance from courts, the U.S. Treasury Department or the U.S. Internal Revenue Service on what an acceptable arrangement looks like. Many had hoped that the U.S. Tax Court's ruling in Avrahami v. Commissioner would provide such guidance. But the decision last month left too many questions unanswered, says Steven Miller of Alliantgroup LP.
Texas insurers will face many new and challenging questions regarding Hurricane Harvey and art-related claims. Damage to fine art often involves unique claim facts due to the nature of the asset at risk, and there is a dearth of case law interpreting fine art insurance issues in general, says Jamie Baker of Thompson Coe Cousins & Irons LLP.
Financial Crisis Anniversary
The financial crisis was deepened by the unintended consequences of government action, and recovery was stifled by a regulatory response that neither addressed the fundamental causes of the crisis nor helped protect against a future one, says Norm Champ, partner at Kirkland & Ellis LLP and former director of the SEC Division of Investment Management.
Financial Crisis Anniversary
Between 2007 and July 2017, settlements related to the financial crisis totaled $133.2 billion. Ten years after the onset of the crisis, members of NERA Economic Consulting analyze the “settlement ratio” for select mortgage-backed securities settlements and other trends.
Significant inaccuracies and bias remain in the American Law Institute's latest draft of its Restatement of the Law, Liability Insurance, released last month. Hopefully, additional feedback and dialogue will lead the “reporters” to produce a product that more accurately restates the law of liability insurance, says Scott Seaman of Hinshaw & Culbertson LLP.
Even though most in-house counsel know all too well about the challenges and costs of defending government subpoenas, they may not realize that their existing insurance policies might provide coverage for these defense costs — even if those policies do not expressly address subpoenas, says Daniel Wolf of Gilbert LLP.
Although the Trump administration has completed the vetting and confirmation of a cabinet and White House staff, thousands of senior positions remain unfilled throughout the executive branch. More than ever, people selected for those posts find themselves under close scrutiny, say Adam Raviv and Reginald Brown of WilmerHale.