U.S. Specialty Insurance Co. doesn't have to cover two former BankUnited Financial Corp. executives' $15 million settlement of claims brought by the bank's bankruptcy plan administrator over alleged fraudulent transfers, the Eleventh Circuit affirmed on Tuesday.
A Texas federal judge approved amid objections on Tuesday a $65 million deal resolving allegations Lloyd’s of London and other underwriters should cover losses from R. Allen Stanford’s $7 billion Ponzi scheme, and awarded $14 million in attorneys’ fees to counsel representing the receiver in the insurance dispute.
With just two weeks left in the Illinois General Assembly's spring legislative session, House Democrats injected three new ideas Tuesday into the mix of budgetary and nonbudgetary items lawmakers have been debating for months, all before the state slips into a third year operating under no budget.
A New York appeals court ruled Tuesday that bond insurer Ambac Assurance Corp. cannot use state insurance law to get out of proving loss causation in its suit alleging Countrywide Financial Corp. fraudulently induced it into issuing unconditional and irrevocable insurance policies on mortgage-backed securities.
A steel mill operator and its insurers separately pressed the Eleventh Circuit on Monday to undo an arbitration mandate won by a French unit of General Electric Co. accused of supplying faulty motors that caused $45 million in damages, even though GE never signed the arbitration agreement.
A West Virginia federal judge on Tuesday held that State Auto Property and Casualty Insurance Co. doesn't have to defend or indemnify a Chinese restaurant in a man's suit alleging the eatery violated his civil rights by barring his service dog from the premises, finding that the underlying complaint didn't allege any covered claims.
Nationwide Mutual Insurance Co. sued a hoverboard importer and sellers on Tuesday in New York federal court on behalf of a policyholder whose home caught fire after she brought home the toy.
A Florida federal judge on Tuesday certified a class of health care providers and injured claimants in a suit accusing The Progressive Corp. of improperly invoking a state law cap on personal injury protection policy limits based on determinations it obtained from nontreating providers.
KKR hopes to collect around €1 billion from the sale of its stake in Norwegian software company Visma Group, Platinum Equity is on the verge of acquiring Securus Technologies in a deal worth almost $1.5 billion, including debt, and multiple suitors are still vying to buy Fidelity & Guaranty Life.
MetLife opposed class certification Monday in a suit claiming it misled investors by underreporting life insurance death benefit liabilities in violation of the Securities Act, arguing the proposed class leader is unsuitable and the class too broadly defined.
Embattled mortgage servicer Ocwen Financial Corp. revealed in a regulatory filing on Monday that it is facing yet another probe into its business practices — this time with the U.S. Department of Housing and Urban Development's inspector general looking into its arrangements for so-called force-placed insurance policies.
A massive global cyberattack that began Friday illustrates the need for businesses to obtain robust insurance policies to cover everything from hackers' ransom demands to restore system access to business interruption losses, experts say. Here, Law360 examines how companies can best shield themselves from the ever-evolving ransomware threat.
A handful of insurers sued weather forecasting system provider StormGeo Corp. in Florida federal court on Monday, alleging one of its products was to blame for the 2015 sinking of the cargo ship El Faro that left its cargo destroyed and all 33 crew members dead.
California Capital Insurance Co. on Friday asked the Ninth Circuit to find it can be reimbursed for settling a $1.9 million lawsuit by an apartment renter who developed a disease from pigeon-dropping dust, saying the lower court misinterpreted the insurance policies involved.
Specialty insurer Kinsale Capital Group Inc., which completed a $106 million initial public offering in July, priced a $130.7 million secondary offering Thursday that will allow a private equity fund affiliated with Moelis Capital Partners to significantly trim its stake in the company while markets are hot.
Lloyd's of London on Friday urged the Ninth Circuit to return a suit asking it to cover a $64 million judgment against a former Dickstein Shapiro LLP attorney to federal court, saying the case is too wrapped up in arbitration to be tried in state court.
A food distributor, pomegranate supplier and insurance company asked a California federal court Friday to grant them judgments totaling $29.3 million against a Turkish food company and its U.S. subsidiary, which allegedly sold them hepatitis A-contaminated pomegranate seeds.
As the U.S. Supreme Court mulls whether it should decide if a Colorado cake shop owner was legally allowed to refuse to make a same-sex couple's wedding cake, the shop owner pointed the justices on Friday to a Kentucky Court of Appeals ruling that shows how divided the issue is.
Defunct Garlock Sealing Technologies LLC again asked a North Carolina bankruptcy court on Sunday for confirmation of its Chapter 11 plan, saying it’s finally resolved all but one objection to the latest plan after a seven-year-long tug of war with various stakeholders.
Geico urged a Pennsylvania federal judge Friday to turn down a dismissal request from one of the plaintiffs lawyers the company is suing for allegedly trying to use trade secrets obtained in a Washington state litigation against the company in another case, saying the court has authority since the claim focuses on a disclosure at a Philadelphia deposition.
In Telamon v. Charter Oak, the Seventh Circuit recently held that a corporate entity that is just a legal convenience is not a labor leasing firm. As can be seen from this case, among others, courts are strictly interpreting and enforcing precise language in insurance policies to determine whether individuals are deemed employees, says David Bergenfeld of D'Amato & Lynch LLP.
The recent surge of M&A “reps and warranties” insurance activity, market competition and maturation of policies has resulted in lower premiums, better terms and more efficient underwriting, thereby further encouraging the marketplace to seek a competitive advantage through such insurance, says Bryan Natale of Burns & Levinson LLP.
Nearly a century after Massachusetts enacted the first law mandating the purchase of auto insurance, and despite laws on the books in almost every state, 12 percent of drivers are still uninsured. Kymberly Kochis and Veronica Wayner of Eversheds Sutherland (US) LLP explore why uninsured driver rates are so high, how states are addressing the issue, and consider prospects for future solutions through technological advances.
Scams resulting in access to confidential information are probably a lawyer’s greatest technology and cybersecurity risk. But hackers are more likely to gain access to a lawyer’s computer systems through human error, usually responding to a scam, than a brute force attack, says J. S. Christie Jr. of Bradley Arant Boult Cummings LLP.
A Washington district court's decision in VHT v. Zillow shows that a notice of copyright infringement, even when made under Digital Millennial Copyright Act notification guidelines, should be quickly tendered to the recipient's insurance company. This is true even if a DMCA defense might not be asserted, say Alain Villeneuve and Thomas Kowalski of Vedder Price LLP.
The current push by the U.S. Chamber of Commerce to ban consumer legal funding is an example of a pro-business policy masquerading as a pro-market policy. Voters should demand pro-market reforms and reject protectionist tariffs that threaten our economic growth and innovation, says Jeremy Kidd of Mercer University's Walter F. George School of Law.
Audra Dial, managing partner for Kilpatrick Townsend LLP’s Atlanta office, shares four strategies that she believes make multidefendant litigation more efficient — and ensure the joint defense group does not devolve into a leaderless group.
Many law firms use public-facing websites for business development and to streamline operational processes. While these sites are great for maximizing information-sharing, they could unknowingly be an unlocked gateway into a firm’s most confidential data, says Jeff Schilling of Armor Defense Inc.
Courts can struggle when applying a choice of law analysis in cases where there is no governing law provision in an insurance policy covering a company with insured locations around the globe. For now, at least, Delaware law seems to favor application of a single state's law to coverage disputes under insurance policies covering locations in multiple states, says Jonathan MacBride of Zelle LLP.
The Centers for Medicare and Medicaid Services recently released a final rule intended to stabilize exchange markets for 2018. However, the rule does not resolve ongoing uncertainty regarding cost-sharing reduction funding, among other concerns, and this uncertainty will likely overshadow any stabilizing effects, say attorneys with McDermott Will & Emery LLP.