The Federal Circuit's decision reversing Maurice R. "Hank" Greenberg's win in his campaign against the U.S. government over its bailout of American International Group Inc. was the latest in a string of defeats for investors challenging financial crisis bailouts, and could further strengthen the government's hand in future crises, experts say.
The head of the New York State Department of Financial Services said Thursday that she believes she has the authority to ban individuals from financial industries in the state over serious misconduct, despite the failure of a state bill to that effect last month.
A Louisiana federal judge Wednesday dismissed a former Arena Football League player's concussion claims against his former employer, saying football's brain injury risks are not high enough to bypass the state workers' compensation law.
A policyholder advocacy group and two Christian organizations urged California's high court Wednesday to rule that an employer's negligent hiring or supervision of a worker who intentionally injures a third party is an accidental "occurrence" under a general liability insurance policy, saying state precedent supports that conclusion.
A Delaware Chancery judge late Thursday rejected Anthem Corp.’s bid for a 60-day block on Cigna Inc.’s declared intent to terminate what was once a $54 billion merger of the two health insurers, saying Anthem’s prospects for overcoming multiple challenges to the deal are slim.
Cobalt International Energy Inc. is suing two insurers over their refusal to cover losses arising from unsuccessful offshore drilling ventures in Angola, according to a suit removed to Texas federal court on Wednesday.
The trustees for bankrupt Rothstein Rosenfeldt Adler PA told the Eleventh Circuit on Tuesday that the professional services exclusion in a directors and officers insurance policy does not bar coverage of a $50 million judgment owed by a bank over its alleged role in enabling a $1.2 billion Ponzi scheme run out of the law firm.
A Florida federal judge refused to dismiss Intel's trademark infringement suit against a firm that makes software for insurance companies on Wednesday, saying its complaint is solidly pled and that there is no justification at this time for dismissing it.
Citing losses of hundreds of millions of dollars, Aetna on Wednesday announced it will stop participating in health insurance exchanges in Nebraska and Delaware next year, the last of the states where the health insurer had a presence on the Affordable Care Act marketplaces.
Crestbrook Insurance Co. on Tuesday asked an Illinois federal court to find that an insurance executive's homeowners policy doesn't entitle him to a defense against a suit alleging business wrongdoings.
The Congressional Budget Office on Wednesday announced that later this month it will release an updated appraisal of Republican legislation to largely repeal and replace the Affordable Care Act.
A New Jersey attorney lost his bid for retroactive malpractice coverage Wednesday when a state appeals court ruled that the lawyer had ample notice that his insurance policies no longer covered professional liability, saying the insurer issued a nonrenewal notice and his reduced premiums on his new policies should have been a “red flag.”
HealthMarkets Inc. orchestrated a scheme to dupe customers into buying its “junk” supplemental insurance and cheated the government in the process, according to a False Claims Act suit in Florida federal court that became public Tuesday.
Two Democratic New Jersey senators have unveiled legislation that would prohibit insurers from modifying coverage for pre-existing health conditions, joining the outcry against a pending Republican-backed federal health care bill that in part allows states to waive such protections.
First American Title Insurance is reportedly leasing nearly 18,000 square feet from real estate investment trust SL Green, China Construction America is said to be buying a New York site valued at more than $140 million, and JPMorgan Chase has reportedly sold a New York building for $12.5 million and is leasing back the retail portion.
London-headquartered commercial law firm Clyde & Co. LLP announced its merger on Wednesday with Mexican attorneys Garza Tello & Asociados as it pushes further into the emerging Latin American market.
The Georgia Defense Lawyers Association has urged the Eleventh Circuit to seek the Georgia Supreme Court's guidance on whether insurance carriers may be held liable for negligent, as opposed to bad faith, failure to settle a claim against a policyholder, saying the issue is key to deciding Nationwide's appeal of an unfavorable $8 million trial award.
A pair of excess insurers on Monday asked a New York state court to rule that they don't have to cover hedge fund Platinum Partners or several of its executives in connection with litigation over an alleged $1 billion securities fraud scheme and a purported kickback scheme, claiming the fund made misrepresentations on its policy applications.
The Washington Legal Foundation submitted an amicus brief Tuesday urging the Fifth Circuit to rule against the U.S. Department of Labor’s fiduciary rule for retirement account advisers, telling the appellate court the rule improperly restricts the speech of broker-dealers and investment advisers.
A Kansas federal judge on Tuesday dismissed a $2.8 million suit AIG Specialty Insurance Co. brought against an aerospace parts finisher for contaminating a site owned by a manufacturer AIG insures, at the request of the parties that said they’re close to reaching a settlement with the state’s Department of Health and Environment.
A 1979 study of attorney-client interactions revealed startling information: Despite years of education and training to hone their legal expertise, attorneys were not acting as independent counselors but rather allowing their clients to control them. Our experience is that this trend has accelerated, say dispute resolution experts Robert Creo and Selina Shultz.
Subrogation of insureds’ third-party claims is not a subject that excites too many lawyers, but the U.S. Supreme Court’s decision Tuesday in Coventry Health Care of Missouri Inc. v. Nevils will be of interest to anyone who tracks the court’s federal preemption jurisprudence, says Lawrence Ebner of Capital Appellate Advocacy PLLC.
Theoretically, both better data and its better use should be able to improve results in litigation, and thus help litigation financiers allocate more capital to meritorious matters. However, while big data and artificial intelligence are intriguing additions to the litigation toolkit, they are far from turning litigation finance on its head, says Christopher Bogart, CEO of Burford Capital LLC.
It's no longer enough for law firms simply to provide expert legal advice — we are expected to mirror clients' legal, ethics and social commitments and promises. For law firm GCs, the resulting job demands seem to grow exponentially, says Peter Engstrom, general counsel of Baker McKenzie.
The discovery demand for the entire underwriter's file for underwriting a policy has become far too common in the realm of insurance coverage litigation. This request must be carefully considered and analyzed by insurers to determine whether the production is appropriate, and the extent to which any production should be limited, says Victoria Vish of Zelle LLP.
Recent court decisions indicate that employers and property-casualty companies may soon be forced to enter the marijuana market. In a sense, the war on drugs has moved into U.S. courtrooms as stakeholders grapple with the fast-evolving landscape of marijuana laws, says John Pitblado of Carlton Fields Jorden Burt PA.
Increasingly, we see companies in all industries seeking to perform various levels of due diligence on our information security defenses. We received three times as many diligence requests from clients and prospective clients in 2016 as we did in 2015. Some clients even conduct their own penetration tests, says Thomas White, general counsel of WilmerHale.
As in any type of contract, there are certain provisions in engineering, procurement and construction contracts that are often heavily negotiated and which are essential for all parties to understand. Jed Ruccio of McCarter & English LLP discusses limitation of liability considerations such as the amount of the limitation, tying the amount to insurance coverage and exclusions from the limitation.
What happens when attorneys come to their general counsel’s office with knowledge of a potential positional conflict? While the inquiry will depend on the rules governing the particular jurisdiction, there are a few general questions to consider from both business and legal ethics perspectives, say general counsel Nicholas A. Gravante Jr. and deputy general counsel Ilana R. Miller of Boies Schiller Flexner LLP.
Regardless of where we live and practice, regardless of whether trade deals succeed or fail, and regardless of whether the movement of people or capital is easy or difficult, our clients will still have needs or problems far away from home, says John Koski, global chief legal officer at Dentons.