NEW YORK - A federal district court did not err in dismissing all claims in a securities class action lawsuit against Morgan Stanley and others over alleged misstatements made in connection with its exposure to the subprime mortgage market because lead plaintiffs failed to properly plead scienter and loss causation, a Second Circuit U.S. Court of Appeals panel ruled Jan. 12 (Fjarde AP-Fonden, et al. v. Morgan Stanley, et al., No. 13-0627, 2nd Cir.; 2015 U.S. App. LEXIS 424).
NEW YORK - Shareholders and defendants in a securities class action lawsuit regarding Bear Stearns' sale of more than $17 billion in mortgage-backed securities have agreed to settle their claims, according to a letter sent to a New York federal judge by the shareholders' counsel (In re Bear Stearns Mortgage Pass-Through Certificates Litigation, No. 08-8093, S.D. N.Y.).
NEW YORK - The First Department New York Supreme Court Appellate Division on Jan. 8 affirmed that an insurer owes no coverage for the investigation and cleanup of five former manufactured gas plants in New York (Travelers Indemnity Co. v. Orange and Rockland Utilities Inc., et al., No. 603601/02, N.Y. Sup., App. Div., 1st Dept.).
NEW YORK - A widow has not adequately pleaded that her husband's asbestos-related disease and death arose from a failure to warn about defects in two safety mask companies' products, a New York appellate court ruled Jan. 8 (Malgorzata Wiacek, et al. v. 3M Co., et al., No. 190096/12 13434 13433, N.Y. Sup., App. Div., 1st Dept.; 2015 N.Y. App. Div. LEXIS 232).
CENTRAL ISLIP, N.Y. - A New York federal magistrate judge held Jan. 8 that a counterclaim seeking cancellation of the "Ferring Pharmaceuticals" trademark should be dismissed but that a related counterclaim for cancellation based upon fraud should be allowed to proceed (Ferring B.V. v. Fera Pharmaceuticals LLC, No. 13-4640, E.D. N.Y.).
NEW YORK - A federal judge in New York on Jan. 6 denied a union pension fund's motion to amend an order to allow for interlocutory appeal, ruling that a Second Circuit U.S. Court of Appeals ruling in the action has determined which claims may be made in the instant action (NECA-IBEW Health & Welfare Fund v. Goldman, Sachs & Co., et al., No. 08-10783, S.D. N.Y.; 2015 U.S. Dist. LEXIS 1268).
NEW YORK - Crane Co.'s challenges to a $25 million asbestos verdict mostly fall flat, but the jury's twin $10 million awards for pain are excessive and require a new trial unless plaintiffs agree to lower stipulated damages, a New York justice held Jan. 7 (Ivan Sweberg v. ABB Inc., et al., Selwyn A. Hackshaw v. ABB Inc., et al., No. 190017-2013, N.Y. Sup., New York Co.).
NEW YORK - A district court judge did not err in failing to instruct a jury on but-for causation in its consideration of a failure-to-warn claim in a wrongful death suit that resulted in a $4,932,269.52 jury verdict for the widow of longtime smoker David Mulholland, the Second Circuit U.S. Court of Appeals ruled Jan. 7 (Florence Mulholland, et al. v. Philip Morris USA Inc., No. 14-144, 2nd Cir.; 2015 U.S. App. LEXIS 168).
NEW YORK - An asbestos defendant knew of plaintiffs' alleged asbestos exposure from two bankrupt asbestos entities, and the failure to update interrogatory responses regarding claims against the trusts does not warrant reopening discovery, a New York justice held in an opinion posted Jan. 7 (David Konstantin v. 630 Third Avenue Associates, et al., No. 190134/10, N.Y. Sup., New York Co.; 2014 N.Y. Misc. LEXIS 5624).
CENTRAL ISLIP, N.Y. - A New York federal judge on Dec. 31 held that a magistrate judge's Nov. 7 order imposing evidentiary sanctions on a federal flood insurer and monetary sanctions on its counsel for failing to obey discovery orders and causing undue delay to the proceedings was neither clearly erroneous nor contrary to law (Deborah Raimey, et al. v. Wright National Flood Insurance Co., Nos. 14-CV-00461 and 14-MC-00041 [JFB], E.D. N.Y.; 2014 U.S. Dist. LEXIS 178910).
ROCHESTER, N.Y. - Because water and mold damage to a home's roof and interior was not caused by a sudden and accidental occurrence pursuant to the terms of an insurance policy, no coverage is afforded for the insured's damages, the Fourth Department New York Supreme Court Appellate Division said Jan. 2 (Amber C. Blair and Mark C. Blair v. Allstate Indemnity Co., No. 14-01165, N.Y. Sup., App. Div., 4th Dept.; 2015 N.Y. App. Div. LEXIS 16).
NEW YORK - The Second Circuit U.S. Court of Appeals on Jan. 5 declined to reconsider its July decision compelling two insurance companies to pay more than $500 million to asbestos personal injury plaintiffs in Johns-Manville Corp.'s bankruptcy case under settlements reached more than 10 years ago (In re: Johns-Manville Corp., [Common Law Settlement Counsel, Statutory and Hawaii Direct Action Settlement Counsel and Asbestos Personal Injury Plaintiffs v. The Travelers Indemnity Company and Travelers Casualty and Surety Company, FKA Aetna Casualty and Surety Company], Nos. 12-1094, 12-1150 and 12-1205, 2nd Cir.).
ALBANY, N.Y. - A June denial of preliminary injunctive relief in a patent infringement case will not be reconsidered, a New York federal judge ruled Jan. 5 (PPC Broadband Inc. v. Corning Optical Communications RF LLC, No. 13-1310, N.D. N.Y.; 2015 U.S. Dist. LEXIS 105).
ALBANY, N.Y. - A regulation prohibiting smoking in a number of open areas, including parks, in New York is a constitutional exercise of the authority of the New York Office of Parks, Recreation and Historic Preservation (OPRHP), a state appeals panel ruled Dec. 31 (In the Matter of NYC C.L.A.S.H. Inc. v. New York State Office of Parks, Recreation and Historic Preservation, et al., No. 519023, N.Y. Sup., App. Div., 3rd Dept.; 2014 N.Y. App. Div. LEXIS 9001).
ALBANY, N.Y. - A New York appeals court on Dec. 31 reversed a board's decision to award a maintenance worker benefits, finding insufficient evidence to show that his respiratory issues were caused by occupational exposure to mold (Edward Connolly v. Covanta Energy Corp., et al., No. 518493, N.Y. Sup.; App. Div.; 3rd Dept.; 2014 N.Y. App. Div. LEXIS 8995).
NEW YORK - A New York justice on Dec. 18 declined defendants' motion to renew, reargue or stay a ruling allowing punitive damages in New York City's asbestos litigation (In re: New York City Asbestos Litigation, No. 40000/88, N.Y. Sup., New York Co.).