LexisNexis® Legal Newsroom
    Primary Insurers Must Cover Investor Claims, 9th Circ. Told

    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.

    Avrahami V. Commissioner: What Did We Actually Learn?

    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.

    Insurer Wants Provider List Kept Secret In Fla. Contract Fight

    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.

    Condos, Insurer Debate ‘Collapse’ Meaning In Coverage Row

    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.

    US Bank Wants Ambac RMBS Suit To Yield To State Actions

    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.

    EU Top Court Adviser Says Arbitration Clauses Are Legal

    An arbitration clause included in an investment treaty between the Netherlands and Slovakia does not violate European Union law, a top legal adviser at the bloc's highest court concluded on Tuesday in a finding that goes against the long-standing position of the European Commission.

    European Commission To Sharpen Response To Cyberattacks

    The European Commission rolled out a package of policies on Tuesday aimed at stepping up the bloc’s cybersecurity capabilities, including plans for a new EU-level cybersecurity agency to help member states deal with cyberattacks and the implementation of a more standardized criminal law response.

    Pensions Regulator Bans 3 Trustees Over Scams

    The U.K. Pensions Regulator said Tuesday that it has banned three men from serving as trustees for life after schemes they oversaw allegedly lost investors around £9 million ($12 million).

    UK Offers Overseas Investment Insurance For Political Risk

    Britain’s export credit agency is to offer U.K. businesses wider access to government-backed insurance to protect firms investing abroad against political risk, the government’s international trade minister said on Tuesday.

    Insurance Group In Dublin Move To Beat Brexit

    XL Group Ltd. will shift its main European Union company from London to Dublin next year to avoid disruption caused by Brexit, the Bermuda-based insurer said on Tuesday.

    Preparing For Art-Related Claims After Hurricane Harvey

    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 death of case law interpreting fine art insurance issues in general, says Jamie Baker of Thompson Coe Cousins & Irons LLP.

    EBA Floats New Measures For Securitization Risk Transfers

    Europe’s top banking watchdog published draft proposals on Tuesday targeting shortcomings in the way risk transfers are assessed and measured across the European Union, as part of wider reform of the bloc’s moribund securitization market.

    BT Seeks Ruling On Move To Change Pension Calculations

    British Telecommunications PLC has asked the High Court in London whether it can unilaterally ditch the retail price index as a means of calculating annual increases to part of its pension scheme.

    Regulators Outline Approach To Enforcing EU Payment Reforms

    British regulators set out on Tuesday how they will enforce new European Union payment regulations that take force in January, warning firms they face new licensing requirements.

    ChinaCast Bankruptcy Can't Stop Insurance Payout: Creditors

    ChinaCast Education Corp. creditors asked a New York bankruptcy judge on Monday to find that their $66 million securities class action judgment against the company the day before its bankruptcy filing must be paid out by insurers despite a bankruptcy litigation stay.

    Insurer Wants Coverage Claims Nixed In $36M Experian Suit

    Illinois National Insurance Company told an Illinois federal judge on Friday that it owes no coverage to Experian Information Solutions Inc. in an underlying breach of contract suit with the Business Development Bank of Canada in which the bank was awarded $44.4 million Canadian dollars, or roughly $36 million U.S. dollars.

    Towers Watson Settles $18B Willis Merger Appraisal Suit

    Towers Watson & Co. has quietly settled an 18-month-old appraisal lawsuit filed in Delaware Chancery Court by investors unhappy with their consideration in the company's $18 billion merger with Willis Group Holdings plc, with terms of the deal as yet undisclosed.

    NY Aims To End Questions Over Credit Bureau Cybersecurity

    New York’s bid to bring consumer credit reporting bureaus under the state’s exacting cybersecurity standards could plug some regulatory leaks that have been exposed after the colossal breach Equifax Inc. reported recently, experts say.

    Lakers Get Support In Bid To Undo TCPA Coverage Loss

    A nonprofit policyholder advocacy group on Monday urged the full Ninth Circuit to ax a panel's decision that the Los Angeles Lakers aren't covered for class allegations that the team sent unwanted text messages to fans in violation of the Telephone Consumer Protection Act, saying the ruling flouts basic insurance law principles.

    Attys Shed Suit Over $1.3M In Insurance Claims At 3rd Circ.

    A three-judge Third Circuit panel agreed Friday that there was not enough evidence to force a pair of Claims Worldwide LLC attorneys to face trial on allegations that they conspired to submit $1.3 million in false insurance claims on behalf of a Philadelphia church.

    DOL Defends Authority To Issue Fiduciary Rule At DC Circ.

    The U.S. Department of Labor told the D.C. Circuit on Friday that it had the authority to promulgate its fiduciary rule for retirement account advisers, disputing the National Association for Fixed Annuities’ claim that the rule runs contrary to congressional intent.

    49ers Insurer Asks 9th Circ. To Overturn Game Attack Ruling

    Great Divide Insurance Co. on Friday asked the Ninth Circuit to overturn a ruling that it must share the costs of defending a suit brought by two men assaulted at a San Francisco 49ers game, saying the district court misread a policy endorsement.

    GOP Health Care Push Puts Short Term Fix In Peril, Dems Say

    Senate Democrats threatened Monday that the latest GOP-only push for long-term repeal and replace of the Affordable Care Act could torch bipartisan efforts to stabilize health care markets in the short term.

    Global 20: Hogan Lovells

    Hogan Lovells may have slowed its expansion, but the depth of its staff has served it well over the last year in complex and labor-intensive matters like Libor litigation, securing it a place in Law360's Global 20 for the seventh year running.

    Stanford Ponzi Scheme Receiver Battles Ex-GC For Records

    The receiver unwinding Robert Allen Stanford's $7 billion Ponzi scheme asked a Texas federal judge Thursday to force his former general counsel to show why he hasn't produced requested documents regarding his bank accounts and properties in Texas and Florida in the receiver's clawback suit targeting Stanford's legal advisors.