LexisNexis® Legal Newsroom
    'Country Club' Strip Joint, Insurer Agree To Shed Suit

    An insurance company and a strip club agreed Friday in Mississippi federal court to end a suit accusing the club of misrepresenting itself as a country club and failing to disclose over $400,000 in liens, with the insurer refunding the club its premium payment and saying the policy was invalid from the outset.

    Insurer Needn't Defend Law Firm In Ambulance Chasing Suits

    A unit of The Hartford doesn’t have to defend a law firm facing two proposed class actions over ambulance chasing allegations tied to state crash records, after a North Carolina federal court ruled Friday that two exclusions “entirely foreclose” coverage.

    Insurer Doesn't Owe Defense Of Data Breach Suit, Judge Says

    The Hanover Insurance Co. doesn't have to defend Innovak International Inc. in a proposed class action claiming the information technology company failed to prevent a 2016 data breach that compromised users' personal information, a Florida federal judge ruled Friday, saying coverage doesn't exist because the data wasn't allegedly published by Innovak.

    Treasury Recommends FSOC Take 'New Approach' To Nonbanks

    The U.S. Department of the Treasury on Friday called for the Financial Stability Oversight Council to take a “new approach” to safeguarding the financial system, urging the Dodd-Frank Act-created panel to shift away from tagging nonbank financial firms for tougher regulatory scrutiny and instead take an industrywide view that looks at particular products and activities.

    Disney Can Arbitrate 'Pink Slime' Coverage Row

    A California federal judge on Friday granted The Walt Disney Co.'s request to arbitrate a dispute over $25 million in coverage toward a settlement with a beef company over an ABC news story that dubbed the company's beef byproduct "pink slime," one day after hearing arguments on the motion.

    From Snaps To Tweets: The Craft Of Social Media Discovery

    Courts have consistently held that social media accounts are subject to established discovery principles but are reluctant to allow parties to rummage through private social media accounts. Recent case law confirms that narrowly tailored information requests get the best results, say Matthew Hamilton, Donna Fisher and Jessica Bae of Pepper Hamilton LLP.

    City Firms Warned Of Supply Chain Cyber Dangers

    The Financial Conduct Authority warned banks and insurance firms on Friday that they will still face regulatory punishment for cybersecurity failures in their supply chain and that outsourcing compliance is not a credible defense.

    A Look At NJ Insurance Brokers' Standard Of Care Since Sandy

    When a catastrophe strikes and insurance companies either deny coverage or limit the coverage provided, the insurance broker is in the crosshairs of what can turn out to be a litigious claim. Gary Strong of Seiger Gfeller & Laurie LLP explores the duty of insurance brokers in New Jersey and how these duties come into play, particularly after Superstorm Sandy.

    Protect Vulnerable Long-Term Savers, UK Insurers Told

    The U.K.’s top insurance trade body recommended Friday that insurers should set up internal policies by January to help them identify and support vulnerable customers in the long-term savings market.

    FRC Says Room For Improvement In Reports By Banks, Insurers

    The U.K.’s accounting watchdog announced on Friday that it will review the corporate reporting of financial firms over the next two years, focusing on the effects of Brexit and new standards that come into force in the new year.

    UK's Davis Says Germany, France Blocking Brexit Deal

    U.K. Brexit negotiator David Davis denied on Friday that Britain is being inflexible in talks, blaming Germany and France for blocking progress in efforts to seal a future free-trade agreement between it and the European Union.

    ESMA Sets Out Risk Management Plan For Derivative Positions

    The European Securities and Markets Authority revealed proposals on Friday for how commercial firms should calculate future derivative positions under incoming EU trading laws as it attempts to shore up stability in trading.

    Clerical Error Frees Insurers From Coverage Row: 11th Circ.

    Two insurers are still off the hook from defending a company that owns a Miami dock from an underlying personal injury suit, the Eleventh Circuit ruled Thursday, affirming a lower court’s decision that found a clerical error preempted coverage for the company.

    ChinaCast Ch. 11 Confirmation Delayed Over Filing Issues

    The judge presiding over the bankruptcy case for ChinaCast Education Corp. abruptly adjourned the company's Chapter 11 plan confirmation hearing on Thursday, finding the debtor’s last-minute request for approval of a shareholder settlement and a post-petition financing adjustment troubling.

    Jury Should Hear Condo Defect Battle, Wash. Court Says

    A Washington federal judge Thursday declined to put a quick end to a dispute between a pair of insurers and a condominium association over liability for 30 years of rain damage, saying a jury will have to sort out the coverage.

    Famed Houston Trial Lawyer Steve Mostyn Commits Suicide

    Prominent Houston trial lawyer and Democratic donor Steve Mostyn, who made his mark battling insurance companies in storm damage lawsuits brought by homeowners, committed suicide Wednesday, according to an announcement posted on his law firm's website Thursday. He was 46.

    Tempur-Sealy, Insurer Settle Class Action Coverage Dispute

    Tempur-Sealy International Inc. reached an agreement with its liability insurer Wednesday to resolve a dispute before the Ninth Circuit over the costs of defending against a proposed class of consumers accusing the mattress company of lying in marketing materials.

    Coverage Questions Prompted By Illinois BIPA Lawsuits

    In the past two years, we witnessed a wave of putative class action lawsuits filed under Illinois’ Biometric Information Privacy Act, with the rate of filings increasing exponentially in recent months. Insurers should take note of their potential coverage obligations under various policies, say Jonathan Schwartz and Colin Willmott of Goldberg Segalla LLP.

    An Interview With Former DHS Secretary Jeh Johnson

    Jeh Johnson, the former secretary of homeland security, was kind enough to let me visit him to reflect on his diverse career. He told stories that left me speechless. And yes, the man responsible for the Transportation Security Administration removed his shoes when going through airport security. You bet I asked, says Randy Maniloff of White and Williams LLP.

    Calif.'s New Focus On Drug Pricing Transparency

    California Gov. Jerry Brown recently signed SB-17, a law intended to foster transparency in connection with drug pricing and its impact on insurance costs. The law imposes significant new reporting requirements on many drug manufacturers, pharmacy benefit managers, and health care service plans and health insurers operating in California, say attorneys with Ropes & Gray LLP.

    Lawmaker Pushes UK Gov't To Freeze Insurance Premium Tax

    A British lawmaker tabled a motion on Wednesday calling for a debate in the House of Commons on a freeze in U.K. insurance premium tax ahead of next week’s government review of the country’s finances.

    Insurer Faces High Court Claim Over Construction Bond

    A student property company regulated by the Financial Conduct Authority has filed a legal claim against HCC International Insurance Co. PLC at the High Court seeking a declaration that it is entitled to claim damages for losses suffered from a bond issued to a U.K. construction firm.

    UK Financial Lobby Pushes For Brexit Free Trade Deal

    One of Britain’s largest financial trade bodies made the case on Thursday for an "ambitious and credible" free trade agreement between the U.K. and the EU that would allow reciprocal cross-border market access for financial services after Brexit.

    Solvency Rules Make Insurers Think Long-Term, Watchdog Says

    European insurers are increasing their exposure to fixed-income securities with lower credit ratings and more illiquid investments such as non-listed equities and loans, research published on Thursday by the European Union’s insurance watchdog found.

    EU Regulator Trains Sights On Fund Performance Fees

    Europe’s securities watchdog said Thursday it will probe the performance fees charged by asset managers amid growing concerns that some practices are too secretive, leading to excessively high costs for investors.