Wiley Rein LLP
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FCC launches further inquiry on net neutrality
Wiley Rein LLP
USA
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On September 1, 2010, the Federal Communications Commission (FCC) initiated a further inquiry in the agency's net neutrality proceeding.
No summary judgment on rescission due to questions of fact regarding existence and materiality of misrepresentations on application; no bad-faith claim for wrongful coverage denial
Wiley Rein LLP
USA
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The United States District Court for the Eastern District of Michigan, applying Michigan law, declined to grant summary judgment as to whether the policy should be rescinded due to misrepresentations in the application.
"Officer-Shareholder" exclusion in crime policy bars coverage for embezzlement scheme
Wiley Rein LLP
USA
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A U.S. District Court in Missouri, applying Missouri law, has held that an exclusion in a crime policy, barring coverage for any claim relating to the wrongful acts of an “Officer-Shareholder, whether acting alone or in collusion with others,” applied to a claim alleging that an employee assisted and independently profited from the insureds’ former president’s embezzlement scheme.
Court refuses to stay discovery against insureds in coverage action
Wiley Rein LLP
USA
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The United States District Court for the Southern District of Texas, applying Texas law, refused to stay discovery issued by insurers in a coverage proceeding sought to establish whether the insureds had "in fact" engaged in money laundering.
An insured's pre-policy inception date knowledge of his thefts from clients bars coverage for all insureds
Wiley Rein LLP
USA
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Applying Alabama law, the United States District Court for the Northern District of Alabama has granted summary judgment on behalf of an insurer, holding that coverage for a series of employee thefts is precluded by the prior knowledge condition of the policy's coverage agreement.
Allegations of fraudulent inducement related to a settlement agreement may constitute a claim
Wiley Rein LLP
USA
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The United States District Court for the Eastern District of Pennsylvania has denied an insurer's motion for summary judgment, holding that a question of fact existed as to whether allegations of fraudulent inducement related to a settlement agreement constituted a claim against the insured under a professional liability policy.
Recent changes to Austrailia's Franchising Code of Conduct
Wiley Rein LLP
Australia
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On July 1, 2010, several significant modifications became effective to the Australian Franchising Code of Conduct (Code).
New financial regulations take aim at Iran
Wiley Rein LLP
Iran, USA
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If a bank, insurance company, broker or other financial institution does international business, it should carefully examine new regulations that came into effect on August 16, 2010.
Prejudice required to deny coverage for claim reported after end of claims-made policy period
Wiley Rein LLP
USA
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Applying Texas law, the United States District Court for the Northern District of Texas has held that an insurer was required to demonstrate prejudice in order to deny coverage for a claim reported after the end of a claims-made policy period where the policy required the insured to provide written notice of claims "as soon as practicable."
Texas Rangers sale highlights bankruptcy sale process
Wiley Rein LLP
USA
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As widely reported, the bankruptcy auction for the Texas Rangers Major League Baseball franchise ended with a winning $593 million bid from an ownership group led by Nolan Ryan.