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Results: 1-10 of 67

Bankruptcy court holds inadequate consideration exclusion bars coverage

  • Wiley Rein LLP
  • -
  • USA
  • -
  • December 16 2008

A federal bankruptcy court, applying New York law, has dismissed an adversary proceeding brought by a bankrupt home mortgage company against its directors' and officers' liability insurers, holding that coverage for a pre-petition lawsuit against the mortgage company was barred by application of an “inadequate consideration” exclusion

Insolvency of underlying insurer does not affect excess insurer’s obligations

  • Wiley Rein LLP
  • -
  • USA
  • -
  • November 6 2007

In an adversary proceeding brought by a liquidating company to determine the availability of coverage under the debtor's insurance policies, the United States District Court for the District of Delaware has held that the insolvency of an underlying insurer did not affect an excess carrier's obligation for claims within its own layer of coverage

Court declines to address whether policy proceeds are part of estate when coverage litigation is pending

  • Wiley Rein LLP
  • -
  • USA
  • -
  • December 12 2007

The United States District Court for the Southern District of Texas, applying federal law, has reversed a bankruptcy court's ruling that the proceeds of an E&O liability policy were property of a bankruptcy estate

District court holds mandatory abstention applies to dispute between professional liability insurers

  • Wiley Rein LLP
  • -
  • USA
  • -
  • January 8 2008

The United States District Court for the District of New Jersey has abstained from hearing a dispute between a primary and an excess professional liability insurer related to a bankruptcy settlement based on the mandatory abstention doctrine

Asbestos bankruptcy channeling injunction cannot reach direct actions based on independent duty of insurer, Second Circuit rules

  • Wiley Rein LLP
  • -
  • USA
  • -
  • February 22 2008

The United States Court of Appeals for the Second Circuit has ruled that the Johns-Manville bankruptcy court did not have jurisdiction to enjoin direct action claims asserted against Travelers entities that are predicted on an independent duty owed by Travelers, that do not claim against the res of the Manville estate, and that seek damages unrelated to and in excess of Manville's insurance proceeds

Bankruptcy Code preempts policies’ anti-assignment clauses such that transfer to Section 524(g) trust is allowed

  • Wiley Rein LLP
  • -
  • USA
  • -
  • March 25 2008

Bankruptcy Judge Judith Fitzgerald ruled last week that a debtor's insurance policies are assets of the estate and, therefore, can be properly transferred to a 524(g) trust notwithstanding any applicable anti-assignment clauses

Federal district court reverses bankruptcy court ruling allowing appointment of “special insurance counsel”

  • Wiley Rein LLP
  • -
  • USA
  • -
  • April 28 2008

The United States District Court for the Central District of California has reversed a bankruptcy court ruling allowing two law firmsSnyder Miller & Orton LLP (SMO) and Morgan Lewis & Bockius LLP (MLB)to serve as "special insurance counsel" to address insurance and insurance-coverage-litigation-related matters under the narrow special purpose standards of 327(e

Refco bankruptcy court orders advancement of defense costs despite guilty pleas in criminal proceedings

  • Wiley Rein LLP
  • -
  • USA
  • -
  • May 6 2008

The United States Bankruptcy Court for the Southern District of New York has granted another preliminary injunction ordering an excess directors' and officers' liability insurer to advance defense costs, despite the fact that the insurer had denied coverage on the basis of a prior knowledge exclusion and three of the insured entity's principals have pled guilty to various offenses, including violations of the securities laws

Court applies exclusion for claims involving receivership of a healthcare benefit plan

  • Wiley Rein LLP
  • -
  • USA
  • -
  • June 16 2008

The United States District Court for the Middle District of Florida, applying Florida law, has held that exclusions for claims involving the receivership of a healthcare benefit plan and claims involving Multiple Employer Welfare Arrangements (MEWA) barred coverage for claims brought by a receiver of a healthcare benefit plan alleging that brokers sold coverage under a benefit plan that was a MEWA

11th Circuit rules that Celotex provided late notice for asbestos property damage claims

  • Wiley Rein LLP
  • -
  • USA
  • -
  • July 28 2008

The United States Court of Appeals for the 11th Circuit, applying Illinois law in an unpublished decision, has held that Celotex's failure to provide its excess insurers notice of lawsuits claiming more than $2 billion in property damage until after Celotex entered bankruptcy precluded coverage for asbestos-related property damage under numerous policies