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Preparing for contingent business interruption claims in the wake of Superstorm Sandy

Edwards Wildman Palmer LLP
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USA
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April 18 2013

The sheer amount of physical damage caused by what was left of Hurricane Sandy when it made landfall in New Jersey on October 29, 2012, is difficult

Are mutual fund investors seeking an end run around Ameriprise Financial v. Gallus?

Edwards Wildman Palmer LLP
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USA
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November 6 2012

Investors in various mutual funds managed by Principal Financial Group filed a derivative action under Section 36(b) of the Investment Company Act of 1940 in Iowa federal court in late October, alleging that the company charged excessive fees

New York court dismisses Madoff claim against investment advisors & fund managers

Edwards Wildman Palmer LLP
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USA
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October 16 2012

A New York State trial court recently dismissed claims by the holders of variable life insurance policies, some of whose excess cash value was invested with Bernard Madoff’s securities firm, against various investment advisors and hedge fund managers

Massachusetts Federal Court shows little patience for poorly-pled Exchange Act claims

Edwards Wildman Palmer LLP
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USA
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October 15 2012

D&O issuers and policyholders concerned about their exposure to Exchange Act claims for overly optimistic wind-energy deals may be breathing easier in the wake of a Massachusetts federal district court's holding that a pension fund could not state a viable cause of action against American Superconductor

Mississippi Appeals Court recognizes excess carrier’s malpractice claim against insured’s defense counsel

Edwards Wildman Palmer LLP
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USA
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August 8 2012

Does an excess liability insurer have standing to bring a malpractice claim against counsel appointed by its insured’s primary carrier to defend against a lawsuit?

Florida Supreme Court to decide constitutionality of solicitation restrictions on public adjusters

Edwards Wildman Palmer LLP
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USA
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December 22 2011

Currently before the Florida Supreme Court is a case challenging the constitutionality of Section 626.854(6) of the Florida Statutes, which imposes restrictions on the solicitation of business by public adjusters within the 48 hours immediately following an event that may become the subject of a claim under an insurance policy

Second Circuit throws out criminal convictions stemming from reinsurance transactions

Edwards Wildman Palmer LLP
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USA
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August 1 2011

In a 77-page decision handed down this morning, the U.S. Court of Appeals for the Second Circuit vacated the convictions of five former insurance executives whom prosecutors had alleged engaged in a fraudulent reinsurance transaction

Second Circuit finds that D&O policies must cover costs incurred by independent consultant hired during settlement discussions

Edwards Wildman Palmer LLP
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USA
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July 27 2011

The Second Circuit has declared that a bond insurer’s D&O program was obligated to pay costs incurred by an independent consultant who was hired during the course of settlement negotiations, despite the carrier’s claimed lack of an effective association in the settlement. MBIA, Inc

California court requires complete horizontal exhaustion of liability coverage before excess coverage can attach

Edwards Wildman Palmer LLP
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USA
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July 19 2011

Addressing apportionment issues left unresolved by the California Supreme Court’s decision in Montrose Chemical Corporation v. Admiral Insurance Company, 10 Cal.4th 645 (1995), California’s intermediate appeals court has ruled that an insured that manufactured asbestos-containing products must first exhaust the limits of all of its primary insurance before it may claim benefits under its excess coverage

Massachusetts court rules for carrier in property dispute, orders return of advance

Edwards Wildman Palmer LLP
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USA
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June 28 2011

The Massachusetts Appeals Court recently concluded that an insured could not claim property insurance benefits following a fire at its restaurant, because the insured had actual knowledge that its fire-suppression system was no longer functional, and because the insured had exclusive control over the system’s maintenance

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