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Second Circuit upholds dismissal for advisor who recommended Bayou Group hedge fund

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 21 2009

In a highly anticipated decision, the United States Court of Appeals for the Second Circuit affirmed last week that investment advisor Hennessee Group LLC could not be liable on the claims asserted by one of its clients for recommending that the client invest in a hedge fund that turned out to be nothing more than a Ponzi scheme perpetrated by Bayou Group LLC

Delaware court: right to advancement of defense costs for defamation suit can be modified based on changes in factual circumstances

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 28 2009

In a short letter-to-counsel opinion, Vice Chancellor John Noble of the Delaware Chancery Court held that a prior order granting advancement to two officers and directors can be modified based on changes in factual circumstances

NY appellate court: insurer’s disclaimer timely and proper despite lack of prejudice resulting from insured’s late notice of claim

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 22 2009

On July 10, 2009, the appellate division reversed the motion court’s ruling in Sevenson Envtl. Serrvices, Inc. v. Sirius Am. Ins. Co., Case No. 0226008 (4th Dept.), and held that (1) the insured’s 15-month delay in providing notice of the claim was unreasonable as a matter of law; (2) the insurer need not prove that it was prejudiced by the insured’s untimely notice to disclaim coverage; and (3) the insurer’s disclaimer of coverage on late notice grounds 24 days after receiving notice of the claim was timely as a matter of law

First Circuit: no coverage under claims made and reported policy if insured fails to report claim within policy period

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 29 2009

The First Circuit recently held that an insured was not entitled to coverage under a Professional Liability claims made and reported policy where the claim is not both made against the insured and reported to the insurer within the policy period

D.C. Circuit remands Rule 151A to the SEC

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 29 2009

This updates our January 28, 2009 posting

Sixth Circuit: insurer that defended insured in state court action need not defend insured in subsequent related arbitration; wording of arbitration claim precludes coverage

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 29 2009

Earlier this month, the Sixth Circuit affirmed a district court decision granting summary judgment to a professional liability insurer where it provided a defense in a state court action but denied coverage in a subsequent related arbitration

Massachusetts highest state court: pro-rata “time-on-the-risk” allocation method applies to ongoing environmental pollution occurring over multiple policy periods

  • Locke Lord LLP
  • -
  • USA
  • -
  • August 4 2009

The Massachusetts Supreme Judicial Court recently held that where an insured "incurs covered costs as a result of ongoing environmental contamination occurring over more than one year and the insurer provided coverage for less than the full period of years in which contamination occurred," the loss should be pro rated among all the insurers on the risk during the relevant period

First Circuit: no coverage for false arrest suit where arrest and conviction occurred prior to the policy period

  • Locke Lord LLP
  • -
  • USA
  • -
  • August 4 2009

The First Circuit recently upheld a trial court’s ruling that an insurer need not defend or indemnify the defendants in a wrongful conviction claim where the wrongful acts occurred prior to the policy period

New York federal court vacates prior order finding that arbitration must start anew

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 30 2009

In early January, www.insurereinsure.com reported on In the matter of the Petition of Ins. Co. of North America, et al. against Public Service Mut. Ins. Co., No. 08-cv-7003 (S.D.N.Y.), in which the U.S. District Court for the Southern District of New York held that an arbitration must start anew because a member of the arbitration panel resigned for health reasons prior to the rendering of an award

Insured bears burden of proving allocation of jury award between covered and non-covered claims unless insurer controls defense

  • Locke Lord LLP
  • -
  • USA
  • -
  • August 4 2009

The West Virginia Supreme Court recently answered the following question certified from the U.S. District Court in that state: Does the insured bear the burden of showing that a jury awarded damages for covered, as opposed to non-covered, claims when the answer is not clear from the award itself?