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Results: 1-10 of 23

Court denies dismissal of putative class action alleging kickbacks accepted by lender via its captive reinsurer

  • Jorden Burt LLP
  • -
  • USA
  • -
  • September 27 2012

A breach of contract claim survived dismissal in a potential class action lawsuit by homeowners against a mortgage lender for alleged kickbacks obtained when the lender required the homeowners to pay for force-placed insurance (FPI) on mortgaged properties

Prosecutors to dismiss indictment against Gen Re and AIG executives

  • Jorden Burt LLP
  • -
  • USA
  • -
  • July 2 2012

On August 2, 2011, we reported on a decision by the United States Court of Appeals for the Second Circuit to vacate the criminal convictions of Gen Re and AIG executives stemming from an allegedly fraudulent finite reinsurance transaction designed to improve AIG’s financial statements

Court holds Hezbollah liable to insurers for $9 billion for claims paid resulting from September 11 terrorist attacks

  • Jorden Burt LLP
  • -
  • USA
  • -
  • June 14 2012

A federal district court has held that Hezbollah is liable for over $9 billion in damages on subrogation claims brought by insurers under the “business or property” provisions of the Anti-Terrorism Act

Seventh Circuit affirms “clear trend” against RESPA Section 8 class actions

  • Jorden Burt LLP
  • -
  • USA
  • -
  • June 4 2012

Perhaps signaling an increased unwillingness of courts to certify putative class actions premised on alleged violations of Section 8 of the Real Estate Settlement Procedures Act (RESPA), the Seventh Circuit Court of Appeals affirmed the district court’s denial of class certification where plaintiffs alleged a title insurer made illegal kickbacks to real estate attorney title agents in violation of both RESPA (12 U.S.C. 2607) and the Illinois Consumer Fraud Act

Appellate division holds that triable issues exist in New York AG’s case against former AIG executives concerning Gen Re finite reinsurance transaction

  • Jorden Burt LLP
  • -
  • USA
  • -
  • May 16 2012

After settling with AIG for $1 billion, the New York Attorney General remains in pursuit of two former AIG executivesformer CEO Maurice “Hank” Greenberg and former CFO Howard Smithin connection with their alleged roles in a finite reinsurance transaction between AIG and Gen Re and a transaction between AIG and Capco Reinsurance Company, an offshore shell company that AIG allegedly used to disguise unfavorable loss ratios from the investing public

Judges refuse to rubber stamp SEC settlements

  • Jorden Burt LLP
  • -
  • USA
  • -
  • March 20 2012

U.S. District Court Judge Jed Rakoff, in the Southern District of New York, recently made news by rejecting a proposed settlement between the SEC and Citigroup Inc

US court rules Syrian defendants sponsored terrorism

  • Jorden Burt LLP
  • -
  • USA
  • -
  • September 21 2011

The US District Court for the District of Columbia recently held an evidentiary hearing on two actions initiated by Lloyd’s against the Syrian Arab Republic, the Syrian Air Force Intelligence Agency, and Syria’s Director of Military Intelligence (the claims against the named Libyan defendants having been dismissed pursuant to the enactment of the Libya Claims Resolution Act

High Court addresses rule 10b-5

  • Jorden Burt LLP
  • -
  • USA
  • -
  • August 18 2011

The Supreme Court recently issued two opinions regarding rule 10b-5

Retrocessionaire bound by unwritten agreement

  • Jorden Burt LLP
  • -
  • USA
  • -
  • May 17 2011

When IRC Re Limited "at the 11th hour" denied the existence of a written reinsurance agreement and refused to pay its share of the liabilities arising from the underlying insurance program, Trenwick America Reinsurance sued IRC Re, its CEO, and IRC Re's affiliate responsible for managing the underlying insurance program for breach of contract, fraud, and bad faith

Securities fraud accounting rule class action against reinsurer dismissed

  • Jorden Burt LLP
  • -
  • USA
  • -
  • December 2 2010

A federal district court dismissed a securities fraud class action against Swiss Re brought by a pension fund on behalf of all purchasers of Swiss Re's shares