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New York court dismisses Madoff claim against investment advisors & fund managers
- Edwards Wildman Palmer LLP
- -
- USA
- -
- 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
Second Circuit holds that post-disclosure recovery of stock price does not negate loss causation
- Edwards Wildman Palmer LLP
- -
- USA
- -
- August 6 2012
The Second Circuit recently held that, even if a stock recovers its value after dropping following a corrective disclosure, this does not necessarily negate a showing of loss causation at the pleading stage in a claim for securities fraud
The U.S. Treasury and the California Insurance Department signed a memorandum of understanding regarding information sharing
- Edwards Wildman Palmer LLP
- -
- USA
- -
- May 9 2012
The Financial Crimes Enforcement Network (“FinCEN”), a bureau of the U.S. Department of the Treasury, and the California Insurance Department announced that they signed a Memorandum of Understanding that will allow the FinCEN and the Department to share important information enabling both parties to coordinate and heighten efforts aimed at rooting out fraud and protect consumers and the insurance industry from criminal acts
Whistleblower claims $1.6 billion in unclaimed property lawsuit against two leading US life carriers
- Edwards Wildman Palmer LLP
- -
- USA
- -
- January 26 2012
In January 2011, Total Asset Recovery Services, LLC, a company describing itself as “an investigative group of professionals tasked with locating lost or unrecoverable assets on behalf of rightful owners and creditors,” filed a lawsuit under seal against two leading life insurers in Illinois state court
Eighth Circuit emphasizes importance of reading D&O policy language
- Edwards Wildman Palmer LLP
- -
- USA
- -
- January 31 2011
Again reviving a coverage claim by a former bank director against her D&O insurer, the United States Court of Appeals for the Eighth Circuit performed a useful service by closely analyzing the policy's grant of coverage and exclusionary clauses
SEC and US Attorney accuse Costa Rican life insurance bond company of $670 million fraud
- Edwards Wildman Palmer LLP
- -
- USA
- -
- January 21 2011
Both the Securities and Exchange Commission and the U.S. Attorney's Office have brought actions against Costa Rica-based Provident Capital Indemnity, LTD, an insurance and reinsurance company that purported to provide bonds guaranteeing life insurance settlements, but was instead allegedly perpetrating a $670 million fraudulent scheme
Court finds insurers no longer required to advance defense costs for certain Stanford individuals due to money laundering exclusion
- Edwards Wildman Palmer LLP
- -
- USA
- -
- November 2 2010
After a preliminary injunction hearing, the United States District Court for the Southern District of Texas has determined that D&O insurers for the Stanford Financial Group and various related entities are no longer required to advance defense costs relating to criminal charges and civil litigation filed against Mark Kuhrt, Gilbert Lopez and R
Michigan exclusive workers' compensation administrative process trumps federal court RICO and fraud claims
- Edwards Wildman Palmer LLP
- -
- USA
- -
- October 12 2010
In a comprehensive and thoughtful opinion, a federal district court has dismissed, with prejudice, a RICO action contending that a self-insured, its third party administrator and a physician schemed to fraudulently deny workers’ compensation benefits allegedly owed to a number of claimants under the Michigan Workers’ Disability Compensation Act (the “WDCA”), Mich. Comp. Laws 418.101 et. seq. Brown v. Cassens Transport Co., 2010 U.S. Dist. LEXIS 101660 (E.D. Mich. September 27, 2010
Treasury Department proposes a plan that would require US banks to report all overseas money transfers
- Edwards Wildman Palmer LLP
- -
- USA
- -
- September 29 2010
On September 29, the Washington Post and New York Times reported that the United States Treasury Department's Financial Crimes Enforcement Network ("FinCEN") issued a proposal this week that would require US banks to report all electronic money transfers into and out of the United States
Insurers’ law firm engaged in multi-pronged legal battle against accused Ponzi artist
- Edwards Wildman Palmer LLP
- -
- USA
- -
- September 8 2010
The law firm of Akin Gump Strauss Hauer & Feld, LLP is seeking to quash a subpoena from accused Ponzi schemer Allen Stanford in the U.S. District Court for the Southern District of Texas, where Mr. Stanford’s criminal case is pending
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- Jurisdiction - USA
- Workarea - White Collar Crime
- Workarea - Insurance & Reinsurance
- Firm Name - Edwards Wildman Palmer LLP
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