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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

Second Circuit holds that post-disclosure recovery of stock price does not negate loss causation

Edwards Wildman Palmer LLP
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USA
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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

PLUS D&O Symposium 2012 Day 2 third panel: foreign exposures

Edwards Wildman Palmer LLP
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USA
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February 16 2012

The third panel on Day 2 of the PLUS D&O Symposium discussed foreign exposures for U.S. companies

New Jersey issues bulletin revising standards for equity indexed annuity products

Edwards Wildman Palmer LLP
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USA
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January 26 2012

On December 28, 2011, the New Jersey Department of Banking and Insurance (the “Department”) issued Bulletin 11-31 (the “Bulletin”) revising standards for equity indexed annuities (EIA), which are annuity contracts with a value based on performance of a specified equity-based index (or indices

New York completes merger of its Insurance and Banking departments

Edwards Wildman Palmer LLP
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USA
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January 26 2012

As previously reported on InsureReinsure, the State of New York merged its the Insurance and Banking Departments into a new, single agency known as the Department of Financial Services (“DFS”), with new and heightened oversight responsibilities over the financial services industry as a whole

FSOC proposes regulations and guidance re SIFIs

Edwards Wildman Palmer LLP
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USA
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October 12 2011

At its meeting on October 11, 2011, the Financial Stability Oversight Council (FSOC) issued a second notice of proposed rulemaking and proposed interpretive guidance as to the determination of nonbank financial companies that are systemically important financial institutions (SIFIs

Senate Committee hearing on nomination of Roy Woodall to FSOC

Edwards Wildman Palmer LLP
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USA
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August 4 2011

On July 26, 2011, the U.S. Senate Committee on Banking, Housing and Urban Affairs convened to consider the nomination of Roy Woodall, former Commissioner of the Kentucky Insurance Department, to serve a six-year term as a voting member of the Financial Stability Oversight Council (“FSOC”

FSOC releases its first annual report as mandated under Dodd-Frank

Edwards Wildman Palmer LLP
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USA
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August 4 2011

On July 26, 2011, the Financial Stability Oversight Council (“FSOC”) released its first annual report, as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”

Governor revises bill proposing to merge New York’s insurance, banking and consumer protection regulators into a single agency

Edwards Wildman Palmer LLP
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USA
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March 1 2011

As reported in our February 15, 2011 Client Alert, New York Governor Andrew Cuomo unveiled a bill (the "Bill") on February 1, as part of his 2011-2012 budget, proposing to merge the State's Insurance and Banking Departments and the Consumer Protection Board into a single agency, to be known as the Department of Financial Regulation (the "DFR"

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