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Court of Appeals reinstates insurance coverage claim for disgorgement

Morrison & Foerster LLP
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USA
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June 13 2013

In a decision issued on June 11, the New York Court of Appeals reversed the Appellate Division's dismissal of J.P. Morgan's lawsuit against its

Disgorgement payment for SEC settlement held to be uninsurable loss

Wiley Rein LLP
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USA
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January 18 2012

The New York Supreme Court, Appellate Division, has held that a disgorgement payment to the Securities and Exchange Commission (SEC) in settlement of charges that an insured’s predecessors willfully facilitated illegal mutual fund trading practices does not constitute an insurable loss under a professional liability policy

Directors' and officers' insurance policies should be reviewed in light of anticipated increase in whistleblowing activity instigated by the Dodd-Frank Act and the UK Bribery Act

Squire Sanders
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United Kingdom, USA
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January 5 2011

The Dodd-Frank Act contains a number of controversial provisions, but perhaps none more so than mandatory payment of a substantial bounty to individuals who provide "original information" to the Securities and Exchange Commission (SEC) leading to fines in excess of US$1 million

Financial fraud alert

Drinker Biddle & Reath LLP
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USA
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July 31 2012

The Securities and Exchange Commission (“SEC”) recently won a judgment in excess of $108 million against Costa Rica-based Provident Capital Indemnity, Ltd. (“PCI”), which sold reinsurance bonds on life settlements, for its role in what was alleged to be a “massive, ongoing fraud.”

Homeowner's insurance does not cover Ponzi scheme losses

Winston & Strawn LLP
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USA
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February 21 2012

On February 16th, the Second Circuit held that a homeowner's insurance policy does not cover losses suffered in a Ponzi scheme

Madoff and Stanford: new ways of resolving the same old issues

RPC
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United Kingdom, USA
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February 3 2010

The arrests of Bernard Madoff and Allen Stanford in December 2008 and June 2009 respectively, and the resulting litigation and investigations, have prompted a raft of notifications to D&O, PI and FidelityBBB policies since late 2008

Fraudulent conduct of principals imputed to company, barring coverage

Wiley Rein LLP
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USA
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October 11 2011

The United States District Court for the Southern District of Ohio, applying Ohio law, has held that a dishonesty exclusion barred coverage under primary and excess directors and officers policies for the Wrongful Acts of the principals of a bankrupt company, all of whom were criminally convicted of securities fraud and related crimes

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

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

Insurance company files mortgage-backed security action against Countrywide, Bank of America

Orrick Herrington & Sutcliffe LLP
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USA
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November 14 2011

On November 9, 2011, National Integrity Life Insurance Co. filed a complaint against Countrywide Financial Corporation, former Countrywide executives and Bank of America in the United States District Court for the Southern District of New York, accusing Countrywide of fraud and misstatements in connection with nearly $450 million in RMBS allegedly purchased by the insurer

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Search results

Court of Appeals reinstates insurance coverage claim for disgorgement

Disgorgement payment for SEC settlement held to be uninsurable loss

Directors' and officers' insurance policies should be reviewed in light of anticipated increase in whistleblowing activity instigated by the Dodd-Frank Act and the UK Bribery Act

Financial fraud alert

Homeowner's insurance does not cover Ponzi scheme losses

Madoff and Stanford: new ways of resolving the same old issues

Fraudulent conduct of principals imputed to company, barring coverage

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

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

Insurance company files mortgage-backed security action against Countrywide, Bank of America

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