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Results: 1-10 of 31

Insurance Authority issued guideline on anti-money laundering and counter-terrorist financing

  • Edwards Wildman Palmer LLP
  • -
  • Hong Kong
  • -
  • October 16 2012

The Hong Kong Insurance Authority recently issued a Guideline on Anti-Money Laundering and Counter-Terrorist Financing and a Guideline on Exercising Power to Impose Pecuniary Penalty

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

The impact of the UK Bribery Act

  • Edwards Wildman Palmer LLP
  • -
  • United Kingdom
  • -
  • September 2 2011

The Bribery Act 2010 (the Act) came into force on 1 July 2011

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

Director of specialist underwriters banned for turning a blind eye to fraud

  • Edwards Wildman Palmer LLP
  • -
  • United Kingdom
  • -
  • January 10 2011

The Financial Services Authority (the FSA) has confirmed in its Final Notice dated 15 December 2010 that Barry Williams, a director at Surety Guarantee Consultants Ltd (SGC), has been fined £25,000 and banned from working in regulated financial services

Ghost brokers charged with insurance fraud

  • Edwards Wildman Palmer LLP
  • -
  • United Kingdom
  • -
  • November 24 2010

Three people have been charged with motor insurance fraud after allegations they acted as "ghost brokers", the Insurance Fraud Bureau (IFB) has reported

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