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New York appeals court dismisses suit against MBIA Inc. over bond insurer’s financial restructuring
- Edwards Wildman Palmer LLP
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- USA
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- January 25 2011
A New York appeals court recently dismissed one of two lawsuits filed against MBIA Inc. (“MBIA”) by more than a dozen major financial institutions concerning the bond insurer’s financial restructuring
SEC and US Attorney accuse Costa Rican life insurance bond company of $670 million fraud
- Edwards Wildman Palmer LLP
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- USA
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- 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
Second Circuit denies cedent's motion for a rehearing in follow the fortunes case
- Edwards Wildman Palmer LLP
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- USA
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- January 21 2011
We recently blogged about the Second Circuit's decision in Arrowood Surplus Lines Ins. Co. v. Westport Ins. Corp., No. 10-cv-0397 (2d Cir. 2010), in which an appellate panel held that a reinsurer had no obligation to indemnify its cedent for losses outside the scope of the treaty at issue
New York federal judge provides interesting insights regarding arbitration and “manifest disregard of the law"
- Edwards Wildman Palmer LLP
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- USA
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- January 19 2011
In Goldman Sachs Execution & Clearing, L.P. v. The Official Unsecured Creditors' Committee of Bayou Group, LLC, et al., Slip Copy, 2010 WL 4877847 (S.D.N.Y. 2010), the court denied petitioner’s motion to vacate a $20.580 million award obtained in a FINRA arbitration by The Official Unsecured Creditors' Committee of Bayou Group
Eighth Circuit holds that the collapse of seven stories of decorative brick veneer is not a “collapse of a part of a building”
- Edwards Wildman Palmer LLP
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- USA
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- January 19 2011
In Council Tower Ass’n v. Axis Specialty Ins. Co., No. 09-3900, 2011 WL 31519 (8th Cir. 2011), the Eight Circuit considered whether, under Missouri law, the falling of seven stories of a twenty-six-story exterior brick veneer was a covered “collapse” of a building
High Court considers whether advance payment guarantees issued by insurance company were performance bonds or contracts of suretyship
- Edwards Wildman Palmer LLP
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- United Kingdom
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- January 19 2011
In Meritz Fire & Insurance Co Ltd v (1) Jan De Nul NV (2) Codralux SA 2010 EWHC 3362 (Comm), the High Court ruled that advance payment guarantees (APGs) issued by the claimant insurance company to the defendants, guaranteeing the repayment of payments made by the defendants under three shipbuilding contracts (the Contracts), were performance bonds or demand guarantees on which the claimant was liable without regard to the Contracts
Chinese drywall - Florida federal district court finds no coverage under CGL policy
- Edwards Wildman Palmer LLP
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- USA
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- January 12 2011
In Amerisure Mutual Insurance Co. v. Albanese Popkin the Oaks Development Group L.P., 2010 U.S. Dist. LEXIS 125918 (Nov. 30, 2010), Judge Kenneth A. Marra of the U.S. District Court for the Southern District of Florida ordered that the developer’s insurer has no duty to provide coverage or a defense for claims related to Chinese drywall, which were made against the developer
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- Workarea - Litigation
- Author - Jeanne Kohler
- Author - Gregory S. Hoffnagle