Locke Lord LLP | USA | 25 Jan 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.
Locke Lord LLP | USA | 21 Jan 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.
Locke Lord LLP | USA | 21 Jan 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.
Locke Lord LLP | USA | 19 Jan 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.
Locke Lord LLP | USA | 19 Jan 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.
Locke Lord LLP | USA | 12 Jan 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.
Locke Lord LLP | USA | 11 Jan 2011
Suffolk Federal Credit Union ("SFCU") brought an action against Cumis Insurance Society to recover certain losses arising under a fidelity bond.
Locke Lord LLP | USA | 3 Jan 2011
The U.S. Court of Appeals for the Second Circuit recently affirmed a district court decision that remanded to state court a lawsuit asserted by the Liquidator of Midland Insurance Company against its reinsurer, Dunav Re, finding that the Service of Suit clause in the reinsurance treaties at issue unambiguously waived Dunav Re's right to remove the dispute to federal court.
Locke Lord LLP | USA | 30 Dec 2010
The Federal Trade Commission (the "FTC") recently issued a publication entitled Copier Data Security: A Guide for Businesses (the "Publication") to alert businesses of the potential data security threat posed by digital copiers.
Locke Lord LLP | USA | 29 Dec 2010
In a case we have been following on www.insurereinsure.com, Louisiana Safety Association of Timbermen – Self Insured Fund v. Certain Underwriters at Lloyd’s, London, the U.S. Supreme Court declined to grant certiorari to hear a dispute between an insurance pool and its reinsurer concerning whether the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the "New York......