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Results: 1-10 of 79

New York appeals court dismisses suit against MBIA Inc. over bond insurer’s financial restructuring

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • 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

Second Circuit denies cedent's motion for a rehearing in follow the fortunes case

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • 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

Massachusetts federal court addresses manifest disregard of the law standard, finds that panel’s decision to limit discovery and witness testimony did not provide a basis to vacate award

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • January 21 2011

In OneBeacon America Insurance Co. v. Swiss Reinsurance America Corporation, 09-CV-11495-PBS (D.Mass. December 23, 2010), a motion was brought by petitioner OneBeacon to vacate an arbitration award on the basis that the arbitrators were guilty of misconduct for refusing to permit necessary discovery and hear certain evidence

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

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
  • -
  • USA
  • -
  • 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

New York federal judge provides interesting insights regarding arbitration and “manifest disregard of the law"

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • 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

Chinese drywall - Florida federal district court finds no coverage under CGL policy

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • 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

Federal court orders insurer to produce reinsurance information, despite acknowledging split among courts on the issue

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • January 11 2011

Suffolk Federal Credit Union ("SFCU") brought an action against Cumis Insurance Society to recover certain losses arising under a fidelity bond

Second Circuit finds that service of suit provision in treaties unambiguously waived reinsurer's right of removal

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • January 3 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

FTC issues guide for businesses on securing data stored by digital copiers

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • December 30 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