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A warning to financial institutions: failure to issue a litigation hold may have serious consequences

Frost Brown Todd LLC
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USA
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May 3 2013

As electronic discovery has become more prevalent and voluminous, national standards for the preservation of evidence have evolved dramatically in

Federal court exercises jurisdiction over insurer’s declaratory judgment action arising out of FDIC demand

Wiley Rein LLP
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USA
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December 17 2012

The United States District Court for the Eastern District of California, applying California law, has concluded that it should exercise jurisdiction under the federal Declaratory Judgment Act to determine the availability of coverage for a written demand and has held that the related coverage action should not be stayed in favor of potential future underlying litigation between the Federal Deposition Insurance Corporation (FDIC) and the insureds because the outcome of the coverage litigation would not be dependent on resolution of disputed facts in such a future action

Georgia bankruptcy court: FDIC may sue officer of failed bank, notwithstanding his bankruptcy, if defense and recovery limited to D&O insurance

Wiley Rein LLP
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USA
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August 28 2012

A Georgia bankruptcy court has held that notwithstanding the discharge of an individual in his individual bankruptcy proceeding, the Federal Deposit Insurance Corporation (FDIC) may file suit against the individual as a former officer of a failed bank so long as the applicable D&O policy covers defense costs and the FDIC’s recovery is limited to insurance proceeds

Picard lawsuit against JPMorgan dismissed

Sedgwick LLP
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USA
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November 30 2011

Irving Picard's lawsuit against JPMorgan Chase & Co. styled Picard v. JPMorgan Chase & Co., 11-cv-913, in the U.S. District Court, Southern District of New York, was dismissed on November 1, 2011

JPMorgan sues FDIC in third-party suit

Orrick Herrington & Sutcliffe LLP
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USA
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August 1 2011

On July 25, 2011, JPMorgan Bank filed a third-party complaint against the FDIC in the Southern District of Ohio, claiming the FDIC indemnified JPMorgan when it agreed to buy assets from Washington Mutual, which went bankrupt in 2008

Update on reorganization financing

Schulte Roth & Zabel LLP
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USA
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April 7 2011

Reorganization or debtor-in-possession ("DIP") financing has become an increasing source of litigation

During hearing to consider Ambac’s rehabilitation plan, insurance regulator reveals that liquidation of the bond insurer was considered

Edwards Wildman Palmer LLP
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USA
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November 23 2010

As we first covered here, Ambac Financial Group Inc., the parent of the ailing Wisconsin-domiciled bond insurer Ambac Assurance Corp., filed for Chapter 11 bankruptcy relief with United States Bankruptcy Court for the Southern District of New York on November 8, 2010

Court holds coverage for Madoff suits excluded under policy’s insolvency exclusion

Edwards Wildman Palmer LLP
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USA
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June 8 2010

The US District Court for the District of Connecticut recently dismissed a customer suit against an insurer, based upon its determination that all of the underlying claims were excluded by the policy's Insolvency Exclusion

Coverage precluded by insolvency exclusion where claims arose out of bankruptcy of securities broker

Wiley Rein LLP
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USA
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April 19 2010

The United States District Court for the District of Connecticut, applying Connecticut law, has held that coverage under a bankers professional liability policy was precluded by the policy's insolvency exclusion where the underlying claims "arose out of" the bankruptcy of a third-party securities broker or dealer

Upon appointment of FDIC as receiver, coverage under D&O policy ceased but policy was not automatically terminated

Wiley Rein LLP
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USA
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January 5 2010

The United States District Court for the District of Kansas, applying Kansas law, has held that a D&O policy issued to a bank was not automatically canceled or terminated when the FDIC was appointed as the bank’s receiver but that coverage under the policy ceased

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A warning to financial institutions: failure to issue a litigation hold may have serious consequences

Federal court exercises jurisdiction over insurer’s declaratory judgment action arising out of FDIC demand

Georgia bankruptcy court: FDIC may sue officer of failed bank, notwithstanding his bankruptcy, if defense and recovery limited to D&O insurance

Picard lawsuit against JPMorgan dismissed

JPMorgan sues FDIC in third-party suit

Update on reorganization financing

During hearing to consider Ambac’s rehabilitation plan, insurance regulator reveals that liquidation of the bond insurer was considered

Court holds coverage for Madoff suits excluded under policy’s insolvency exclusion

Coverage precluded by insolvency exclusion where claims arose out of bankruptcy of securities broker

Upon appointment of FDIC as receiver, coverage under D&O policy ceased but policy was not automatically terminated

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