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California Supreme Court expands fraud exception to the parol evidence rule, eliminating significant barrier to claims of promissory fraud against insurers

Proskauer Rose LLP
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USA
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February 28 2013

Last month, the California Supreme Court overruled longstanding precedent and restored to full force the fraud exception to California's parol

Important court decision for no-fault insurers: federal court rejects limitation on State Farm v. Mallela

Cadwalader Wickersham & Taft LLP
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USA
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January 9 2013

Specifically, on January 7, 2013, in the case of Allstate Ins. Co. v. Elzanaty, the United States District Court for the Eastern District of New York

Intentional acts, professional services exclusions bar coverage for RICO suits

Wiley Rein LLP
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USA
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November 13 2012

The United States District Court in Colorado has held that an intentional acts exclusion barred coverage under a professional liability policy for claims against a policyholder’s employees for violation of the Racketeer Influenced and Corrupt Organizations (RICO) Act

Settlement of RICO claims not uninsurable as a matter of law, and bad faith claim allowed by virtue of "special relationship" between insurer and insureds

Wiley Rein LLP
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USA
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October 24 2012

Applying Oregon law, the United States District Court for the District of Oregon has held that a settlement of Racketeer Influenced and Corrupt Organizations (RICO) Act claims was not uninsurable as a matter of law because the settlement did not necessarily establish that the insureds had engaged in intentional conduct

New York court dismisses Madoff claim against investment advisors & fund managers

Edwards Wildman Palmer LLP
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USA
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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

Court denies dismissal of putative class action alleging kickbacks accepted by lender via its captive reinsurer

Jorden Burt LLP
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USA
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September 27 2012

A breach of contract claim survived dismissal in a potential class action lawsuit by homeowners against a mortgage lender for alleged kickbacks obtained when the lender required the homeowners to pay for force-placed insurance (FPI) on mortgaged properties

Sixth Circuit finds that bank’s fidelity policy provides coverage for theft of funds from clients’ accounts

Simpson Thacher & Bartlett LLP
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USA
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September 13 2012

Affirming an Ohio district court ruling, the Sixth Circuit held that fidelity policies issued to three financial institutions provided coverage for the theft of funds from clients’ brokerage accounts by an employee of a bank-holding company

What to expect when you’re expecting an answer from a regulator: SCC to discuss the reasonable diligence defense in cases or strict liability offenses

McCarthy Tétrault LLP
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Canada
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August 31 2012

The Supreme Court of Canada recently granted leave to appeal in a case involving the Autorités des marchés financiers (“AMF”), the Quebec regulator regarding financial products and services

While homeowners' policy covered Ponzi scheme losses, homeowners didn't suffer any losses

Winston & Strawn LLP
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USA
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August 20 2012

On August 15th, the Second Circuit affirmed the dismissal of claims asserted by victims of Bernie Madoff's Ponzi scheme against their homeowner's insurance policy which included a "Fraud Safeguard" endorsement

Fraudulent non-disclosure - reckless indifference

King & Wood Mallesons
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Australia
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August 7 2012

The defendant insurer, Atradius, succeeded in avoiding the policy on the basis of fraudulent non-disclosure by the insured

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Search results

California Supreme Court expands fraud exception to the parol evidence rule, eliminating significant barrier to claims of promissory fraud against insurers

Important court decision for no-fault insurers: federal court rejects limitation on State Farm v. Mallela

Intentional acts, professional services exclusions bar coverage for RICO suits

Settlement of RICO claims not uninsurable as a matter of law, and bad faith claim allowed by virtue of "special relationship" between insurer and insureds

New York court dismisses Madoff claim against investment advisors & fund managers

Court denies dismissal of putative class action alleging kickbacks accepted by lender via its captive reinsurer

Sixth Circuit finds that bank’s fidelity policy provides coverage for theft of funds from clients’ accounts

What to expect when you’re expecting an answer from a regulator: SCC to discuss the reasonable diligence defense in cases or strict liability offenses

While homeowners' policy covered Ponzi scheme losses, homeowners didn't suffer any losses

Fraudulent non-disclosure - reckless indifference

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