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Results: 1-10 of 95

Connecticut Appellate Court affirms summary judgment in favor of insurer due to insured’s failure to cooperate
  • Locke Lord LLP
  • USA
  • October 7 2009

The Connecticut Appellate Court recently affirmed a lower court’s grant of summary judgment in favor of an insurer based on its determination that the insured breached the insurance policy’s cooperation clause by failing to provide copies of requested tax returns


Massachusetts Insurance Commissioner steps down for position in academia
  • Locke Lord LLP
  • USA
  • September 18 2009

According to industry reports, Massachusetts Insurance Commissioner, Nonnie S. Burnes, recently announced her plan to resign from the Insurance Department to become a senior university fellow at Northeastern University, where she earned her law degree


Court approves American Home Mortgage's settlement of a subprime securities class action
  • Locke Lord LLP
  • USA
  • September 18 2009

On July 30, 2009, the US District Court for the Eastern District of New York approved a $37.25 million settlement of a subprime-related securities class action styled, In re American Home Mortgage Securities Litigation


New Jersey releases proposed rule and notice of pre-proposal for disclosure of producer compensation for sales of health insurance policies
  • Locke Lord LLP
  • USA
  • September 21 2009

The New Jersey Department of Banking and Insurance (the “Department”) released a draft rule, N.J.A.C. 11:17B-4 (PRN 2009-242) (the “Proposed Rule”), setting forth the specific requirements of N.J.S.A. 17:22A-41.1


SEC Task Force to investigate life settlements
  • Locke Lord LLP
  • USA
  • September 21 2009

According to industry reports, the US Securities and Exchange Commission has formed a multidisciplinary task force (“Task Force”) to investigate life settlements (i.e. the sale of life insurance products by policyholders to third-party investors


Court gives preliminary approval to Merrill Lynch's settlement of a subprime-related securities class action
  • Locke Lord LLP
  • USA
  • September 18 2009

On August 24, 2009, the US District Court for the Southern District of New York preliminarily approved a $150 million settlement of a subprime-related securities class action pending against Merrill Lynch and several of its directors and officers styled, Louisiana Sheriff's Pension and Relief Fund v. Conway et al


Court gives preliminary approval to RAIT's settlement of a subprime related securities class action
  • Locke Lord LLP
  • USA
  • September 18 2009

On July 15, 2009, the US District Court for the Eastern District of Pennsylvania preliminarily approved a $32 million settlement of a subprime related securities class action against RAIT Financial Trust, RAIT's directors and officers, Grant Thornton, and Piper Jaffray


New bipartisan legislation spells out TARP exit strategy
  • Locke Lord LLP
  • USA
  • September 21 2009

Last week, a bipartisan group of Representatives introduced legislation (H.R. 3594) that would set forth a specific exit strategy for the Troubled Asset Relief Program (TARP


New York announces public hearing on life insurance and annuity sales practices
  • Locke Lord LLP
  • USA
  • September 15 2009

Yesterday, the New York State Insurance Department ("NYSID") issued a press release announcing that it will hold public hearing on Wednesday, September 16, regarding life insurance and annuity sales practices


Anticipated legislative action on financial regulatory reform
  • Locke Lord LLP
  • USA
  • September 15 2009

As President Obama renewed his push for financial services regulatory reform during yesterday’s speech on Wall Street, new reports offered a glimpse of Congress’ potential timeline for action