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


FTC requests comment on privacy framework
  • Locke Lord LLP
  • USA
  • January 25 2011

The Federal Trade Commission (the "FTC") recently released a preliminary staff report entitled Protecting Consumer Privacy in an Era of Rapid Change: A Proposed Framework for Businesses and Policymakers, proposing a normative framework for company protection of consumers' privacy (the "Proposed Framework").


New Massachusetts law permits property carriers to exclude terrorism-caused fire loss
  • Locke Lord LLP
  • USA
  • January 24 2011

Massachusetts Governor Deval Patrick has signed H.960 into law.


Healthcare news from Capitol Hill and the Department of Health and Human Services - January 24, 2011
  • Locke Lord LLP
  • USA
  • January 24 2011

On January 7, the Centers for Medicare and Medicaid Services (CMS) released a proposed rule to establish a value-based purchasing (VBP) program to reward hospitals for providing safe, high-quality care.


SEC and US Attorney accuse Costa Rican life insurance bond company of $670 million fraud
  • Locke Lord 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.


Second Circuit denies cedent's motion for a rehearing in follow the fortunes case
  • Locke Lord 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.


European Insurance and Occupational Pensions Authority (EIOPA) launched
  • Locke Lord LLP
  • European Union
  • January 20 2011

The European Insurance and Occupational Pensions Authority (EIOPA) held its first meeting on 10 January 2010 and promptly elected its management board and selected Gabriel Bernardino as its first Chairperson.


OFT competition investigation results in formal commitments from motor insurers to limit data exchange
  • Locke Lord LLP
  • United Kingdom
  • January 20 2011

The UK Office of Fair Trading (OFT) announced on 13 January 2011 that seven insurance companies (Ageas Insurance Limited (formally Fortis Insurance Limited), Aviva plc, AXA Insurance UK plc, Liverpool Victoria Friendly Society, RBS Insurance Group Limited, Royal Sun Alliance and Zurich Insurance plc), and two IT software and service providers (Experian Limited and SSP Limited) have offered formal commitments to limit the type of information shared through a specialist market analysis tool.


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


Eighth Circuit holds that the collapse of seven stories of decorative brick veneer is not a “collapse of a part of a building”
  • Locke Lord 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.