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Locke Lord LLP | USA | 16 Jul 2010

Minnesota federal court rejects "capacity" limitation as to insured vs. insured exclusion

The U.S. District Court for the District of Minnesota recently dismissed a directors and officers liability coverage suit, rejecting plaintiffs' argument that an underlying suit had to be brought by the insured in his capacity as an insured in order to implicate the policy's insured vs. insured exclusion.


Locke Lord LLP | USA | 5 May 2010

Supreme Court upholds Gartenberg test for mutual funds’ compensation of investment advisers

The Supreme Court recently issued an important decision regarding the test for determining whether an investment adviser has violated its "fiduciary duty" to a mutual fund by charging excessive fees under 36(b) of the Investment Company Act of 1940.


Locke Lord LLP | Switzerland, Bermuda | 18 Mar 2010

Newsflash from the World Insurance Forum

In his remarks Monday, March 15, 2010, at the World Insurance Forum in Bermuda, Jeremy Cox, Chief Executive Officer of the Bermuda Monetary Authority (BMA), announced that, during a break at the Forum, CEO Cox and Dr. Monica Mächler, Vice Chair of the Board of Directors of the Swiss Financial Market Supervisory Authority (FINMA), executed a Memorandum of Understanding (MoU) between the BMA and FINMA.


Locke Lord LLP | USA | 4 Feb 2010

PLUS D&O Symposium: afternoon session I

The third panel of the first day of the PLUS D&O Symposium focused on current issues surrounding Excess and Side A insurance policies.


Locke Lord LLP | United Kingdom | 25 Jan 2010

ABI position paper on executive remuneration

The Association of British Insurers (ABI) has published a paper on executive remuneration, to help remuneration committees understand how shareholders expect companies to apply the ABI's influential guidelines on executive remuneration in the current economic climate.


Locke Lord LLP | Global | 5 Jan 2010

European insurer issues press release addressing the impact of climate change on claims

German insurer Munich Re issued a press release stating that while 2009 saw fewer natural catastrophe losses than 2008, the number of natural hazard events was above average.


Locke Lord LLP | USA | 1 Dec 2009

California federal court rules that “insured v. insured” exclusion does not preclude insurer’s payments of defense costs in claim brought jointly by insureds and non-insureds

The United States District Court for the Northern District of California, applying California law, has held that an “insured v. insured” clause exclusion in a D&O policy for claims asserted by an insured against an insured did not preclude the insurer from paying for the entire defense costs incurred by insured and non-insured claimants.


Locke Lord LLP | Bermuda | 21 Oct 2009

Cox appointed CEO of the Bermuda Monetary Authority (BMA) effective 1 January 2010

Jeremy Cox will succeed Matthew Elderfield as CEO of the BMA at the beginning of next year.


Locke Lord LLP | United Kingdom | 13 Oct 2009

Contra Proferentem principle applies to ambiguous questions in proposal form

The High Court's decision in R&R Development Ltd v AXA Insurance UK Plc 2009 EWHC 2424 (Ch) concerned the issue of whether ambiguous questions in a proposal form for a contract of insurance could be construed by following the Contra Proferentem principle without the need for the court to decide upon the correct interpretation of the questions.


Locke Lord LLP | USA | 16 Sep 2009

New Vermont Captive Insurance Association President

Following a nation-wide search, Michael Bemi, Chair of the Vermont Captive Insurance Association (the "VCIA") Board of Directors, recently announced that the VCIA has selected Richard Smith as the new President of the VCIA.

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