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Locke Lord LLP | USA | 25 Jan 2011

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

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.


Locke Lord LLP | USA | 14 Dec 2010

Court holds that D&O policy does not cover internal investigations or costs in responding to SEC investigations

A federal court in Florida ruled this fall that a D&O policy does not cover the insured company's costs in responding to an SEC investigation, nor its internal investigation costs in response to a whistleblower complaint.


Locke Lord LLP | European Union | 8 Dec 2010

Lehman ruling on title to securities acquired for affiliates

The High Court has given another lengthy ruling on issues arising in the administration of Lehman Brothers International (Europe) (LBIE).


Locke Lord LLP | European Union | 24 Nov 2010

European Systemic Risk Board and industry-specific supervisory authorities to be operational from 1 January 2011

We have reported previously on the proposed overhaul of the European Financial Regulatory System.


Locke Lord LLP | USA | 18 Nov 2010

BankAtlantic loses class action trial

In a verdict handed down on Thursday (111810), a South Florida federal jury found that BankAtlantic violated federal securities laws by making several false statements to investors during the class period.


Locke Lord LLP | USA | 20 Oct 2010

District Court dismisses subprime class action case with prejudice

The U.S. District Court in Manhattan recently dismissed a securities class action brought by a proposed class of investors, alleging that the company and two of its senior officers violated Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and SEC Rule 10b-5 by making false or materially misleading disclosures about the company’s risk management and exposure to mortgage-related securities.


Locke Lord LLP | USA | 12 Oct 2010

ARS derivative suits will need to overcome business judgment rule

In the past few months, several derivative suits against mutual fund issuers of auction rate securities (ARS) have hit the courts.


Locke Lord LLP | European Union | 4 Oct 2010

European Parliament approves overhaul of financial supervision in Europe

On 22 September 2010, the European Parliament approved a sweeping overhaul of financial supervision in Europe, including the creation of a new supervisory authority for insurance and reinsurance - the European Insurance and Occupational Pensions Authority (EIOPA) - and a European Systemic Risk Board (ESRB) which will monitor threats to the EU economy as a whole.


Locke Lord LLP | USA | 28 Sep 2010

Update: California surplus lines reforms signed into law

On September 27, 2010, California Governor Arnold Schwarzenegger signed into law AB 1708, which will have a significant impact on surplus lines insurers by amending Section 1765.1 of the California Insurance Code.


Locke Lord LLP | USA | 27 Sep 2010

NAIC representative selected for Financial Stability Oversight Council

The National Association of Insurance Commissioners ("NAIC") has selected Missouri Insurance Director John Huff as its representative on the new Financial Stability Oversight Council (the "FSOC"), which was created under the Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act").

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