Jason Brost

Jason Brost

Carlton Fields

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Illinois Courts: Fixed Indexed Annuities Are Not Securities

In 2009, the Securities and Exchange Commission (SEC) attempted to regulate fixed indexed annuities (FIAs) as securities by issuing Rule 151A. Previously, FIAs were treated as exempt insurance products. After the D.C. Circuit...more

10/27/2016 - Annuities Insurance Industry Life Insurance SEC Securities

Two Federal Courts Uphold Criminal Convictions for Insurance Brokers

Two federal appellate decisions highlight the potential criminal liability for rogue agents. First, in United States v. Binday, the Second Circuit Court of Appeals upheld mail and wire fraud convictions of three individuals...more

4/29/2016 - Criminal Prosecution Insurance Fraud Insurance Industry Life Insurance Mail Fraud STOLI Variable Annuities Wire Fraud

Class Certified in Unique Fixed Indexed Annuity Case

The creative theories of liability and damages on display in the recent certification of multiple classes suggest that the long run of annuity class actions is not over yet. Plaintiff in Abbit v. ING USA Annuity and Life...more

4/29/2016 - Annuities Breach of Contract Class Action Class Certification Fiduciary Duty Fraud Insurance Industry Investment Life Insurance

Ninth Circuit: Common Issues Do Not Predominate in Mortgage Borrowers’ Action

The Ninth Circuit affirmed an order denying class certification in a case involving allegations that a mortgage servicer wronged borrowers through its implementation of the federal Home Affordable Modification Program (HAMP)....more

3/11/2016 - Class Action Class Certification HAMP Mortgage Servicers Rule 23(b)(2)

Trademarks in Cuba, Successful Whistleblowers, Big Data, Health Care Encryption, Jury Instruction Tips [Expect Focus – Vol. 1,...

IN THE SPOTLIGHT · Is your Company Ready to Comply with Encryption of Individually Identifiable Health Information? LIFE INSURANCE · STOLI Schemers Must Make Good on Damages Caused · At the State Level, Is a Fixed-Index...more

4/10/2015

At the State Level, Is a Fixed-Index Annuity?

The so-called Harkin Amendment to the Dodd-Frank Act was intended to keep fixed-index annuities outside the SEC’s jurisdiction. But the issue remains unsettled on the state level. For example, an Illinois state court recently...more

4/1/2015 - Amended Regulation Annuities Dodd-Frank Insurance Contracts SEC Securities

Expect Focus - Catching The Next Wave, Regulatory and Litigation Developments - Volume II, Spring 2014

In This Issue: - IN THE SPOTLIGHT ..Private Equity: The Next Wave of SEC Enforcement Actions? - LIFE INSURANCE ..How to Fight a STOLI Scheme: Court Rulings Offer Clues ..STOA Schemes Face...more

7/22/2014 - Compliance Enforcement Enforcement Actions PBGC Private Equity Property Insurance SEC Title Insurance

Harsh Justice

Concerned that its own decision might have "the potential to conflict" with that of the Pennsylvania Insurance Department, a Pennsylvania federal court relied on the primary jurisdiction doctrine to dismiss a putative class...more

7/11/2014 - Insurance Industry Life Insurance Primary Jurisdiction Doctrine Putative Class Actions

SEC: Justice Deferred Is Justice Served

The SEC recently announced its first deferred prosecution agreement (DPA) with an individual. The individual had recently resigned as the administrator of the Hepplewhite Fund, LP, a Connecticut-based hedge fund, and...more

4/29/2014 - Deferred Prosecution Agreements Enforcement Actions SEC Whistleblowers

Expect Focus - Volume 1, Winter 2014

In This Issue: - IN THE SPOTLIGHT ..Sixth Circuit Revisits Controversial ERISA Decision - LIFE INSURANCE ..Summary Judgment Victory for Life Insurer in Annuity Class Action ..Favorable Secondary Life Market...more

3/31/2014

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