Nolan Tully

Nolan Tully

Drinker Biddle & Reath LLP

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Latest Publications


SEC Seeks to Bring Down Ponzi Scheme Selling Life Settlements

On November 10, 2015, the Securities and Exchange Commission (“SEC”) filed a complaint in the Northern District of Georgia against James Torchia and the companies under his control alleging that Torchia is running a Ponzi...more

11/19/2015 - Life Settlements Ponzi Scheme Promissory Notes SEC Securities Fraud

Seventh Circuit Slams STOLI Scheme, Permits Insurer To Retain Premium and Recover Attorneys' Fees

Last week, the United States Court of Appeals for the Seventh Circuit issued an opinion affirming summary judgment in favor of Ohio National Life Assurance Corporation in a STOLI-related case. The 14-page opinion authored by...more

10/29/2015 - Attorney's Fees Beneficial Owner Irrevocable Life Insurance Trusts Life Insurance STOLI

Debtor Sues Lenders for Alleged Violations of the Fair Credit Reporting Act

On September 18, 2015, Margaret M. Okamoto (“Plaintiff”) filed a complaint (the “Complaint”) in The United States District Court for the District of Nevada alleging violations of the Fair Credit Reporting Act, 15 U.S.C. §...more

10/5/2015 - Bank of America Banks Consumer Bankruptcy Consumer Lenders Credit Reporting Agencies Credit Reports Experian FCRA

Drinker Biddle Cyber Bulletin

Two data breaches at the Office of Personnel Management (OPM) affecting over 20 million Americans led to a bipartisan effort to push for legislation that would provide the Department of Homeland Security (DHS) with new...more

9/22/2015 - Breach Notification Rule Commercial General Liability Policies Cyber Attacks Cyber Insurance Cybersecurity Data Breach Data Protection DHS EU EU Data Protection Laws Federal Breach Notification Standard FISMA Identity Theft Office of Personnel Management (OPM) PHI Proposed Legislation Proposed Regulation

Large Secondary Market Transaction Allegedly Gone Awry

In a complaint filed last week in the United States District Court for the Southern District of New York, Plaintiff Britannia, LLC sued Avon Capital, LLC and Tranen Capital Alternative Investment Fund, Ltd. in connection with...more

5/25/2015 - Insurance Industry Life Insurance Secondary Markets

Tough Sell for Bechtel: American General Files Suit in Florida

On January 29, 2015, American General Life Insurance Company filed a complaint against Kevin H. Bechtel and Life Brokerage Partners, LLC, in the United States District Court for the Middle District of Florida, Tampa Division....more

2/26/2015 - Broker Commissions Insurance Brokers Insurance Litigation Life Insurance Sales Commissions

Lawsuit Alleges Unlawful Insurance Scheme Involving Commission Pooling for the Purpose of Procuring IUL Policies That...

On February 13, 2015, Transamerica Life Insurance Company filed a lawsuit in the Central District of California concerning an allegedly unlawful insurance scheme in connection with the sale of indexed universal life insurance...more

2/19/2015 - Broker Commissions Insurance Industry Insurance Litigation Life Insurance

Indemnification and Reimbursement Sought from Insurers Based on Allegedly Fraudulent Funding Program: Fifth Third Bancorp v. Ace...

Who: Plaintiffs: Fifth Third Bancorp and Fifth Third Bank Defendants: Ace Insurance Company, Axis Insurance Company, Certain Underwriters at Lloyd’s, Continental Insurance Company, Federal Insurance Company,...more

11/21/2014 - Bonds Financial Institutions Indemnification Insurance Industry Reimbursements

Complaint Filed for Alleged Insurance Fraud Scheme on Secondary Market

On October 3, 2014, a lawsuit captioned Visión en Análisis y Estrategia, S.A. de C.V., et al. v. Karl Andersen, et al., was filed in the Southern District of New York alleging an insurance fraud scheme perpetrated against the...more

10/13/2014 - Insurance Fraud Investment Funds Life Insurance Private Investment Funds

More Arrests for Alleged Insurance Fraud

Just weeks before the sentencing of three insurance producers for insurance fraud and STOLI-related conduct in the Southern District of New York (covered here), two insurance producers and several insureds were arrested in...more

8/5/2014 - Criminal Prosecution Insurance Fraud STOLI

Convictions of Life Insurance Producers for Mail and Wire Fraud Result in Lengthy Sentences and Millions in Restitution

Earlier this week, the United States District Court for the Southern District of New York sentenced Michael Binday, James Kergil, and Mark Resnick, and ordered the payment of millions of dollars in restitution. The sentencing...more

8/4/2014 - Fraud Life Insurance Mail Fraud STOLI Wire Fraud

High Tide for Lapse Cases? New York Federal Court Holds That Investor Lawsuit Is Not Barred by Statute of Limitations

On March 28, 2014, a New York federal court issued an opinion that may have a significant impact on the already increasing number of lapse-related lawsuits in the life insurance industry. In Lebovits v. PHL Variable Insurance...more

4/17/2014 - Denial of Benefits Life Insurance Statute of Limitations

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