Stephen Foresta

Stephen Foresta

Orrick, Herrington & Sutcliffe LLP

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Latest Publications


Utah Federal Court Holds That Incontestability Statute Bars Insurer From Avoiding Death Claim on STOLI Policy

On March 13, 2017, Judge David Nuffer of the United States District Court for the District of Utah granted defendant Wilmington Trust Company's motion to dismiss a lawsuit seeking to invalidate an alleged "STOLI"...more

3/17/2017 - Contested Proceedings Insurance Industry Insurance Litigation Life Insurance Motion to Dismiss STOLI Sun Life Assurance Company of Canada Void ab initio

Seventh Circuit Holds that Insurers Cannot Challenge Policies for Lack of Insurable Interest

On October 12, 2016, the United States Court of Appeals for the Seventh Circuit, in an opinion authored by Judge Richard Posner, affirmed a district court decision finding that securities intermediary U.S. Bank, N.A. is...more

10/20/2016 - Appeals Bad Faith Beneficiaries Death Benefits Insurance Industry Investors Life Insurance Policy Terms Securities Sun Life Assurance Company of Canada US Bank

Florida Supreme Court Holds that STOLI Challenges are Barred by Two-Year Contestability Clause

On September 22, 2016, the Florida Supreme Court issued an eagerly-awaited opinion in Wells Fargo Bank, N.A. v. Pruco Life Insurance Co. The Court held that Florida's two-year contestability statute applies to bar an...more

9/26/2016 - Contested Proceedings Florida Insurable Interests Insurance Industry Insurance Litigation Life Insurance STOLI Wells Fargo

Policyholder Insider Quarterly

October ordinarily brings the return of crisp air, fall foliage and Halloween. This year, for the first time, it also brought National Cybersecurity Awareness Month. Yet designating a month to increase cybersecurity awareness...more

12/11/2015 - Cyber Insurance Cybersecurity Data Breach Employer Liability Issues FCPA Insurance Industry Safe Harbors Schrems v Data Protection Commissioner TCPA World Bank

Policyholder Insider Quarterly

Five Lessons Health Care Companies Should Learn From Cyberattacks - The American health care industry is under attack by sophisticated hackers seeking access to electronic medical records. Since January, three health...more

7/22/2015 - Anthem Blue Cross Banking Sector Banks BP CERCLA Commercial General Liability Policies Cyber Attacks Cyber Crimes Cyber Insurance Cybersecurity D&O Insurance Data Breach Data Security Deepwater Horizon Duty to Defend E&O Policies Electronic Medical Records EPA Financial Institutions Hackers Healthcare HHS Insurance Industry OFAC Offshore Drilling Sanctions TX Supreme Court

Policyholder Insider Quarterly

Makers and Users of Smart Devices Beware: You May Have a Critical and Costly Gap in Your Insurance Coverage - The drumbeat of high-profile data breaches has led to rapid growth in the number of companies purchasing or...more

4/24/2015 - Asbestos Litigation BP Commercial General Liability Policies Cyber Insurance Driverless Cars Insurable Interests Insurance Industry Life Settlements Litigation Fees & Costs Pollution Liability Insurance Secondary Markets Smartphones Third-Party Liability Transocean Uninsured and Under-Insured Motorists

Eighth Circuit Issues Landmark Insurable Interest Ruling

March 13, 2015 – This morning the United States Court of Appeals for the Eighth Circuit handed down a game-changing ruling with major implications for the life settlements industry. The Eighth Circuit’s decision in PHL...more

3/16/2015 - Declaratory Judgments Insurable Interests Life Insurance Settlement Statute of Limitations STOLI Void Contracts

11th Circuit Certifies Insurable Interest Questions in Pruco Cases to the Florida Supreme Court

On February 27, 2015, the United States Court of Appeals for the Eleventh Circuit certified two important questions of Florida insurable interest law to the Florida Supreme Court. ...more

3/12/2015 - Assignments Fraud Insurable Interests Insurance Litigation Investors Life Insurance Scams Statute of Limitations STOLI

New Minnesota Law Allows Investors to File Lawsuits Seeking to Validate Life Insurance Policies Before They Mature

In most states, carriers may void life insurance policies for lack of insurable interest at any point, even after the two-year contestability period prescribed by statute. This loophole allows insurers to continue collecting...more

5/21/2014 - Death Benefits Investors Life Insurance New Legislation Validity

The Meaning Of Life Settlements: Are They Securities Or Not?

“Life settlements” are financial transactions in which the original owner of a life insurance policy sells it to a third party for an up front, lump sum payment. The amount paid for the policy is less than the death benefit...more

9/26/2013 - Death Benefits Life Insurance Settlement

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