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Federal Court Holds That Lack of Loss Causation Is Not a Defense Under Massachusetts Blue Sky Law

The United States District Court for the District of Massachusetts recently held in Massachusetts Mutual Life Insurance Co. v. Residential Funding Co., LLC, that lack of loss causation is not available even as an affirmative...more

Texas Supreme Court Denies Policyholder’s Discovery Regarding Claims Handling

It is rare to see a state’s highest court address a discovery issue. But the Supreme Court of Texas did just that recently in In re National Lloyds Insurance Co., holding that a policyholder’s demands for discovery about how...more

Massachusetts Supreme Judicial Court Strengthens Policyholders’ Ability to Pursue Consumer Protection Claims against Insurers for...

The Massachusetts Supreme Judicial Court (“SJC”) has made it clear that an insurer cannot avoid claims for failing to defend a policyholder merely by tendering payment to the policyholder at the last minute. The central issue...more

Is That Covered? Hail Damage

Back in May, 2014, parts of Berks and Lancaster counties were hit with a freak hail storm. With hail as large as tennis balls reported, homes and cars suffered significant damage. Hail damage is generally covered under auto...more

Running Interference: S.D.N.Y. Lays Out Standards for Tortious Interference in Dispute Between Watchmaker and Former Employees

The U.S. District Court for the Southern District of New York recently cleared the way for a Michigan watchmaker to pursue claims for trade secret misappropriation, among other things, against two former employees who left to...more

Southern District of California Denies Motion to Dismiss Bad Faith Claim in Homeowners Policy Dispute

Eastman v. Allstate Ins. Co., No. 14cv0703, 2014 WL 5355036 (S.D. Cal. Oct. 20, 2014) - Southern District of California denies motion to dismiss bad faith claim in connection with coverage dispute under homeowners...more

Fifth Circuit Reaffirms the Importance of a Reasonable Claim Investigation Prior to Denial

In Santacruz v. Allstate Texas Lloyds, Inc., 2014 WL 5870429 (Nov. 13, 2014), the 5th Circuit allowed a policyholder to pursue a claim for common law and statutory bad faith even though the policyholder repaired the alleged...more

When California Copied Rule 10b-5 Did It Shut The State Courthouse Door To Securities Fraud Suits?

Section 27 of the Securities Exchange Act of 1934 provides: “The district courts of the United States . . . shall have exclusive jurisdiction of violations of [the Exchange Act] or the rules and regulations thereunder,...more

Inside The Courts - November 2014 | Volume 6 | Issue 4

In This Issue: CLASS CERTIFICATION: Fort Worth Emps. Ret. Fund v. J.P. Morgan Chase & Co., No. 09-cv-3701 (JPO) (S.D.N.Y. Sept. 30, 2014) Discovery: ..Freedman v. Weatherford Int’l Ltd., No. 12...more

U.S. Supreme Court Scrutinizes Three Proposed Standards for Determining Section 11 Liability for Statements of Opinion or Belief

On Monday, November 3, 2014, the U.S. Supreme Court held oral argument in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund, No. 13-435. As noted in our previous client alert regarding this case,...more

Business Law Newsletter - November 2014

In This Issue: - Look Before You Click “Agree”: The Importance of Negotiating Your Company’s Software License Agreements - Fraud in Virginia - Common Myths about Copyright and the Internet - Excerpt from...more

Orrick's Financial Industry Week in Review

FSB Consults on Total Loss-Absorbing Capacity for G-SIBs - On November 10, the Financial Stability Board (FSB) published a consultation paper on proposals on the adequacy of total loss-absorbing capacity (TLAC) of...more

Nevada’s Business Judgment Rule: FDIC – 4; Management – 0

In recent weeks, the U.S. District Court has issued four separate rulings in cases brought by the Federal Deposit Insurance Corporation (FDIC) against former bank managers for breach of fiduciary duty. Here is a brief recap...more

In re Allergan, Inc. S’holder Litig., C.A. No. 9609-CB (Del. Ch. Nov. 7, 2014) (Bouchard, C.)

In this Memorandum Opinion, the Court of Chancery denied plaintiffs’ motion for partial summary judgment, holding that (i) plaintiffs’ request for declaratory relief regarding whether certain certificate of incorporation and...more

Fraud in Virginia

Fraud cases in Virginia are not only difficult to prove, but can also be challenging to plead. The well-established standard that fraud must be pleaded with particularity diverges from the “notice pleading” test that permits...more

SEC Charges Ex-Compliance Officer with Altering Documents

Government regulators have been increasingly willing to hold individuals personally liable for their role in compliance failures. Therefore, it is no surprise that the Securities and Exchange Commission (SEC) recently brought...more

SEC Charges Former Pharmaceutical Executive and Close Friend With Insider Trading

The Securities and Exchange Commission recently charged a former pharmaceutical company executive and his longtime friend with insider trading, alleging that the friend generated more than $1 million in illicit profits by...more

Untouchable? – New York Court Rules that Policyholders Have No Claims against Reinsurer (NICO) or Third-Party Claims Administrator...

In recent years, more than two dozen insurance companies, including Liberty Mutual, AIG, and CNA, have entered into reinsurance arrangements with National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc....more

Proposed “Fair Fund” for CR Intrinsic Case Stirs Dustup among SEC’s Commissioners

In the right kind of enforcement action, the SEC can take the money it’s generated and set up what’s called a Fair Fund to redistribute that money to harmed investors. But what is the right kind of case? This procedure was...more

Accountant’s Fiduciary Duty as Independent Auditor

In North Carolina, an accounting firm now owes a fiduciary duty to its audit client, both as a matter of law and as a matter of fact. On November 4, 2014, a North Carolina appellate court held — for the first time —...more

Nevada’s Duty Of Care Standard Fails To Win Summary Judgment For Director

NRS 78.138(1) imposes two explicit duties on directors in the exercise of their powers: they must act in good faith and with a view to the interests of the corporation. This contrasts with Delaware case law which speaks of a...more

Missouri Court Allows Insured to Pursue Breach of Fiduciary Duty Claim Against Excess Insurer

In its recent decision in SSM Health Care Corp. v. Repwest Ins. Co., 2014 U.S. Dist. LEXIS 158164 (E.D. Mo. Nov. 7, 2014), the United States District Court for the Eastern District of Missouri had occasion to consider whether...more

Court Grants HSBC’s Motion to Dismiss Trustee Repurchase Action

On October 17, Justice Marcy S. Friedman of the Supreme Court of the State of New York granted HSBC’s motion to dismiss a repurchase suit brought by Deutsche Bank, as Trustee for HSI Asset Securitization Corp. Trust 2007-NC1....more

When It Comes to Confidentiality Agreements, Just Getting the Signature Is Not Enough

Automotive suppliers and other manufacturers frequently have to share their valuable intellectual property with third parties. A supplier might need to share CAD files with another supplier to ensure that the finished product...more

SEC Introduces “Control Person” Liability as Enforcement Action Weapon in Claim Against Municipal Officer for Misleading Bond...

The U.S. Securities and Exchange Commission recently settled the first securities fraud charges brought against a municipal official alleging “control person” status under the federal securities laws. The SEC’s settlement...more

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