Civil Remedies, Finance & Banking, Insurance

Monthly Benefits Update - April 2013

by Andrew Malahowski | Franczek Radelet P.C. on 5/1/2013

Health Care Reform: Guidance on Required Future Modifications to SBC, Other Issues - The Internal Revenue Service (IRS), Department of Labor (DOL), and Department of Health and Human Services (HHS) issued new guidance...more

New Whistleblower Bounty Law On The Horizon In NY?

by Steven J. Pearlman, Daniel Saperstein | Proskauer - Whistleblowing & Retaliation on 5/1/2013

On March 22, 2013, the New York State Senate introduced the S4362 Proposal which, through a “bounty,” gives financial awards to whistleblowers who provide original information to the Department of Financial Services (DFS)...more

New York Appellate Court Rejects MBIA’s Pursuit of Rescissory Damages

by Orrick - Structured Finance Group on 4/10/2013

On April 2, New York’s First Department appellate court ruled that MBIA Insurance Corporation may not obtain rescissory damages in its breach of contract action against Countrywide because MBIA had freely given up its right...more

Federal District Court Issues First Ever Post-Trial Order Requiring Bank To Reimburse Monoline Insurer Over Loans Backing MBS

by BuckleySandler LLP on 2/18/2013

On February 6, the U.S. District Court for the Southern District of New York found that loans underlying two trusts issued by a Michigan bank breached the representations and warranties in the contracts the bank entered with...more

Appraisal Since Johnson – What The Hail Is Going On?

by Zelle Hofmann Voelbel & Mason LLP on 10/25/2012

Originally published Dallas Bar Association's Headnotes on October 24, 2012. Local courts have recently seen a dramatic increase in the filing of hail damage actions. Many of these actions are not conventional lawsuits,...more

GreenPoint Mortgage Sued For Fraud By CIFG

by Orrick - Structured Finance Group on 10/10/2012

On October 1, CIFG Assurance North America filed a summons with notice against GreenPoint Mortgage Funding Inc. in the Supreme Court for the State of New York, New York County. The monoline insurer alleges that GreenPoint...more

Federal Court Rules that Insurer May Prevail on its Representation and Warranty Claims Without Proving that the Breaches Caused...

by Orrick - Structured Finance Group on 10/3/2012

On September 25, Judge Jed S. Rakoff of the Southern District of New York issued a written opinion denying summary judgment in Assured Guaranty Municipal Corp.’s contract dispute with Flagstar Bank FSB over its insurance...more

[NEW CASE ALERT] A California Court Of Appeal Applies Equitable Subrogation To A Missed Deed Of Trust

by Miller Starr Regalia on 10/2/2012

It’s every title company’s nightmare. In the process of closing a secured real estate transaction, a previously-recorded deed of trust is missed, and now the title insurer is potentially responsible for the loss to the...more

FSA Fines and Bans Insurance Broker for Misappropriating Insurance Premia

by Orrick - Structured Finance Group on 7/31/2012

On July 24, the FSA published the final notice issued to Stephen Goodwin, a commercial insurance broker at S Goodwin & M Best, which has now ceased trading. ...more

Premature Exhaustion Leaves Insured Feeling Unsatisfied

by Sedgwick LLP on 6/25/2012

In JP Morgan Chase v. Indian Harbor Insurance Company, No. 603766/08, 2012 N.Y. Slip Op. 04702 (June 12, 2012), the First Department of New York’s Appellate Division recently held that, under Illinois law, an excess insurer...more

Recent Developments in the Life Settlement Industry - June 2012

by Dechert LLP on 6/12/2012

The Delaware General Assembly is considering new legislation to address a contentious issue in the life settlement industry. A new law proposed in May 2012, Delaware Senate Bill No. 220 (the Senate Bill), would require a life...more

Recent Credit Card Data Breach Once Again Demonstrates Need for Insurance Coverage

by Gilbert LLP on 6/7/2012

The recent data breach at Global Payments Inc., which has contracts to handle the processing of credit and debit card transactions, has again focused attention on the significant risk associated with storing or transmitting...more

FSA Bans Introducer Appointed Representative Following Upper Tribunal’s Decision

by Orrick, Herrington & Sutcliffe LLP on 5/30/2012

On 22 May 2012, the FSA published a final notice issued to appointed representative Derek William Wright. The notice prohibits Mr. Wright from performing any function in relation to any regulated activity on honesty,...more

Assured Guaranty Sues GMAC Entities in Connection with RMBS Insurance

by Orrick, Herrington & Sutcliffe LLP on 5/22/2012

On May 11, 2012, Assured Guaranty filed suit in the United States District Court for the Southern District of New York against several GMAC entities alleging that the defendants induced Assured to issue financial guaranty...more

Asset Management Fund Sues Morgan Stanley In Connection With Sale Of $122 Million in RMBS

by Orrick, Herrington & Sutcliffe LLP on 5/8/2012

On May 2, 2012, mutual fund Asset Management Fund and related affiliates filed a summons with notice to commence an action against Morgan Stanley in the Supreme Court of the State of New York seeking $122 million in...more

MetLife Sues Morgan Stanley Over $757 Million in RMBS

by Orrick, Herrington & Sutcliffe LLP on 4/30/2012

On April 25, 2012, Metropolitan Life Insurance Co. (“MetLife”) filed suit in New York State Court against Morgan Stanley. MetLife alleges that Morgan Stanley misrepresented the quality of the mortgage loans underlying RMBS...more

Court Denies Goldman Sachs’s Motion to Dismiss in Case Arising out of Abacus CDO

by Orrick, Herrington & Sutcliffe LLP on 4/27/2012

On April 24, 2012, New York State Court Judge Barbara Kapnick denied a motion brought by Goldman Sachs Group Inc. (“Goldman Sachs”) to dismiss an action brought by ACA Financial Guaranty Corp. (“ACA”) arising out of ACA’s...more

CUNA Mutual Group Sues RBS Over RMBS

by Orrick, Herrington & Sutcliffe LLP on 1/17/2012

On January 17, 2012, RBS Securities removed to the Western District of Wisconsin an action brought by credit union insurance companies against RBS involving the sale of RMBS. The bases for RBS’s removal petition include...more

Arizona Insurance Department Places PMI Mortgage Insurance Company Into Receivership

by Reed Smith on 11/10/2011

On October 20, 2011, the Director of the Arizona Department of Insurance filed a Complaint to place PMI Mortgage Insurance Company (PMI) into receivership in Arizona. In an interim Order, the court required the director, as...more

New York’s Highest Court Reinstates $5 Billion Lawsuit By Big Banks Against MBIA

by Bracewell & Giuliani LLP on 7/1/2011

New York’s highest court yesterday reinstated a $5 billion lawsuit brought by a group of banks, including Bank of America and Wells Fargo, against insurance giant MBIA. ABN AMRO Bank, et al. v. MBIA Inc., et al., — N.E. 2d –,...more

Credit Crunch Digest - March 2011

by Sedgwick LLP on 4/4/2011

The subprime lending crisis and ensuing credit crunch have resulted in significant losses and numerous lawsuits involving parties to the mortgage lending and securitization process. This digest collects and summarizes recent...more

Brokerage Firm Can Recover $141 Million in Trading Losses from Insurers Because An "Associated Person" Is An Employee Under New...

by Sheppard Mullin Richter & Hampton LLP on 12/1/2010

In New Hampshire Insurance Co., et al., v. MF Global, Inc., Index No. 601621/09 (Sup Ct, NY County, Oct. 5, 2010), Justice Bernard J. Fried granted summary judgment to MF Global, Inc. (“MF Global”), formerly one of the...more

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Civil Remedies › Finance & Banking › Insurance