General Business Finance & Banking Professional Malpractice

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Part 2: Sienkiewicz v Salisbury Group Ltd – Insurers denial of indemnity upheld

In October 2013, James Baird posted an article following the Federal Court’s decision to join insurers to a proceeding issued by the applicants (trustees Mr and Mrs Sienkiewicz and AT Melville Pty Ltd) against their former...more

Bad Faith Sentinel - December 2014

In This Issue: - Court of Appeals of Michigan: Trial Court’s Incorrect Instruction on the Definition of Bad Faith Did Not Require Reversal - District of Colorado: Insureds Have No Obligation To Hire Public...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

Third Circuit Upholds Defense Cost Reimbursement Clause in Professional Liability Policy

On October 10, 2014, the 3rd Circuit Court of Appeals decided Camico Mutual Ins. Co. v. Heffler, Radetich & Saitta, LLP, where it enforced a policy clause providing for repayment to the insurer of defense costs, and confirmed...more

Hacking Coverage Dispute Under Professional Liability Policy Gets the Go-Ahead from Federal Court

On October 6, 2014, a federal court denied a professional liability insurer’s motion to dismiss a coverage dispute over a $3.5 million payment the policyholder-bank made when a bank customer’s account was targeted by a...more

Federal Judge Concludes Restitution May Be Covered Under Commonly Used Professional Liability Policy Language

A federal judge in Minnesota recently held that “restitution” paid to settle a class action lawsuit was covered under the terms of a professional liability policy. The court in U.S. Bank National Ass’n et al. v. Indian Harbor...more

Washington Bars Insurers from Maintaining Legal Malpractice Suit Against Policyholder Defense Counsel

In Stewart Title Guar. Co. v. Sterling Savings Bank, et al., Wash. No. 87087-0 (October 3, 2013), the Washington Supreme Court held that a nonclient insurer may not pursue a malpractice claim against appointed defense counsel...more

Insurance Recovery Law -- Oct 18, 2013

New York Court Rules That Conflict Between Exclusion and Grant of Coverage Created Ambiguity in Exclusion Requiring Trial - Why it matters: In a coverage dispute arising out of the Madoff debacle, a financial bond...more

Texas Court Holds No Duty to Defend Under Mortgage Broker E&O Policy

In its recent decision in AXIS Surplus Lines Ins. Co. v. Halo Asset Management, LLC, 2013 U.S. Dist. LEXIS 139065 (N.D. Tex. Sept. 27, 2013), the United States District Court for the Northern District of Texas had occasion...more

New York’s Lichtenstein Decision Highlights Conflicts of a Carve-Out Guarantor

The recent New York case of Lichtenstein v. Willkie Farr addresses a borrower's conflict caused, in part, by a loan covenant. The covenant invoked personal liability of the members in the event the entity files a voluntary...more

Georgia Court Holds No Coverage for Restitutionary Amounts

In its recent decision in Fidelity Bank v. Chartis Specialty Ins. Co., 2013 U.S. Dist. LEXIS 110935 (N.D. Ga. Aug. 7, 2013), the United States District Court for the Northern District of Georgia had occasion to consider...more

Legal Notebook: Hunt & Hunt Lawyers v Mitchell Morgan Nominees PTY LTD (ACN 108 571 222) And ORS – High Court Appeal (Australia)

Snapshot - Readers of this journal may recall the judgment of Mitchell Morgan Nominees Pty Limited v Vella [2011] NSWCA 390, which we covered in the Legal Notebook section of the March 2012 edition. That judgment...more

New York Court Addresses Impact of Allowing Insured to Default

The recent decision by New York’s Appellate Division, First Department, in K2 Investment Group, LLC v. American Guarantee & Liability Ins. Co., 2012 N.Y. App. Div. LEXIS 16 (Jan. 3, 2012) illustrates the dangers under New...more

Terrorist Hunt

The new regulatory law which tries to prevent criminal business and behaviour by the way of washing black money....more

VARIOUS LIABILITIES, RELIEFS, DEFENCES AND PROTECTIONS TO THE DIRECTORS OF COMPANIES UNDER INDIAN LAWS

A company is legally separate and distinct from its members. It is ultimately an artificial creation and it acts through its servants or agents. The decisions of a majority of its members in general meetings are regarded as...more

NYS Court's New Rule on Foreclosure Attorney Affirmations

This newsletter contains a link to the new NYS court rule pretaining to attorney affirmations in foreclosure actions....more

Selecting the Right Independent Accounting Expert

Professional accounting designations (CPA, CIA, and CFE) each denote a distinct skill and experience set, and many professionals possess more than one of these qualifications. Selection of the best qualified individuals to...more

Beware of Regulatory Crackdown on Unregistered Brokers

There is a growing regulatory crackdown on unregistered persons assisting businesses in raising capital. Finders and the businesses they assist must be extremely cautious about the myths that have developed from the...more

Negative Pledge Agreements: Are They Enforceable?

Many lenders are willing to provide a commercial line of credit without obtaining a deed of trust, but require the borrower to execute a negative pledge agreement. These negative pledges or negative covenants, which are...more

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