Finance & Banking, Insurance, Civil Procedure

Court Issues Summary Judgment Ruling in MBIA’s RMBS Action Against Countrywide

by Orrick - Structured Finance Group on 5/9/2013

On April 29, Justice Eileen Bransten of the New York State Supreme Court issued an opinion granting in part and denying in part competing motions for summary judgment filed by MBIA and Countrywide in connection with tort and...more

Insurance Recovery Law -- May 01, 2013

by Manatt, Phelps & Phillips, LLP on 5/2/2013

Insurers Had Duty to Defend Regardless of Whether Allegations in Underlying Cases Are True or False, Says Illinois Court - On April 12, 2013, an Illinois trial court ordered that Travelers Casualty & Surety Company,...more

NY Appellate Court Holds CIFG and Syncora Lack Standing in $1.8 Billion MBS Suit

by Orrick - Structured Finance Group on 4/30/2013

On April 25, the First Department of the Appellate Division of the New York Supreme Court affirmed an order barring monoline insurers CIFG and Syncora from suing GreenPoint Mortgage Funding for alleged violations of...more

Federal Court Dismisses $31 Million FDIC Suit as Time-Barred

by Orrick - Structured Finance Group on 4/30/2013

On April 22, Judge Mariana R. Pfaelzer of the United States District Court for the Central District of California dismissed as time-barred the Federal Deposit Insurance Corporation’s (FDIC) $31 million suit against JPMorgan...more

Michigan Court Holds Contract Exclusion Applicable

by Traub Lieberman Straus & Shrewsberry LLP on 4/19/2013

In its recent decision in Certified Restoration Drycleaning Network v. Fed. Ins. Co., 2013 U.S. Dist. LEXIS 54457 (E.D. Mich. Apr. 16, 2013), the United States District Court for the Eastern District of Michigan had occasion...more

New York Court Rules that Professional Services Exclusion Bars Coverage for Underlying Actions Brought By FINRA and Private...

by Eryk Gettell | Sedgwick LLP on 4/12/2013

In David Lerner Associates, Inc. v. Philadelphia Indemnity Insurance Company, 2013 WL 1277882 (E.D.N.Y. Mar. 29, 2013), the United States District Court for the Eastern District of New York affirmed the plain meaning of the...more

New York Appellate Division Holds Bond Insurer Can Pursue Repurchase Obligations On Performing Loans

by BuckleySandler LLP on 4/11/2013

On April 2, the Supreme Court of New York, Appellate Division, held that loans underlying mortgage-backed securities need not be in default to trigger the lender’s repurchase obligations. MBIA Ins. Corp. v. Countrywide Home...more

Legal Alert: Retained Asset Account Litigation—Summary Judgment Entered for MetLife

by Brendan Ballard, Phillip Stano, Steuart Thomsen | Sutherland Asbill & Brennan LLP on 3/21/2013

On March 8, 2013, the U.S. District Court for the District of Nevada, Judge Larry R. Hicks presiding, granted the defendant - insurer’s motions for summary judgment in the consolidated, putative class actions, Keife v....more

The ERISA Litigation Newsletter - February 2013

by Anthony Cacace, Stacey Cerrone, Page W. Griffin, Jacklina Len, Kara L. Lincoln, Brian S. Neulander | Proskauer Rose LLP on 2/19/2013

In This Issue: - Editor's Overview - View from Proskauer: Are Your Conversations Privileged under ERISA? - Rulings, Filings, and Settlements of Interest ...more

California Court Holds That A Tripartite Attorney-Client Relationship Exists Between A Title Insurer, Its Insured And Counsel...

by Kenneth Styles | Miller Starr Regalia on 1/25/2013

Ten years ago, a California Court of Appeal took a relatively narrow view of the attorney-client privilege in conjunction with claims investigation and analysis conducted by a title insurer’s in-house counsel....more

The ERISA Litigation Newsletter - January 2013

by Anthony Cacace, Nicole Eichberger, Page W. Griffin, Jacklina Len, Kara L. Lincoln, James R. Napoli, Brian S. Neulander | Proskauer Rose LLP on 1/25/2013

In This Issue: - Editors' Overview - The Future Role of Experts in ERISA Class - View from Proskauer: Health Insurance Exchanges and Retiree Medical Exits--Five Ways To Make Sure It's Really a "Soft...more

Tripartite Attorney-Client Relationship Arises when Insurer Hires Law Firm to Prosecute Action on Behalf of its Insured

by Travis Wall | Barger & Wolen on 1/18/2013

It is well settled that a tripartite attorney-client relationship arises when an insurer retains counsel to defend an action against its insured. As a consequence, confidential communications between counsel and the insurer...more

Class Decertification, Case Law Update – Campbell v. First American Title Insurance Company

by Schecter Law on 1/14/2013

A class action is a lawsuit where one or members of a class may sue or be sued as representative parties on behalf of all members. The class action must have the characteristics of commonality, adequacy, numerosity, and...more

California Federal District Court Holds Force-Placed Insurance Claims Not Preempted By National Bank Act

by BuckleySandler LLP on 1/7/2013

On December 11, the U.S. District Court for the Northern District of California refused to preempt under the National Bank Act claims that a mortgage lender breached its contract by force-placing a backdated flood insurance...more

Developments in Law, Factual Discovery Lead Federal Judge to Decertify Class Action

by Jennifer M. Keas | Foley & Lardner LLP on 12/24/2012

In Campbell v. First American, a federal judge in Maine has issued a ruling decertifying a class action involving claims that First American Title Insurance Co. overcharged refinance customers for their title insurance....more

Court Dismisses In Part RMBS Suit Against Countrywide, Dismissed In Entirety Against Bank of America

by Orrick - Structured Finance Group on 12/18/2012

On December 6, Judge Mariana Pfaelzer of the United States District Court for the Central District of California dismissed in part claims brought by several insurance companies, including Minnesota Life Insurance Company, in...more

Lender Wins Dismissal of Force-Placed Insurance Class Action

by BuckleySandler LLP on 11/12/2012

On October 30, the U.S. District Court for the Northern District of California dismissed a putative class action alleging that the lender breached certain mortgage contracts and violated state and federal law through its...more

Special Alert: CFPB Announces First Determination Of A Petition to Modify Or Set Aside A Civil Investigative Demand

by BuckleySandler LLP on 10/5/2012

On September 20, the Consumer Financial Protection Bureau issued its first Decision and Order on a petition to modify or set aside a civil investigative demand (CID). ...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

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Finance & Banking › Insurance › Civil Procedure