Finance & Banking Insurance Civil Remedies

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Lender’s Title Insurance: When Should Courts Measure the Fair Market Value of Property Affected by a Title Defect?*

Title insurance is designed to pay for damages caused by any defects to title that the title company should have discovered but did not. Lender’s title insurance protects lenders who lose money due to a title defect, which...more

Real Property, Financial Services & Title Insurance Case Law Update: Week Ending February 14, 2014

I. FLORIDA STATE CASES – SARA WITMEYER - Arbitration/Waiver: defendant waived right to arbitration by defending against claim of replevin in court litigation for two years – Gen. Elec. Capital Corp. v. Bio-Mass Tech,...more

EU Court Strikes Down Iran Asset Freeze Sanctions: Council of the European Union Urged to Act with more Rigour

In September 2013, the EU General Court annulled a series of asset freeze sanctions imposed by the Council of the European Union on a number of Iranian entities and one person. The General Court requires the EU regulators to...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

Real Property, Financial Services & Title Insurance Case Law Update: Week Ending July 26, 2013

I. FLORIDA STATE CASES – ILAN NIEUCHOWICZ - Inverse Condemnation: landowner entitled to money damages from state for inverse condemnation resulting from newly enacted law restricting landowner’s use of equipment and...more

Insurance Recovery Law -- Jun 27, 2013

Policyholders Who Audit Their Policy Language Before Coverage Disputes Arise Can Avoid Problems Down The Road - Policyholders purchase excess insurance policies to provide themselves with additional layers of...more

Monthly Benefits Update - April 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?

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

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

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?

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

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...

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

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

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

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

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

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

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

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

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

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

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

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

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

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