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Insurance General Business Criminal Law

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Court Holds Crime Policy Covers Business Compromise Email Loss

The “business compromise email” is what the FBI calls the “$5 billion scam,” but apparently an insurance company did not agree with an insured company that they had been the victim of a crime....more

Navigating Yates Memo Minefield and Broadening of Excess Side-A DIC D&O Insurance Policies

by Perkins Coie on

Former Deputy Attorney General Sally Yates issued a memorandum (the Yates Memo) in September 2015 setting forth guidance on how the U.S. Department of Justice would handle future corporate investigations and, to the extent...more

Defence & Indemnity - February 2017: IV. PRACTICE ISSUES A.

by Field Law on

IV. PRACTICE ISSUES A. The doctrine of abuse of process does not preclude re-litigation of the issue of whether or not an individual was insured in a priority dispute between insurers in the face of that individual’s having...more

Defence & Indemnity - December 2016: I. INSURANCE ISSUES A.

by Field Law on

A. An insured killed by a thief driving the insured’s vehicle is entitled to coverage under his S.P.F. 44 Endorsement, notwithstanding that one part of the definition of “inadequately insured motorist” purports to exclude...more

Actualite Juridique - Decembre 2016

Assurance - Résiliation d'un contrat d'assurance emprunteur pour cause d'aggravation du risque - Le Décret n°2016-1559 du 18 novembre 2016 relatif aux conditions de résiliation d'un contrat d'assurance emprunteur...more

Sixth Circuit Holds Coverage Unavailable for Perpetrator of Sexual Misconduct

In its recent decision in Clifford v. Church Mutual Ins. Co., 2016 Fed. Appx. 0373N (6th Cir. July 5, 2016), the United States Court of Appeals for the Sixth Circuit, applying Ohio law, had occasion to consider the coverage...more

D&O Insurance—Issues to Consider Before a Claim Arises

by McDermott Will & Emery on

In Depth - Directors and officers (D&O) liability insurance remains a vital issue for companies and their directors and officers as potential sources of liability continue to evolve. More securities lawsuits were filed...more

An Injured Third Party’s Knowingly False Deposition Testimony Establishes the Materialty Component for Insurance Fraud

by Cozen O'Connor on

On May 13, 2006, Edward Feierstein was driving home from his Philadelphia fitness club when his car was rear-ended. Two days later, Feierstein filed a claim with the tortfeasor’s liability insurer seeking reimbursement for...more

When Attorneys General Attack: Cybersecurity Investigations and Related Insurance Coverage Issues

Are criminal cyberattacks increasing in sophistication and frequency? Yes. Is every company, in every industry, that collects or stores sensitive customer, employee, or business data vulnerable to cyberattacks?...more

Two Federal Courts Uphold Criminal Convictions for Insurance Brokers

by Carlton Fields on

Two federal appellate decisions highlight the potential criminal liability for rogue agents. First, in United States v. Binday, the Second Circuit Court of Appeals upheld mail and wire fraud convictions of three individuals...more

Happy Birthday William Shakespeare!

by Allen Matkins on

April 23rd will be the anniversary of William Shakespeare’s birth in 1564. He died on the same date in 1616, making this the 400th anniversary of his death. Actually, the exact date of his birth is unknown, but it is...more

[Webinar] Protecting Against Wire Transfer Fraud: Limiting Your Company's Exposure - Feb. 25th, 1:00pm CST

by Robins Kaplan LLP on

Beyond the headlines, the latest cyberattacks target corporate bank accounts, rather than consumer credit cards. The FBI has been warning that wire transfer fraud is booming. The billion-dollar problem targets businesses --...more

Kansas: Safe harbor for insurer faced with settlement demand to only one insured

by Dentons on

What should an insurance company do when liability of the insured is clear, the damages clearly exceed the limits, and the claimant sends a settlement demand that would exhaust policy limits while releasing only one out of...more

Court Of Chancery Explains Apportionment In Advancement Case

by Morris James LLP on

Not infrequently, a former director may seek to have his attorney fees advanced in two pending matters, only one of which is covered by a corporation’s advancement obligations. An example would be an SEC action coupled with a...more

New York Court Narrowly Construes “Final Judgment” Language In Fraud Exclusion: Does Your D&O Policy Protect You Through An...

by Reed Smith on

The New York Supreme Court, Appellate Division, First Department’s June 23 decision in Dupree v. Scottsdale Ins. Co., Case No. 653412-11, highlights the importance of negotiating favorable language in a fraud exclusion, a...more

Illinois Court Holds No Duty to Defend Malicious Prosecution Suit

In Indian Harbor Ins. Co. v. City of Waukegan, 2015 IL App (2d) 140293 (Ill. App. Ct. 2d Dist. 2015) the Appellate Court of Illinois, Second District, had occasion to consider when coverage for a malicious prosecution claim...more

Insurance – Duty to Defend

by Low, Ball & Lynch on

Gonzalez v. Fire Insurance Exchange, et al. - Court of Appeal, Sixth Appellate District (March 4, 2015) - Typically, claims of sexual assault or claims related to sexual assault are not covered under a standard...more

Piracy, Kidnap & Ransom: UK Bans Ransom Payments by Insurers

by Cozen O'Connor on

On 26 November 2014 the British Home Secretary introduced the Counter-Terrorism and Security Bill (the Bill) to Parliament, part of which deals specifically with prohibiting the payment of insurance claims in respect of...more

Not All Vice Presidents Are Officers and Entitled to Corporate Indemnification

by McDermott Will & Emery on

Aleynikov v. Goldman Sachs Grp., Inc. - Addressing the meaning of the term “officer” in a company’s bylaws, the U.S. Court of Appeals for the Third Circuit vacated a district court’s summary judgment that a computer...more

Third Circuit Holds That Insured Must Reimburse Insurer For Litigation Costs Paid In Excess Of Sub-limit

In CAMICO Mutual Insurance Co. v. Heffler, Radetich & Saitta, L.L.P., the United States Court of Appeals for the Third Circuit recently held that a $100,000 sub-limit for claims involving employee misappropriation, misuse,...more

Florida Court Holds Warrant Does Not Trigger D&O Policy

In its recent decision in RSUI Indemnity Co. v. Desai, 2014 U.S. Dist. LEXIS 122068 (M.D. Fla. Sept. 2, 2014), the United States District Court for the Middle District of Florida had occasion to consider whether a criminal...more

Insurance Antitrust Legal News: Volume 3, Number 5

by Dickinson Wright on

European Antitrust "Block Exemption" for Insurance Under Review: In the United States, the McCarran Ferguson Act (15 USC 1011-1015), enacted by Congress in 1945, provides the insurance industry with a limited exemption...more

The Meth Business is Dangerous; (En)trust No One

by Carlton Fields on

For a landlord, it’s a bad day when your tenant gets busted for operating a meth lab, and the local authorities condemn your house because it’s contaminated with the byproducts of his business. It’s even worse when you learn...more

Land of Confusion: Insurance Coverage for Pre-Suit FCPA Investigation Costs under D&O liability Policies

Bloomberg recently reported that Walmart spent $439 Million in the past two years related to a Foreign Corrupt Practices Act (“FCPA”) investigation . Moreover, Walmart predicts that it will spend an additional $200 Million to...more

Why Texas Insurers Need To Report Fraudulent Hail Claims

by Zelle LLP on

In Amarillo, Texas, with clipboard, camera and marking chalk in hand, a seasoned insurance company adjuster climbs his ladder onto the roof of an apartment building. He’s looking for hail damage following a recent hailstorm...more

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