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Considerations For Insurers In The Aftermath Of The MetLife Consent Decree

MetLife Consent Decree - On March 26, 2014, the New York Department of Financial Services (the "DFS") entered into a consent decree ("Consent Decree") with MetLife, Inc. and its subsidiaries, American Life Insurance...more

New York DFS Obtains Substantial Settlement In Licensing Enforcement Action

On March 31, in an enforcement action with potential implications for a range of financial service providers, the New York State Department of Financial Services (DFS) announced that an insurance holding company agreed to pay...more

Regulatory Risk Update - Defendant's Costs in Criminal Proceedings

The ability of companies to recover costs of defending criminal proceedings has been severely restricted by the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (the "Act"). CHANGES TO THE LAW - The...more

Cyber Espionage And Insurance Coverage

In the United States alone, it is estimated that the cost of “[c]yber-espionage and other malicious cyber crimes...[i s] between $24 billion and $120 billion annually.” In 2008, the U.S. Department of Defense’s classified...more

Slow Down, WA Court Taps the Brakes on Insurer’s Duty to Defend

On January 28, 2014, the Washington Court of Appeals held that an insurer had no duty to defend a motorist under either his homeowners or auto insurance policies when the unambiguous allegations made against the insured...more

Insurance Relationships Revisited

In a recent decision of the NSW Court of Appeal (the Court) in Horsell International Pty Ltd v Divetwo Pty Ltd [2013] NSWCA 368, a firm of insurance brokers (Horsell) was ordered to indemnify an insured (Divetwo) in...more

Florida Court Allows Rescission of a Professional Liability Policy

In its recent decision in Zurich American Ins. Co. v. Diamond Title of Sarasota, Inc., 2013 U.S. Dist. LEXIS 170981 (M.D. Fla. Dec. 4, 2013), the United States District Court for the Middle District of Florida had occasion to...more

Washington Appellate Court Holds That Below-Limits Settlement Fails to Trigger Excess Policies

On November 12, 2013, in Quellos Group LLC v. Federal Insurance Company, the Washington Court of Appeals affirmed summary judgment in favor of two excess professional liability insurers because the excess policies “require[d]...more

Florida Court Holds Criminal Conduct Exclusion In E&O Policy Applicable

In its recent decision in Certain Interested Underwriters at Lloyd’s v. AXA Equitable Life Insurance Company, 2013 U.S. Dist. LEXIS 159639 (S.D. Fla. Nov. 7, 2013), the United States District Court for the Southern District...more

Ten Steps To Help Insurers Preserve Their Right To Restitution Under Federal Victims’ Rights Statutes

The Crime Victims’ Rights Act and the Mandatory Victims’ Restitution Act provide a wide range of circumstances under which those convicted of federal economic crimes must pay court ordered restitution to their victims. Unlike...more

Goldman Ordered to Advance Defense Fees for Former Employee Accused of Stealing Computer Codes

On October 16, 2013, the U.S. District Court for the District of New Jersey, in Aleynikov v. The Goldman Sachs Group, Inc., found that a former vice president and computer programmer was an “officer” of Goldman Sachs & Co.,...more

Computer Crime Insurance Coverage: Can It Cover Fraudulent Entries Submitted by an Authorized User?

In a recent decision, New York's appellate court considered whether a "Computer Systems Fraud" insurance policy rider (Policy) covered losses that Universal American suffered as a result of fraudulent claims electronically...more

Insuring Your Company Against Cyber-Attacks

Earlier this month, the Department of Justice announced the indictment of 13 individuals associated with the hacker organization Anonymous for a widespread scheme to disrupt and shut down commercial and government websites....more

Insurance Coverage: September 2013

After several years, the Supreme Court has spoken on the issue of whether or not a claim under the Fair Claims Regulations can be “bootstrapped” into litigation through a claim for violation of the Unfair Competition Laws. In...more

Court Decides Employer Had No Obligation To Pay Employee’s Attorney

Mention indemnification to a corporate lawyer, and you’re like to hear about Section 317 of the Corporations Code, the articles of incorporation and bylaws. But a corporate agent’s indemnification rights are not necessarily...more

Insuring Your Business - September 2013: “Wrongful Acts” and the Jerry Sandusky Scandal

It has been said that “Hard cases make bad law.” On March 1, the Federal District Court for the Middle District of Pennsylvania ruled that Jerry Sandusky is NOT entitled to insurance coverage under the Second Mile’s...more

California Court: Insurer Cannot Avoid Contractual Commitment to Defend Insured Against Federal Criminal Charges

In an important decision for directors, officers, non-profit executives and other insureds under directors and officers (D&O) and other liability insurance policies, the California Court of Appeal has held that an insurer...more

SEC’s Shift in No-Admit-or-Deny Policy Would Create Dilemma for Defendants if Applied in Close Cases

Last Tuesday, new SEC Chairman Mary Jo White said at The Wall Street Journal’s annual CFO Network Event that the SEC “in certain cases” will seek admissions of liability as part of settlements. The statement made headlines,...more

Sexual Misconduct “During” Law Enforcement Activities Does Not “Arise Out of” Law Enforcement Activities

In a recent case before the U.S. District Court for the Central District of Illinois, the court held that jail employees were not entitled to coverage for sexual molestation of an inmate under the law enforcement coverage...more

Weekly Law Resume - June 6, 2013: Insurance Coverage – Insurance Code Section 533(b) and Defense of Criminal Complaints

Mt. Hawley Insurance Company v. Richard R. Lopez, Jr. - Court of Appeal, Second District (May 1, 2013) - Insurance Code Section 533 provides that an insurer is not liable for willful acts of an insured, and thus is...more

California Insurance Code Section 533.5(b) Does Not Preclude Insurers From Providing A Defense For All Criminal Actions

In Mt. Hawley Ins. Co. v. Lopez, –Cal. Rptr. 3d–, 2013 WL 1818627 (Cal. App. 2 Dist. May 1, 2013), a California court of appeal held that California Insurance Code section 533.5(b) does not preclude insurers from providing a...more

Court Holds California Statute Does Not Bar Insurance for Defense Of Criminal Actions Filed By Federal Prosecutors

California Insurance Code Section 553.5(b) prohibits insurers from providing a defense for certain types of claims, including criminal claims. Does statute preclude a defense for all criminal claims or just some? In Mt....more

Insurance Coverage for Cyber Attacks

There’s no denying that the present-day Internet, while extraordinary, is increasingly scary. Cyber attacks of various types continue to escalate across the globe. As stated by one recent commentator: “Cybercrime is raging...more

Liability Insurers May Have Duty to Defend Against Federal Prosecutions, California Court of Appeal Holds

The Second Appellate District of California held on May 1 in Mt. Hawley Ins. Co. v. Lopez that California Insurance Code section 533.5(b) does not eliminate a liability insurer’s duty to defend against a federal prosecution...more

Fourth Circuit Court Of Appeals Puts Teeth Into The "In Fact" Exclusions Of A D&O Policy

In Farkas v. Nat'l Union Fire Ins. Co. of Pittsburgh, PA, No. 12-1481, 2013 WL 1459248 (4th Cir. Apr 11, 2013), the Fourth Circuit Court of Appeals affirmed a decision that put teeth into the "in fact" exclusions of a...more

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