Insurance Securities Civil Procedure

Read Insurance Law updates, alerts, news, and legal analysis from leading lawyers and law firms:
News & Analysis as of

5 Wishes for Securities Litigation Defense: Early Damages Analysis and Discovery

The fifth of my “5 Wishes for Securities Litigation Defense” (April 30, 2016 post) is to move securities class action damages expert reports and discovery ahead of fact discovery. This simple change would allow the...more

Just How Is Basis Acquired After All?

Dorrance v. U.S., 2015 WL 8241954 (9th Cir. 2015) - This case is the latest in the cases involving tax impact of the sale of stock received by a policy holder from a mutual life insurance company on demutualization, and...more

FINRA Issues Largest Fine Regarding Variable Annuities Contracts

On May 3, 2016, the Financial Industry Regulatory Authority announced that MetLife Securities, Inc. agreed to pay $25 million to settle allegations that the company misled its customers in tens of thousands of variable...more

An SEC investigation: to disclose, or not disclose?

In a recent decision, the Ninth Circuit addressed for a second time the question of whether an issuer’s disclosure of a Securities and Exchange Commission investigation can provide a sufficient basis for a plaintiff to plead...more

Securities Class Action Defense Counsel Selection: An Interview Process is Essential

When a public company purchases a significant good or service, it typically seeks competitive proposals. From coffee machines to architects, companies invite multiple vendors to bid, evaluate their proposals, and choose one...more

Complaint Fails To Overcome Heightened Pleading Standard For Fraud Relating To Reporting Of Reinsurer’s Losses

The Southern District of New York granted Amtrust Financial Services’ motion to dismiss after finding that the plaintiff failed to specifically allege misstatements or omissions necessary to prove scienter in claims related...more

Fixing the Economics of Securities Class Action Defense: Nationwide Defense by Regional Firms

In my last D&O Discourse post, I discussed why changes to the securities litigation defense bar are inevitable: in a nutshell, the economic structures of the typical securities defense firms – mostly national law firms –...more

The Future of Securities Class Action Litigation

Securities litigation has a culture defined by multiple elements: the types of cases filed, the plaintiffs’ lawyers who file them, the defense counsel who defend them, the characteristics of the insurance that covers them,...more

Newsletter: Cooley M&A Team News - July 2015

As discussed in our March 2014 and April 2015 newsletters, in the last few years, there have been numerous developments in the law and practice surrounding appraisal rights under Delaware law. That trend has continued with...more

Solicitor General Urges Supreme Court to Decline to Hear Breach of Fiduciary Duty Case

On June 25, 2015, the U.S. Supreme Court will decide whether to grant certiorari in Tatum v. RJR Pension Investment Committee, 761 F.3d 346 (4th Cir. 2014). As discussed in the September 29, 2014 edition of the ELU, Tatum...more

Insurance Recovery Law - June 2015 #2

No Policy? No Problem, The First Circuit Rules In A Coverage Dispute - Why it matters: This case addresses the standard for pleading a missing insurance policy where the alleged insured, a private educational...more

$84 Million Settlement in Northwestern Mutual Annuity Class Case

March 26 marked the beginning of the end for the storied 14-year litigation concerning Northwestern Mutual Life Insurance Pre-MN annuities when the Eastern District of Wisconsin granted preliminary approval of a proposed...more

A Tale of Two Annuities: Exchange of Variable for Fixed Annuity Integral in SLUSA Dismissal

After attending an annuity seminar, Robert and Diane Ruud exchanged their variable annuity for a fixed annuity sold by PHL Variable. According to the Ruuds, seminar provider John Friendshuh represented the fixed annuity as...more

Business Litigation Reporter - May 2015

Lawsuit Dismissed Where Defendant Hulu Did Not “Knowingly” Disclose Personal Identifying Information. In In re: Hulu Privacy Litigation, 2015 WL 1503506 (N.D. Cal. March 31, 2015), the plaintiffs alleged that Hulu had...more

Life Partners, Et Al. V. Arnold Et Al.; Texas Supreme Court Confirms Fractionalized Life Settlement Interests Sold To Texas...

The ruling – On May 8, 2015, the Texas Supreme Court, in Life Partners, Inc., et al. v. Michael Arnold, et al., case number 14-1022, unanimously affirmed two Texas state appellate court decisions and concluded that...more

Halliburton: Good for the Plaintiffs’ Bar?

From the 2015 PLUS D&O Symposium session “The Post-Halliburton World: Securities Class Action Update,” moderator Darryl P. Rains (Morrison & Foerster LLP) and panelist Ramzi Abadou (Kahn Swick & Foti LLP) discuss the impact...more

Georgia Supreme Court: Insurer did not “unreasonably” withhold consent to settle

In Piedmont Office Realty Trust v. XL Specialty Insurance Co., No. S15Q0418 (Ga. Apr. 20, 2015), the Georgia Supreme Court reiterated that, in the face of a policy provision prohibiting the insured from unilaterally settling a claim, the insured may not enter into a settlement and then seek coverage or assert a bad faith claim.more

Georgia Supreme Court: Insured Cannot Sue for Settlement Amount of Bad Faith Absent Insurer’s “Consent to Settle”

On April 20, 2015, the Georgia Supreme Court unanimously held that when an insured fails to seek its insurer’s consent to settle a claim, the insured cannot pursue litigation against its insurer to recover settlement amounts paid by the insured without its insurer’s consent or for bad faith refusal to settle.more

More ERISA Complications

In passing the Employee Retirement Security Act of 1974 (“ERISA”), Congress sought to make it as easy and economical as possible for employers to provide benefits to their workers; for example, pensions, health insurance, life insurance and long-term disability (LTD) insurance. more

Claims Made During Policy Period Barred When Arising Out of Facts Disclosed or Required to be Disclosed in Application

In Crown Capital Securities v. Endurance Amer. Specialty Ins. Co. (No. B256241, filed 4/10/15), a California appeals court affirmed summary judgment for a professional liability insurer on a finding that coverage was barred for claims that had not yet been made against the insured when the policy incepted, based on an exclusion contained in the application for claims arising from the same facts underlying a prior claim that was reported in the application.more

Court Finds In Favor Of Harbinger On $50 Million Claim Involving Purchase Of Old Mutual Financial Life Insurance Company

In a lengthy opinion detailing extensive findings of fact and law, a New York federal district court entered its order in favor of Harbinger F&G, LLC and against OM Group (UK) Limited in an action stemming from claims arising from the stock purchase agreement for the purchase of Old Mutual Financial Life Insurance Company by Harbinger from OM Group. more

Unclaimed Property Issues Under Debate as Uniform Law Commission Rewrites the Uniform Act

Proposed revisions to the Uniform Unclaimed Property Act were under debate this past week in Washington, DC as the Uniform Law Commission (ULC or Commission) Committee to Revise the Uniform Unclaimed Property Act (Drafting Committee) continued the process of crafting a new Uniform Act. The Drafting Committee focused on seven priority issues, including (1) the definition of address; (2) gift cards and stored value cards; (3) life insurance; (4) securities; (5) presumptions of abandonment; (6) definition of holder; and (7) burden of proof.more

Colorado Supreme Court: Late Notice Inexcusable under Claims-Made Policies

Facts - In Craft v. Philadelphia Indemnity Ins. Co., 2015 CO 11 (Colo. Feb. 17, 2015), Craft was the principal shareholder and president of two entities to which Philadelphia issued claims-made directors and officers coverage. One of the entities sued Craft for misrepresentations allegedly made in the course of a stock purchase and merger option agreement. more

D&O Insurance Law - 2014 Year in Review

Directors and Officers (D&O) liability and the insurance coverage issues presented by litigation arising from the same continued to be the subject of numerous judicial decisions at the state and federal level during 2014. The following D&O Liability Year in Review provides a synopsis of judicial decisions from both state and federal courts that address D&O exposures and the insurance coverage issues implicated by the various actions brought against D&Os. In terms of the types of D&O claims brought in 2014, litigation continued with respect to capital regulatory issues, securities class actions, SEC enforcement actions, mergers and initial public offerings. Similar trends will likely continue in 2015. There were also several cases before the U.S. Supreme Court in 2014 that could have a material impact on D&O liability going forward. For example, with regard to securities litigation, the U.S. Supreme Court addressed the “fraud on the market” assumption in Halliburton v. Eric P. John Fund Inc., 134 S.Ct. 2398 (2014) (Halliburton II ). The U.S. Supreme Court also initially accepted, but then declined to address issues with respect to the statute of repose in certain types of securities cases. See Public Employees’ Retirements System of Mississippi v. Indymac MBS (Indymac), (See Supreme Court Docket No. 13-640; 135 S.Ct. 1515 (Mar. 3, 2014) and 135 S.Ct. 42 (Sept. 29, 2014)). Finally, in 2015, the Supreme Court will issue its decision in Omnicare Inc. v. Laborers District Council, (See Supreme Court Docket No. 13-435), which will address a split of authority among the federal circuits on the pleading standard necessary to determine when an opinion in a registration statement is considered to be false for purposes of Section 11 claims brought under the Securities Act of 1933 (the Securities Act). This review will highlight these decisions, as well as address a recent decision regarding SEC enforcement and consent judgments, a federal court decision involving the “business judgment rule” and the implications in a derivative lawsuit arising out of cyber liability. Please see full review below for more information. more

Lessons Learned: Report All Potential D&O Liability Insurance Claims Without Delay

The District Court of Massachusetts’ January 6, 2015 opinion in Biochemics, Inc. v. Axis Reinsurance Co., 2015 WL 71493 (D. Mass. Jan. 6, 2015), reaffirms the importance of providing timely notice of all D&O liability claims – including subpoenas. In Biochemics, the policyholder sought coverage from its primary D&O liability insurer, Axis, for defense costs it incurred in an SEC enforcement action commenced during the AXIS policy period. Judge Rya Zobel held that Biochemics had no coverage for the SEC enforcement action because it related back to two deposition subpoenas that the SEC served on Biochemics before the AXIS policy incepted. more

69 Results
|
View per page
Page: of 3

Follow Insurance Updates on:

JD Supra Readers' Choice 2016 Awards

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×