Securities Law, Business Torts, Insurance

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

New York Court Holds Professional Services Exclusion Applicable

by Traub Lieberman Straus & Shrewsberry LLP on 4/2/2013

In its recent decision in David Lerner Assocs. v. Philadelphia Indem. Ins. Co., 2013 U.S. Dist. LEXIS 46333 (E.D.N.Y. Mar. 29, 2013), the United States District Court for the Eastern District of New York had occasion to...more

The Material Impact of the Amgen Decision on D&O Insurance

by Matthew Klebanoff, Angelo Savino | Cozen O'Connor on 3/8/2013

In Amgen, Inc. v. Connecticut Retirement Plans and Trust Funds, No. 11-1085 (Slip Op. Feb. 27, 2013), the U.S. Supreme Court, in a 6-3 majority opinion (Ginsburg, J.), affirmed the U.S. Court of Appeals for the 9th Circuit’s...more

Ninth Circuit Applies Securities Litigation Uniform Standards Act to Affirm Dismissal of Section 17200 Class Action Involving...

by Bridget Russel, John Stigi | Sheppard Mullin Richter & Hampton LLP on 2/4/2013

In Freeman Investments, LP v. Pacific Life Insurance Co., No. 09-55513, 2013 WL 11884 (9th Cir. Jan 2, 2013), the United States Court of Appeals for the Ninth Circuit held that the Securities Litigation Uniform Standards Act...more

Mutual Fund Litigation and Insurance Practice Guide

by Dechert LLP on 11/7/2012

In the wake of the subprime mortgage meltdown and ensuing global credit crisis, the SEC is more devoted than ever before to examination and enforcement efforts directed at the mutual fund industry. The class action bar also...more

FDIC Files Five Lawsuits Against Bank Entities Over RMBS

by Orrick - Structured Finance Group on 8/22/2012

On August 10, the FDIC in its capacity as receiver for Colonial Bank filed five lawsuits – three in Alabama state court, one in New York federal court, and one in California federal court – seeking $741 million in damages...more

Seventh Circuit Compels Coverage Under D&O Policy Despite “Insured vs. Insured” Exclusion

by BuckleySandler LLP on 7/11/2012

On June 29, the U.S. Court of Appeals for the Seventh Circuit directed a D&O insurance provider to cover certain claims against defendants insured under the same policy as some plaintiffs despite an “insured vs. insured”...more

Assured Guaranty Sues GMAC Entities in Connection with RMBS Insurance

by Orrick, Herrington & Sutcliffe LLP on 5/22/2012

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

Assured Guaranty and Deutsche Bank Settle RMBS Claims for $165.6 Million

by Orrick, Herrington & Sutcliffe LLP on 5/22/2012

On May 10, 2012, Assured Guaranty announced that it had reached a $165.6 million settlement with Deutsche Bank resolving claims related to RMBS transactions issued, underwritten or sponsored by Deutsche Bank that were insured...more

New York Court Rejects $90 Million D&O Settlement

by Traub Lieberman Straus & Shrewsberry LLP on 5/11/2012

In In re Lehman Brothers Securities and ERISA Litigation, 2012 U.S. Dist. LEXIS 65167 (S.D.N.Y. May 3, 2012), Judge Lewis A. Kaplan, for the United States District Court for the Southern District of New York considered the...more

Allstate RMBS Lawsuit to Stay in Federal Court

by Orrick, Herrington & Sutcliffe LLP on 3/30/2012

On March 27, 2012, Judge Deborah A. Batts of the Southern District of New York denied Allstate Insurance Co.’s motion to remand its lawsuit against JPMorgan Chase Bank NA to state court. The lawsuit arises out of alleged...more

You Can't Insure What's Not Yours: NY Court Determines SEC Disgorgement Payment Not Insurable Loss as Matter of Public Policy

by Sedgwick LLP on 2/2/2012

New York's Appellate Division, First Department In J.P. Morgan Securities, Inc. v. Vigilant Ins. Co., ___ N.Y.S.2d ___, 2011 WL 6155586 (N.Y. App. Div. Dec. 13, 2011), New York's Appellate...more