Securities Civil Procedure Insurance

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UK Securities Claims Update

At our financial lines seminar in London on 16 October, we considered the question of whether UK Securities claims are finally coming of age. As part of that presentation, we reviewed the group action brought by investors...more

Eleventh Circuit Requests Assistance in Interpreting Consent-to-Settle Provision

Most cases in the United States settle. Insurers are well-aware of this fact. Thus, insurance companies employ consent-to-settle provisions in insurance policies to limit and control their liability in the likely event of a...more

Insured v. Insured Exclusion Ambiguous, California Court Finds: Bank Ds And Os Entitled to Coverage for FDIC Suit

Why it matters - In the latest decision to weigh in on the scope of the Insured v. Insured exclusion, a California court has held that it is ambiguous as applied to suits brought by the FDIC, and therefore does not...more

Court Grants in Part and Denies in Part JPMorgan’s Motion to Dismiss RMBS Action

On October 16, Judge Susan J. Dlott of the United States District Court for the Southern District of Ohio granted in part and denied in part several JPMorgan entities’ motion to dismiss a complaint filed by several Western &...more

Washington Supreme Court Narrows Efficacy of Late Notice Defense

Even when the claims in a lawsuit arguably fall within the coverage terms of the defendant’s liability insurance policy, the circumstances might suggest facts that would establish a defense to coverage. In that case, the...more

RBS Settles MBS Claims with Assured

On August 14, RBS Securities reached a deal with Assured Guaranty Municipal Corp. to settle a lawsuit alleging misrepresentations concerning the collateral underlying a US$291 million securitization. The complaint alleged...more

Affirmative Defenses Must Be Addressed In Class Certification Order, According To Texas Court of Appeals

A recent decision of the Texas Court of Appeals in Austin (Third District) caught my eye. Not because it involved insurance; rather, it was a securities class action challenging a board of directors’ approval of a corporate...more

Your D&O Insurance Policy Post-Halliburton

In its recent, highly anticipated decision in Halliburton Co. v. Erica P. John Fund, the U.S. Supreme Court declined an invitation to overturn the so-called “fraud on the market” presumption applicable to securities class...more

Halliburton Decision May Drive Up Litigation Costs and Impact Settlement

The U.S. Supreme Court’s recent decision in Halliburton Co. v. Erica P. John Fund, Inc. is not the game changer for securities litigation that some hoped for, but D&O insurers will be keeping a close eye on securities cases...more

D&O Insurers Take Note: U.S. Supreme Court Modifies the “Basic” Game

Yesterday, the U.S. Supreme Court issued a unanimous¹ decision in the securities fraud case, Halliburton Co. v. Erica P. John Fund, which was highly anticipated by many who follow the federal securities laws, including D&O...more

Second Circuit Vacates Judge Rakoff’s Rejection of SEC Settlement: Consent Decree “Fair and Reasonable” Even Without Admission of...

D&O insurers should be mindful of a recent development in the Second Circuit that could have implications for D&O insurers. The developments stem from a key decision in the Southern District of New York in 2011. On November...more

Is Your D&O Policy Ready For The Halliburton Decision?

Any day now the United States Supreme Court will announce its decision in Halliburton Co. v. Erica P. John Fund, Inc. If the Supreme Court rules to neither reject nor affirm “fraud on the market,” the importance of event...more

New York to D&O Insureds: “You Can’t Relate!” without Sufficient Factual Overlap

In Glascoff v. OneBeacon Midwest Ins. Co., 2014 WL 1876984 (S.D.N.Y. May 8, 2014), the U.S. District Court for the Southern District of New York held that two claims – which seemingly contained allegations concerning...more

Arizona Court Holds Insured Person Exclusions Applicable to Consolidated Securities Claims

In its recent decision in Amerco v. Nat’l Union Fire Ins. Co., 2014 U.S. Dist. LEXIS 69066 (D. Ariz. May 20, 2014), the United States District Court for the District of Arizona had occasion to consider the application of...more

Expect Focus - Volume 1, Winter 2014

In This Issue: - IN THE SPOTLIGHT ..Sixth Circuit Revisits Controversial ERISA Decision - LIFE INSURANCE ..Summary Judgment Victory for Life Insurer in Annuity Class Action ..Favorable Secondary Life Market...more

Securities Litigators Who Do Not Understand Insurance Coverage Could Pay Dearly

There was a time not that long ago when lawyers representing parties in securities litigation and arbitration did not have to concern themselves too much with insurance coverage issues. Federal and state statutory securities...more

New York Trial Court Holds that Administrative Orders Do Not Constitute "Final Adjudications"

New York Trial Court Holds that Administrative Orders Do Not Constitute “Final Adjudications” For Purposes of Applying Fraud/Dishonesty Exclusion in Professional Liability Policy - A recent New York trial court...more

S.D.N.Y. Disqualifies Securities Class Action Plaintiffs’ Expert and Denies Class Certification

Recently, in IBEW Local 90 Pension Fund v. Deutsche Bank AG, No. 11-cv-4209, 2013 U.S. Dist. LEXIS 155136 (S.D.N.Y. Oct. 29, 2013), District Judge Katherine Forrest declined to certify a class of securities plaintiffs and...more

Massachusetts Court Allows Consideration of Extrinsic Evidence

In its recent decision in BioChemics, Inc. v. AXIS Reinsurance Co., 2013 U.S. Dist. LEXIS 111218 (D. Mass. Aug. 7, 2013), the United States District Court for the District of Massachusetts had occasion to consider when an...more

July 2013: Structured Finance Litigation Update - New York’s Evolving Reasonable Reliance Standard.

Among the more hotly contested issues facing structured finance investors and insurers bringing fraud claims in New York is the requirement that plaintiffs establish that they reasonably relied upon the alleged fraudulent...more

Looking Past The Labels: Bank’s Disgorgement Payment To SEC Not Necessarily Excluded From D&O Coverage

In 2006, Bear Stearns agreed to a $250 million “neither admit nor deny” settlement with the SEC to settle charges that it facilitated late trading and deceptive market timing by its hedge fund customers....more

Business Litigation Report -- June 2013

In This Issue: - Three Landmark Decisions for Insurers and RMBS Investors - Shedding Light on a Bankruptcy Safe Harbor: Defining the Reach of Section 546(e) - Practice Area Updates: ..Patent...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

The New York Court of Appeals’ Vigilant Decision: A Welcome Return to Enforcing Insurance Contracts as Written

In a much-anticipated decision, New York’s highest court, the New York Court of Appeals, on June 11, 2013, unanimously rejected a group of insurers’ attempt to invoke purported “public policy” considerations to avoid covering...more

New York's Highest Court Sends Strong Signal That Insurance Companies Will Be Held To Their Coverage Obligations

On June 11, 2013, the New York Court of Appeals decided two groundbreaking insurance coverage cases on public policy grounds....more

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