Securities Insurance Civil Remedies

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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

J.P. Morgan Decision Curtails the Phantom “Restitution Defense” to D&O Coverage

In a case closely watched by industry observers, the New York Court of Appeals, in J.P. Morgan Securities v. Vigilant Insurance Company, No. 113 (NY, June 13, 2013), issued an important ruling in the field of directors and...more

New York Court Allows Disgorgement Coverage Action to Proceed

In its recent decision in J.P. Morgan Securities, Inc. v. Vigilant Ins. Co., 2013 N.Y. LEXIS 1465 (NY June 11, 2013), New York’s Court of Appeals – New York’s highest court – had occasion to consider whether an insured can...more

Federal District Court Issues First Ever Post-Trial Order Requiring Bank To Reimburse Monoline Insurer Over Loans Backing MBS

On February 6, the U.S. District Court for the Southern District of New York found that loans underlying two trusts issued by a Michigan bank breached the representations and warranties in the contracts the bank entered with...more

Federal Court Rules that Insurer May Prevail on its Representation and Warranty Claims Without Proving that the Breaches Caused...

On September 25, Judge Jed S. Rakoff of the Southern District of New York issued a written opinion denying summary judgment in Assured Guaranty Municipal Corp.’s contract dispute with Flagstar Bank FSB over its insurance...more

Assured Guaranty Sues GMAC Entities in Connection with RMBS Insurance

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

Mitigating the effects of insolvency in construction contracts

A review of the mechanisms available to insulate yourself from the effects of insolvency when contracting. This seminar was held at BPE Solicitor LLP's offices in Cheltenham, UK, on 8 April 2011 in conjunction with...more

Brokerage Firm Can Recover $141 Million in Trading Losses from Insurers Because An "Associated Person" Is An Employee Under New...

In New Hampshire Insurance Co., et al., v. MF Global, Inc., Index No. 601621/09 (Sup Ct, NY County, Oct. 5, 2010), Justice Bernard J. Fried granted summary judgment to MF Global, Inc. (“MF Global”), formerly one of the...more

District Court Holds No D&O Insurance Coverage For Attorneys' Fees And Costs Incurred In Voluntary Response To SEC Investigation

In Office Depot, Inc. v. National Union Fire Insurance Co. of Pittsburgh, Pa., No. 09-80554-CIV-MARRA, 2010 WL 4065416 (S.D. Fla. Oct. 15, 2010), the United States District Court for the Southern District of Florida recently...more

SEC Agrees to 2-Year Stay of Rule 151A

On December 8, 2009, the Securities and Exchange Commission (the “SEC”) stated in a filing with the U.S. Court of Appeals for the District of Columbia Circuit (the “Court”) that it agreed to stay of the effective date of Rule...more

Red Alert: New York Court of Appeals Grants Summary Judgment Based on Insured's Breach of Consent to Settle Provision of Policy

The New York Court of Appeals has reversed an order of the Appellate Division and has found that no coverage exists for Bear Stearns’ $80 million settlement with regulatory authorities in connection with the research analyst...more

Public Finance Alert: Federal Appeals Court Rules Bond Insurer Lacks Standing for Fraud Claims

Public Finance Alert: Federal Appeals Court Rules Bond Insurer Lacks Standing for Fraud Claims

On September 18, the U.S. Court of Appeals for the 11th Circuit, in a case closely watched by bond insurers, other credit enhancers and issuers, conduit borrowers, and underwriters of insured or credit-enhanced debt, ruled...more

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