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Third Circuit Reaffirms the Difficulty of Binding a Non-Signatory to Arbitration

Federal law’s much-talked-about presumption in favor of enforcing arbitration clauses has its limits. On August 11, 2014, the United States Court of Appeals for the Third Circuit identified one of those limitations: the...more

Unclaimed Property: Court Holds Life Insurer’s Escheatment Duties Not Triggered By Insured’s Death

In an opinion filed August 5, 2014, the Florida First District Court of Appeal held that under Florida’s unclaimed property law, life insurance proceeds are not “due and payable,” and the dormancy period does not begin to...more

How to Fight a STOLI Scheme: Court Rulings Offer Clues

Two recent court decisions provide potential road maps for insurers in the fight against Stranger-Originated Life Insurance (STOLI) schemes. Ohio Nat’l Life Assurance Corp. v. Davis involved a STOLI scheme so obvious that...more

U.S. Supreme Court Asked to Decide Whether Wrongful Death Suits are Subject to Arbitration

The United States Supreme Court was recently asked to determine whether the Federal Arbitration Act (FAA) preempts a state law rule that prohibits enforcement of pre-dispute arbitration agreements in certain wrongful death...more

Legal Implications of the Sterling Trust Dispute

While the attention of most Miami basketball fans was focused on the Heat’s bid for a third consecutive title, Clippers fans look forward to a new owner in Microsoft CEO Steve Ballmer. Donald Sterling is challenging the...more

Eighth Circuit Decisions Reminds Employers Of Importance Of Granting ERISA Plan Administrators Discretion To Interpret Plan Terms

Recently, the United States Court of Appeals for the Eighth Circuit released an opinion which highlights the importance of ensuring ERISA plan documents grant plan administrators the discretion to construe and interpret the...more

Pennsylvania Tax Developments - A Reed Smith Quarterly Update (February 24, 2014)

This is a brief update on recent Pennsylvania tax developments. It is intended to provide an overview of issues and cases to watch, as well as administrative and legislative developments....more

The Bill Graham Show Goes On … and On - Graham-Sult v. Clainos

The U.S. Court of Appeals for the Ninth Circuit concluded that the federal district court erred in dismissing claims for copyright infringement, conversion and declaratory relief brought by the sons of the late concert...more

Litigation Alert: Trust/Owner Not 'Trade or Business' for Withdrawal Liability Purposes

Pacific Coast Shipyards Pension Fund v. Nautical Engineering, Inc. - On January 13, 2014, the U.S. District Court for the Northern District of California (the "District Court") granted a motion to dismiss, holding that...more

Tennessee Insurance Legal News - January 2014 • Volume 3, Number 1

In This Issue: - ARBITRATION PROVISION WITHIN TENNESSEE’S UNINSURED MOTORIST STATUTE HELD NOT APPLICABLE TO INSURANCE POLICIES ISSUED AND DELIVERED OUTSIDE TENNESSEE: The Tennessee Court of Appeals addressed the...more

Family Law: Corporate And Trust Challenges To Service Of Process And Jurisdiction

The president of a corporation, manager of a limited liability company, trustee of a family trust, or principal of another business entity receives a summons in a Florida divorce case. One spouse contends the other’s...more

Recent Court Decisions Concerning Unclaimed Life Insurance Benefits Can Assist Insurers in Defending Regulatory Audits and Future...

Perhaps the most significant litigation, regulatory and compliance issues facing life insurance companies can be found in the unclaimed property audits, multi-state regulatory settlements and class action lawsuits surrounding...more

Pennsylvania Tax Developments - A Reed Smith Quarterly Update (3rd Quarter 2013)

This is a brief update on recent Pennsylvania tax developments. It is intended to provide an overview of issues and cases to watch, as well as administrative and legislative developments. ...more

Life Insurance Company that Filed Interpleader Action to Determine How to Proceed With Benefits Resulting From a Homicide is...

In Farmers New World Life Insurance Company v. Rees (--- Cal.Rptr.3d ----, Cal.App. 2 Dist., August 30, 2013), a California court of appeal considered whether a life insurance company that delayed paying benefits to the...more

Litigating Accounts With Rights of Survivorship in Texas

In this article: - I. Introduction - II. Valid Survivorship Accounts - III. Joint Accounts Between Spouses - IV. Burden Of Proving Enforcable Survivorship Accounts - V. Proving Contents Of...more

New York State Court Allows Trustee Lawsuit Against DB Structured Products to Proceed

On May 13, Justice Kornreich of the Supreme Court of the State of New York denied DB Structured Products, Inc.’s (DBSP) motion to dismiss an RMBS putback action brought against it by the trustee for the relevant RMBS trust. ...more

Nowadays a Practicing Lawyer’s First Serious Exposure to Critical Unjust Enrichment Doctrine is Likely to be After Law School, Too...

This modified excerpt from Loring and Rounds: A Trustee’s Handbook (2013) is a primer on the wrong of Unjust Enrichment and its principal remedy, Restitution. Unjust enrichment doctrine is very much alive and well in the real...more

Is Honesty Always the Best Policy? Illinois Appellate Court Holds Attorney’s Ethical Obligations Trump Professional Liability...

In a case of first impression, the Illinois Appellate Court considered whether a professional liability insurer can deny a defense to its insured, an attorney who admits he erred in providing legal services. Ill. State Bar...more

Michigan Appellate Court Affirms Validity of Electronic Signature Under UETA

Recently, the Michigan Court of Appeals affirmed summary judgment in favor of a defendant insurance company seeking to dispose of a challenge to an electronic signature executed by a policyholder. Zulkiewski v. Am. Gen. Life...more

Delaware Federal Court Issues Important Post-Price Dawe Opinion

In a memorandum opinion issued in Principal Life Insurance Company v. Lawrence Rucker 2007 Insurance Trust on June 26, 2012, a federal district court applied the Delaware Supreme Court’s holding in PHL Variable Life Insurance...more

A Trust is Not an Entity, it is a Relationship

The Problem: Practitioners, and occasionally even some courts, will refer to assets as being “owned” by a trust, or will say that someone is “suing” the trust. This likely arises from the fact that proper designation often...more

Don't Sign It Until You've Read It: Signature of Subscription Documents Binds Insured to Undesirable Policy Terms

United States Court of Appeals for the Seventh Circuit In National Production Workers Union Ins. Trust v. Cigna Corp., ___ F.3d ___, 2011 WL 6880650 (7th Cir. (Ill.) Dec. 30, 2011), the U.S. Court of Appeals for the...more

Mofo New York Tax Insights -- Volume 2, Issue 12

In This Issue: New York Audit Software Subject to Freedom of Information Law Disclosure; Payments for Telephone Number “Porting” Services Not Subject to Sales Tax; Failure to Serve Notice on Representative Tolls Time...more

Recent Developments in the Life Settlement Industry

Recently, the Supreme Court of Delaware issued two rulings regarding life settlements that have attracted media and life settlement industry attention. The Delaware high court ruled in both cases that under Delaware state...more

Court Limits a 'Self-Settling Trust or Similar Device' to an Express Trust

In In re Porco Inc., the Bankruptcy Court for the Southern District of Illinois in a March 30 opinion addressed an issue of apparent first impression: whether a resulting or constructive trust is a "self-settling trust or...more

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