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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

Second Circuit Affirms Duty to Defend Under Professional Liability Policy

by Traub Lieberman Straus & Shrewsberry LLP on 5/22/2012

In its recent decision in Westport Ins. Corp. v. Hamilton Wharton Group, Inc., 2012 U.S. App. LEXIS 9888 (2d Cir. May 17, 2012), the United States Court of Appeals for the Second Circuit had occasion to consider whether a...more

Eighth Circuit Addresses Personal Injury Offense of Malicious Prosecution

by Traub Lieberman Straus & Shrewsberry LLP on 5/15/2012

In its recent decision in Genesis Ins. Co. v. City of Council Bluffs, et al., 2012 U.S. App. LEXIS 9577 (8th Cir. May 11, 2012), the United States Court of Appeals for the Eighth Circuit, in a matter of first impression under...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

Medicare Strike Force Team Charges 107 Individuals for Approximately $452 Million in False Billing

by King & Spalding on 5/9/2012

On May 2, DOJ and HHS announced charges against 107 individuals, including doctors, nurses and other licensed medical professionals, across the country for allegedly participating in Medicare fraud schemes totaling $452...more

Asset Management Fund Sues Morgan Stanley In Connection With Sale Of $122 Million in RMBS

by Orrick, Herrington & Sutcliffe LLP on 5/8/2012

On May 2, 2012, mutual fund Asset Management Fund and related affiliates filed a summons with notice to commence an action against Morgan Stanley in the Supreme Court of the State of New York seeking $122 million in...more

Unambiguous Policy Language Precludes Coverage for More Than $15 Million in Losses Due to Madoff’s Ponzi Scheme

by Sedgwick LLP on 5/8/2012

In Bleznak Black, LLC v. Allied World Nat’l Assurance Co., No. A-6107-09T2, 2012 N.J. Super. Unpub. LEXIS 879 (N.J. Super. Ct. App. Div. Apr. 20, 2012), the Superior Court of New Jersey, Appellate Division, affirmed the trial...more

Medicare Fraud Strike Force Bust Involves Highest Amount of False Billings in a Single Takedown

by Mintz Levin - Health Law on 5/4/2012

2012 is already a record-breaking year in health care fraud enforcement. This week Attorney General Eric Holder and Secretary of the Department of Health and Human Services (HHS) Kathleen Sebelius announced the biggest...more

California Court Denies Rescission of Insurance Policy

by Traub Lieberman Straus & Shrewsberry LLP on 5/4/2012

In its recent decision in Thompson v. Navigators Ins. Co., 2012 U.S. Dist. LEXIS 60122 (S.D. Cal. Apr. 30, 2012), the United States District Court for the Southern District of California considered whether an insurer was...more

Open Letter from Senate Finance Committee Seeks Fraud-Fighting Input

by Mintz Levin - Health Law on 5/3/2012

Yesterday the Senate Finance Committee posted an open letter on its website to the health care sector soliciting industry stakeholder insights on ways to combat fraud, waste, and abuse in the Medicare and Medicaid programs. ...more

NEW LAW CHANGES RULE GOVERNING REMOVAL OF MATTER FROM STATE COURT TO FEDERAL COURT

by Erik Anderson on 5/1/2012

On January 6, 2012, the Federal Courts Jurisdiction and Venue Clarification Act (“Act”) of 2011 , came into effect. The Act as a whole brought changes to Federal statues affecting venue, removal and jurisdiction. The...more

APPELLATE DIVISION HOLDS THAT LIABILITY POLICY OF TENANT DOES NOT PROVIDE COVERAGE FOR LANDLORD AND ITS REAL ESTATE MANAGER

by Erik Anderson on 5/1/2012

The Appellate Division in Cambria v. Two JFK BLV, LLC, et. al. (423 N.J. Super 499) was called upon to determine whether the trial court properly found that the landlord and its real estate manager were additional insured...more

APPELLATE DIVISION HOLDS THAT PLAINTIFF’S LACK OF DUE DILIGENCE BARS REPLACING ‘JOHN DOE’ DEFENDANT WITH ACTUAL PARTY

by Erik Anderson on 5/1/2012

The Appellate Division has held in Andreoli v. State Insulation Corp. et. al. (2011 WL 4577646) that a plaintiff could not replace a “John Doe” defendant with an actual party due to a lack of due diligence in identifying that...more

MetLife Sues Morgan Stanley Over $757 Million in RMBS

by Orrick, Herrington & Sutcliffe LLP on 4/30/2012

On April 25, 2012, Metropolitan Life Insurance Co. (“MetLife”) filed suit in New York State Court against Morgan Stanley. MetLife alleges that Morgan Stanley misrepresented the quality of the mortgage loans underlying RMBS...more

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Insurance – May 24, 2012

Narrowed by: Business Torts

Assured Guaranty Sues GMAC Entities in Connection with RMBS Insurance

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

Second Circuit Affirms Duty to Defend Under Professional Liability Policy

Eighth Circuit Addresses Personal Injury Offense of Malicious Prosecution

New York Court Rejects $90 Million D&O Settlement

Medicare Strike Force Team Charges 107 Individuals for Approximately $452 Million in False Billing

Asset Management Fund Sues Morgan Stanley In Connection With Sale Of $122 Million in RMBS

Unambiguous Policy Language Precludes Coverage for More Than $15 Million in Losses Due to Madoff’s Ponzi Scheme

Medicare Fraud Strike Force Bust Involves Highest Amount of False Billings in a Single Takedown

California Court Denies Rescission of Insurance Policy

Open Letter from Senate Finance Committee Seeks Fraud-Fighting Input

NEW LAW CHANGES RULE GOVERNING REMOVAL OF MATTER FROM STATE COURT TO FEDERAL COURT

APPELLATE DIVISION HOLDS THAT LIABILITY POLICY OF TENANT DOES NOT PROVIDE COVERAGE FOR LANDLORD AND ITS REAL ESTATE MANAGER

APPELLATE DIVISION HOLDS THAT PLAINTIFF’S LACK OF DUE DILIGENCE BARS REPLACING ‘JOHN DOE’ DEFENDANT WITH ACTUAL PARTY

MetLife Sues Morgan Stanley Over $757 Million in RMBS

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