Rescission

News & Analysis as of

New York Rescission Law Strikes Again: Lessons Learned From the Voiding of Heinz’s Product Contamination Insurance Policy

An increasingly popular tool in the insurer’s toolset is attempted rescission of the policy. This tool is particularly sharp if the law applicable to the construction of the policy is that of New York. Earlier this week, the...more

Do Treble Damages Mean Treble Rescission?

North Carolina law awards treble damages for violations of N.C. Gen. Stat. § 75-1.1 “if damages are assessed.” A recent Fourth Circuit decision asks this question: If a plaintiff seeks rescission, and if the defendant’s...more

Jesinoski Update: TILA Rescission in a Post-Jesinoski World

A little over one year ago, the U.S. Supreme Court issued its ruling in Jesinoski v. Countrywide Home Loans, Inc., 135 S. Ct. 790 (2015), which resolved a circuit court spit regarding how a mortgage borrower may exercise the...more

Insurer Prevails on Rescission Claim Against H.J. Heinz Co.

On February 1, 2016, Judge Arthur J. Schwab of the Western District of Pennsylvania overrode a jury verdict and ruled that Starr Surplus Lines Insurance Company (Starr) can rescind its policy covering H.J. Heinz Co. for up to...more

Backsies! When Can You Rescind a Real Property Purchase Agreement?

You buy a house and then discover that the seller didn’t disclose a material fact about the property—say, the sewage system you thought was owned by the city was actually owned by 13 different residents in the area, and...more

Summary of California Appellate Decisions - January 2016

Insurance Coverage; Vandalism and Malicious Mischief Exclusion - Hung Van Ong v. Fire Insurance Exchange (2015) 235 Cal.App.4th 901, 185 Cal.Rptr.3d 524 - Facts: The insured had a vacant apartment building....more

Insurance Recovery Law - January 2016

Despite Finding Policy Application Misrepresentation, Jury Rules Against Policy Rescission - Why it matters: A federal jury concluded that Starr Surplus Lines Insurance Company did not have a valid basis to rescind the...more

2015 Half-year in review M&A legal developments

We set out below a number of interesting English court decisions and market developments which have taken place and their impact on M&A transactions. This review looks at these developments and gives practical guidance on...more

Rescinding a Foreclosure Sale (or Any Other Real Estate Deal) — Act Quickly, or Lose the Remedy

In a prior post, Respect the Remedy of Rescission in Real Estate Disputes, I highlighted the often under-appreciated remedy of rescission.  With rescission, both parties are restored to their pre-contract positions and issues...more

Money and Dirt: Reviewing 2015; Previewing 2016

We’ll end 2015 with a quick look back at some of the important developments in California real estate and secured lending law covered in this blog, and a look forward to issues that will get attention in 2016....more

Final Regulations on Affordable Care Act Market Reforms

Throughout 2010, the U.S. Departments of Health and Human Services, Labor and the Treasury (collectively, the Departments) issued interim final regulations (IFR) implementing ACA market reforms applicable to grandfathered...more

NJ Supreme Court Upholds Insurer’s Right to Rescind When Professional Liability Insurance Is Procured by Fraud

On December 1, 2015, in DeMarco v. Stoddard, the New Jersey Supreme Court, in a 5–2 decision, reversed an Appellate Division decision, DeMarco v. Stoddard, 434 N.J. Super. 352 (App Div. 2014), and held in favor of the...more

Comptroller Revises Credit Card Lending; Announces Rescissions

The Office of the Comptroller of the Currency (OCC) issued the “Credit Card Lending” booklet of the Comptroller’s Handbook on November 4. The revised booklet “replaces the ‘Credit Card Lending’ booklet issued in October 1996....more

Failure To Disclose Tax Returns Results In Rescission Of Back Pay Award

In the Matter of Arbitration between Hollidaysburg School District and AFSCME Council 83 (June 30, 2015). Arbitrator rescinds back pay award after Grievant refuses to turn over tax records to verify that she did not receive...more

Rectification in a Tax Context: The Intention Standard Prevails

A drafting mistake in an agreement can result in significant and unintended tax consequences. In the recent case of Baytex Energy Ltd. v. Canada (Attorney General) (Baytex), the Court of Queen’s Bench of Alberta (Court)...more

The Beukes Decision: A Helpful Clarification Regarding the Right of Rescission

Earlier this year, in Jesinoski v. Countrywide, the Supreme Court answered an important question regarding the procedure for rescinding a residential mortgage refinance loan under the Truth in Lending Act (“TILA”). Under...more

Georgia Mentor Sued By EEOC For Pregnancy Discrimination

Company Violated Federal Law by Rescinding Employment Offer to Pregnant Applicant, Federal Agency Charged - ATLANTA - National Mentor Healthcare, LLC, dba Georgia Mentor, an Albany, Ga., health and human services...more

What Happens When a Franchise Agreement Ends, Part Three: Rescission

In our previous posts (See Part 1 and Part 2), we reviewed restrictive covenants and cancellation rights under franchise laws. In a recent decision out of the Ontario Court of Appeal, the dispute focussed on the right of...more

Ontario Court Upholds Limitations on Liability for Misrepresentations Contained in Take-Over Bid Circulars

In a decision released on July 30, 2015, the Ontario Superior Court of Justice has clarified that plaintiffs seeking to advance claims under section 131(1) of the Securities Act (Ontario) alleging misrepresentation in a...more

Falling Oil Prices Are Not the Only Deterrent to Investment in Mexico's Oil Fields

On July 15, Mexico auctioned 14 shallow-water exploration blocks. The auction marked the first time in nearly eight decades that private and foreign investors could directly participate in Mexico's exploration and production...more

Respect the Remedy of Rescission in Real Estate Disputes

Claims seeking damages for broken real estate deals may be more common, but the remedy of rescission often provides the most bang for the buck. In a claim for damages due to breach of contract, the plaintiff affirms...more

Access to Pre-Solicitation Information without Mitigation Plan: A Recipe for Rescission

The Court of Federal Claims (“CFC”) recently made clear that mere access to pre-solicitation information creates a potential Organizational Conflict of Interest (“OCI”) that can invalidate an award. In Monterey Consultants,...more

Spoliation: How to Stop Trouble from Brewing

When a business is faced with the potential for litigation, it is imperative that all evidence be preserved to avoid the dreaded “s” word: spoliation. Starbucks Corporation recently learned this lesson the hard way when a...more

H.B. 2067: A Statutory Method for Unilateral Rescission

In a move greatly benefiting lienholders and loan servicers, Texas Governor Greg Abbott recently signed H.B. 2067, amending the Texas Civil Practice and Remedies Code to allow for the unilateral rescission of the acceleration...more

Energy Future Holdings – More Bad News for Bondholders on Make-Whole Premiums

Make-whole premiums are often used in connection with the issuance of debt in order to protect noteholders with long term investment horizons from being repaid early. At the time of the bankruptcy filing of EFH in April 2014,...more

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