Third-Party

News & Analysis as of

Don't Neglect to Understand Insurance Jargon

Unfortunately, insurance requirements in contracts are not easy to understand. The language used in insurance requirements is not always intuitive, but we all know that the consequences of not having the right insurance can...more

Mitigating Bribery Risks With Financial Controls

Anti-corruption compliance is not as hard as it looks. In fact, by taking a step back, compliance professionals can gain insights. At the direction of compliance professionals, companies like to develop and adopt...more

Florida Supreme Court Rules an Insured Can Use Payments from a Third Party to Satisfy a Self-insured

On February 6, 2014, in Intervest Construction of Jax, Inc., et al. v. General Fidelity Insurance Company, the Florida Supreme Court held that an insured can use payments from a third party to satisfy a self-insured retention...more

Energy Newsletter - March 2014

In This Issue: - REGULATORY: Oil & Gas Regulatory, Government Relations: Congress Probes Crude Rail Safety Developments; Voluntary Industry-Regulator Agreement Addresses Safety Concerns - Environmental: A "Diesel...more

Florida’s New LLC Act from the Lender’s Perspective

Last year, Florida Governor Rick Scott signed the Florida Revised Limited Liability Company Act (the New Act) into law. The New Act, which is codified in new Chapter 605 of the Florida Statutes, is a complete rewrite of the...more

The Latest in Bylaws–No Director Third-Party Compensation

Every now and then a bylaw amendment gains favor in corporate America. A few brave companies act as early adopters. Then, if the concept has merit and nothing bad happens, other companies follow suit until it becomes...more

BBB Warns Advertisers and Web Publishers to Take Responsibility for Behavioral Advertising Disclosures

The Better Business Bureau (“BBB”) and the Direct Marketing Association (“DMA”) are in charge of enforcing the ad industry’s Self Regulatory Principles for Online Behavioral Advertising (“OBA Principles”), which regulate the...more

If it ain’t broken, don’t fix it and other complacent Plan Sponsor excuses

One of the most annoying phrases out there is: “if it ain’t broken, don’t fix it”. I have disliked it for more than 20 years after seeing a student government political candidates use it back at Stony Brook. Through...more

Auditors’ Liability to Third Parties: An Overview

Historically, the doctrine of privity of contract prevented third parties from claiming against auditors for negligently prepared audited reports. The landscape changed with the recognition of the tort of negligent...more

OCC Issues Updated Risk Management Guidance On Third-Party Relationships

The Office of the Comptroller of the Currency (“OCC”) has revised its risk management guidance on third-party relationships, advising banks to adopt risk management processes that provide more comprehensive oversight and...more

California Court Holds Insurer Entitled to Reimbursement of Defense Costs

In its recent decision in Great Am. Ins. Co. v. Chang, 2013 U.S. Dist. LEXIS 159197 (N.D. Cal. Nov. 6, 2013), the United States District Court for the Northern District of California had occasion to consider an insurer’s...more

Allegations in Third-Party Complaint May Trigger Duty to Defend

Although a personal injury complaint filed by a subcontractor’s employee alleged direct negligence only against the additional insured contractor, the vicarious liability coverage afforded the additional insured was...more

CMS Declares Third Party Payment of QHP Premiums Not OK

On the heels of HHS’s recent announcement that qualified health plans (QHPs) purchased through the Affordable Care Act (ACA) insurance exchanges are not “federal health care programs” for purposes of the federal anti-kickback...more

OCC Releases Guidance on Third-Party Relationships

On October 30, the OCC issued updated risk management guidance for national banks and federal savings associations related to third-party relationships. The banks should...more

Be Careful – Complying with Separation Agreements and Personnel File Issues

Parties often include in separation agreements a confidentiality provision, along with a provision indicating that the agreement is not to be included in the soon-to be former employee’s personnel file. Sometimes, such...more

Orrick's Financial Industry Week in Review - November 4, 2013

The Fed Approves New Fee Schedules - On October 31, the Fed announced new fee schedules, effective January 2, 2014, for payment services the Federal Reserve Banks provide to depository institutions (priced services). ...more

You Can't Appeal That! Or Can You?

You may remember the case of Out of the Box Developers, LLC v. Logicbit Corp. It has spawned a couple of interesting discovery decisions. One was on subpoenas to third parties, another involved nearly $40,000 in sanctions for...more

EEOC Settlement Reminds Employers of Responsibility to Protect Employees from Harassment by Third Parties

A Virginia healthcare company, Southwest Virginia Community Health System, recently agreed to pay $30,000 to settle a sexual harassment suit brought against it by the Equal Employment Opportunity Commission (EEOC). The EEOC...more

Third Party Claims For Work Related Injuries

Washington state law prevents employees from suing their employers for on-the-job injuries and limits employer liability to paying L&I compensation. This law, however, does not prevent an injured employee from suing a party...more

Tackling the realities of due diligence in a global setting

The Resource Guide to US FCPA* (the Guidance) promulgated by the DOJ and SEC emphasizes the need for appropriate due diligence and vetting before engaging third parties. The Guidance details the need to conduct...more

Risk-based due diligence of third-party intermediaries: a scorecard approach

Companies operating internationally often engage numerous – sometimes even thousands – of third parties around the world to help facilitate their business. Alongside the growth of such relationships, the risks posed by them...more

Third Party Administrator Update - Volume 2, 2013

In This Issue: - Nevada Begins Audits of TPAs - Insurers Challenge Requirement to Use Social Security Death Master File - ACLI Files Lawsuit Regarding Prohibition on Offshoring - Tennessee Modifies...more

Construction Site Injuries: Defining Third-Party Claims

Earlier this year, a crane collapsed onto a construction site in Queens, New York, seriously injuring seven workers, three of who were pinned. Although the employees worked for a subcontractor called Cross Country...more

Trust, But Verify with Third-Party Software Vendors

Scott & Scott, LLP cautions companies engaging the services of third-party vendors not to assume that the software licenses acquired from those vendors really are adequate to support the products deployed by those vendors. ...more

Insurers, Beware Of Unnamed 3rd Parties' Hidden Rights

Generally, the language of an insurance policy governs the rights to any proceeds thereunder. However, many courts recognize a number of different theories that may allow third parties not specifically named as insureds in...more

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