Sam Bankman-Fried’s criminal trial started this week; and on the same day, he sued one of his director & officer insurers. And a lot of people are asking, why? Is the timing a coincidence or on purpose? Shouldn’t he be...more
10/6/2023
/ Bad Faith ,
Commercial General Liability Policies ,
Commercial Insurance Policies ,
Criminal Prosecution ,
D&O Insurance ,
Defense Costs ,
Financial Fraud ,
Fraud ,
Insurance Industry ,
Legal Fees ,
Policy Exclusions ,
Self-Dealing
We are heading into the holiday season. It’s a Wonderful Life will be on television. And cryptocurrency bankruptcies will be in the news. Yesterday, BlockFi filed for bankruptcy. What does a seventy year old Frank Capra movie...more
This morning, the FTX crypto exchange (and more than 130 affiliates) filed for bankruptcy in Delaware. FTX was recently valued at $32 billion, and now it appears to be worth $0. The bankruptcy petition listed at least $10...more
Companies in the United States continue to file business interruption lawsuits against their insurers for claims arising from state and local government shutdown orders in response to the COVID-19 pandemic. At least 1,250...more
10/27/2020
/ Business Interruption ,
Civil Authority Coverage ,
Commercial Insurance Policies ,
Commercial Property Owners ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Infectious Diseases ,
Insurance Industry ,
Insurance Litigation ,
Loss Coverage ,
Policy Exclusions ,
Property Insurance
Two weeks ago, on September 2, 2020, the Centers for Disease Control (“CDC”) relied on little-known statutory powers to issue a temporary moratorium for most residential evictions, with a stated goal of reducing the risk of...more
9/17/2020
/ Administrative Procedure Act ,
Anti-Commandeering ,
Centers for Disease Control and Prevention (CDC) ,
Contracts Clause ,
Coronavirus/COVID-19 ,
Eviction ,
Financial Distress ,
Landlords ,
Moratorium ,
Rental Property ,
Right of Access ,
Rulemaking Process ,
Supremacy Clause ,
Tenants
When things are going well, insurance coverage, workers’ compensation and OSHA compliance may not be front-burner issues for companies. But in the COVID-19 environment, such “rainy day” topics are top of mind concerns of...more
As more and more businesses are impacted, meetings and events are cancelled, projects are halted, and operations are closed in response to the unprecedented effects of COVID-19, the issue of potential insurance coverage has...more
Two months ago, without any prior warning or public notice, the IRS issued Notice 2016-66 which defined a number of common captive insurance transactions as “transactions of interest.” The Notice is limited to captive...more
In the wake of Hurricane Matthew and its associated flooding (particularly in North Carolina and South Carolina), a recent case of first impression in the Sixth Circuit may be cited by both damaged businesses and insurers and...more
With Hurricane Matthew downgraded to a tropical cyclone, it is time for affected businesses, property owners, and insurers to focus on quantifying the amount of damage caused by the storm. By some estimates, Hurricane...more
Businesses in Charlotte, North Carolina will most likely be covered by property insurance for damage caused by protesters. Additionally, some may be able to recover lost business income.
Over the last two evenings,...more
The North Carolina Court of Appeals recently released an unpublished opinion further illuminating how insurers can effectively cancel worker's compensation policies. However, nothing in the case limits its application solely...more
Insurance law generally imposes on a policyholder the duty to give timely notice of claims to its insurance company. Sometimes, because of forgetfulness, ignorance, neglect, or a number of other reasons, companies fail to...more