Mr. Ragab sued two financial companies and a corporate officer for misrepresentation and for violating several consumer credit repair statutes. There were six agreements between the parties, including, for example, a...more
On July 21, 2016, we reported on a putative class action filed in a California U.S. district court by Shasta Linen Company against Applied Underwriters, Inc. and its affiliate entities, alleging that the “EquityComp” workers’...more
Applied Underwriters Captive Risk Assurance Company appealed from the denial of its motion to compel arbitration in a dispute related to a reinsurance participation contract with South Jersey Sanitation Company. The trial...more
11/29/2016
/ Appeals ,
Arbitration ,
Federal Arbitration Act ,
Insurance Industry ,
Insurance Litigation ,
Mandatory Arbitration Clauses ,
McCarran-Ferguson Act ,
Motion to Compel ,
Policy Terms ,
Preemption ,
Reinsurance
Two purported class representatives appealed an order compelling arbitration in their putative class action lawsuit against Amazon Services, LLC. The court affirmed, holding that the named plaintiffs agreed to Amazon’s...more
The underlying dispute involved allegations of breach of warranty and deceptive trade practices based on a sale of an allegedly defective car. The Fifth Circuit explained that the FAA, which governed the alleged arbitration...more
- AXA Prevails at First Post-Jones v. Harris Excessive Fee Trial
- Potential Secondary Effects of Regulatory Examinations: Evidentiary Issues and Preclusion in Parallel Litigation
- On The Horizon: Global...more
10/31/2016
/ Administrative Proceedings ,
Annuities ,
Business Continuity Plans ,
CFTC ,
Class Action ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Data Protection ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
EU ,
European Economic Area (EEA) ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Markets ,
FSB ,
Gartenberg Factors ,
Healthcare ,
Industry Examinations ,
Insurance Industry ,
Investment Companies ,
Life Insurance ,
Long Term Care Facilities ,
Long-Term Care ,
Meals-Gifts-and Entertainment Rules ,
Mutual Funds ,
NAIC ,
NYDFS ,
Passporting ,
Regulatory Oversight ,
Retirement Plan ,
RICO ,
Risk Assessment ,
Securities ,
Securities and Exchange Commission (SEC) ,
Solvency II ,
UK ,
UK Brexit ,
Unicorns
Increasingly aggressive and adversarial examinations by state regulators can expose insurers to troubling evidentiary issues in subsequent individual and class action litigation. Plaintiffs’ counsel may seek to admit into...more
A borrower had previously entered into three payday loan agreements that contained arbitration provisions mandating that all claims be arbitrated in the National Arbitration Forum (NAF), and under the Code of Procedure of the...more
10/20/2016
/ Arbitration ,
Banking Sector ,
Borrowers ,
Class Action ,
Consumer Lenders ,
Federal Arbitration Act ,
Financial Institutions ,
Mandatory Arbitration Clauses ,
Motion to Compel ,
Online Marketplace Lending ,
Payday Loans
In a suit by an auto body company against a captive insurance company for rescission of certain workers compensation reinsurance participation agreements, for disgorgement of $70,000 paid thereunder, and for fraud, breach of...more
10/18/2016
/ American Arbitration Association ,
Arbitration ,
Arbitration Agreements ,
Auto Body Shop ,
Breach of Contract ,
Captive Insurance Company ,
Disgorgement ,
Fraud ,
Insurance Industry ,
Mandatory Arbitration Clauses ,
Motion to Compel ,
Participation Agreements ,
Reinsurance ,
Rescission ,
Unfair or Deceptive Trade Practices ,
Workers' Compensation Claim
The Ninth Circuit recently reversed a trial court for compelling arbitration without issuing an order that (1) made “the necessary factual findings as to the parties’ communications,” (2) determined “the law applicable to...more
Excalibur had been in run-off status since 2003, and under regulatory supervision since at least 2013. A Pennsylvania court has now placed Excalibur into liquidation based on three grounds: (1) insolvency – Excalibur’s...more
In the ongoing reinsurance dispute between cedent Utica Mutual Insurance Company and reinsurer Clearwater Insurance Company, about which we most recently posted on February 9, 2016, two developments occurred on July 14, 2016....more
On May 11, 2016 we reported on a dispute between certain captive insurance administrative service providers (Capstone) against various defendants concerning the rights to certain intellectual property related to a captive...more
ICC Chemical Corporation sued Nordic Tankers Trading A/S concerning a cancelled charter agreement. Per the agreement, Nordic was scheduled to have its vessel present at the port ready to be loaded with ICC’s chemical cargo....more
We previously reported on the confirmation of three awards in a dispute between National Indemnity Company (“NICO”) and IRB Brasil Ressegurous S.A (“IRB”). In April, NICO submitted a motion for an award of its fees and costs...more
As we previously reported in March 2016, the United States initiated discussions with the European Union to enter into a Covered Agreement addressing: (1) the equivalence of the U.S. insurance and reinsurance regulatory...more
Immersion Corporation, a U.S. company, had previously entered into a settlement with Sony, a Japanese company, regarding the latter’s alleged patent infringement. Subsequently, a dispute arose surrounding whether Sony was...more
The minutes of the April 4, 2016 task force meeting included the following seven items of activity:
- Adopted its Jan. 6, 2016 and Dec. 9, 2015 minutes (which were attached), which reflected the adoption of revisions to...more
The class action was brought by Verizon subscribers against a “targeted advertising” company business partner of Verizon (Turn, Inc.) for deceptive trade practices under New York law. Plaintiffs alleged that Turn violated...more
We previously reported on reinsurance litigation in Connecticut federal court between Travelers Indemnity Co. and Excalibur Reinsurance Corp, which the parties settled in May 2014. See prior post dated July 31, 2014. A year...more
On March 17, 2016, the Office of Financial Research, an agency created by the Dodd-Frank Act of 2010 to analyze risk to the financial system, released a brief discussing “recent policy measures” by the NAIC “and the data that...more
Effective January 24, 2016, Maine amended Bureau of Insurance Rule 740, Credit for Reinsurance, in order to implement the newly adopted provision of the Maine Credit-for-Reinsurance Act that allows reduced collateral for...more
National Aluminum Co., Ltd. (“NALCO”) prevailed in arbitration held in India against Peak Chemical Corp. in 2005. Ultimately, the award was affirmed on appeal by an Indian court in February 2012. When earlier this year, NALCO...more
The court considered the various privilege assertions of both the insurers (plaintiffs) and the insureds (defendants) in a multi-insurer insurance litigation. In analyzing varying categories of documents, including subsets of...more
After an arbitrator ruled that indemnification agreements between an acquiring company and certain former directors and trustees of employee stock ownership plans, were void under ERISA, the district court vacated the...more