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Securities Insurance Civil Remedies

Read need-to-know updates, commentary, and analysis on Securities issues written by leading professionals.

New Jersey Federal Court Extends Coverage of Merged Bank's D&O Liability Insurance Policy To Surviving Bank

by Shearman & Sterling LLP on

On September 18, 2017, Judge John Michael Vazquez of the U.S. District Court of New Jersey granted summary judgment in favor of plaintiffs BCB Bancorp, Inc. (“BCB”) and the former directors and officers of Pamrapo Bancorp,...more

More Fund Companies Sanctioned for Misusing Fund Assets for Distribution

by Carlton Fields on

The SEC recently settled enforcement actions against William Blair and two Calvert companies for using mutual fund assets to pay distribution-related expenses in violation of Investment Company Act Rule 12b-1 and for certain...more

The Supreme Court - December, 2016 #2

by Dorsey & Whitney LLP on

The Supreme Court of the United States issued decisions in three cases today: Samsung Electronics Co. v. Apple Inc., No. 15-777: A jury found that smartphones manufactured by petitioner Samsung infringed respondent Apple...more

Court Rules Fixed Income Annuity Is Not A Security Under The CSL

by Allen Matkins on

Because annuity contracts involve the payment of money in the expectation of future payments, one might conclude that they are securities within the meaning of the California Corporate Securities Law of 1968. Evidently, that...more

5 Wishes for Securities Litigation Defense: Early Damages Analysis and Discovery

The fifth of my “5 Wishes for Securities Litigation Defense” (April 30, 2016 post) is to move securities class action damages expert reports and discovery ahead of fact discovery. This simple change would allow the...more

Eleventh Circuit Requests Assistance in Interpreting Consent-to-Settle Provision

Most cases in the United States settle. Insurers are well-aware of this fact. Thus, insurance companies employ consent-to-settle provisions in insurance policies to limit and control their liability in the likely event of a...more

J.P. Morgan Decision Curtails the Phantom “Restitution Defense” to D&O Coverage

In a case closely watched by industry observers, the New York Court of Appeals, in J.P. Morgan Securities v. Vigilant Insurance Company, No. 113 (NY, June 13, 2013), issued an important ruling in the field of directors and...more

New York Court Allows Disgorgement Coverage Action to Proceed

In its recent decision in J.P. Morgan Securities, Inc. v. Vigilant Ins. Co., 2013 N.Y. LEXIS 1465 (NY June 11, 2013), New York’s Court of Appeals – New York’s highest court – had occasion to consider whether an insured can...more

Federal Court Rules that Insurer May Prevail on its Representation and Warranty Claims Without Proving that the Breaches Caused...

On September 25, Judge Jed S. Rakoff of the Southern District of New York issued a written opinion denying summary judgment in Assured Guaranty Municipal Corp.’s contract dispute with Flagstar Bank FSB over its insurance...more

Assured Guaranty Sues GMAC Entities in Connection with RMBS Insurance

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

Mitigating the effects of insolvency in construction contracts

by BPE Solicitors LLP on

A review of the mechanisms available to insulate yourself from the effects of insolvency when contracting. This seminar was held at BPE Solicitor LLP's offices in Cheltenham, UK, on 8 April 2011 in conjunction with...more

Brokerage Firm Can Recover $141 Million in Trading Losses from Insurers Because An "Associated Person" Is An Employee Under New...

In New Hampshire Insurance Co., et al., v. MF Global, Inc., Index No. 601621/09 (Sup Ct, NY County, Oct. 5, 2010), Justice Bernard J. Fried granted summary judgment to MF Global, Inc. (“MF Global”), formerly one of the...more

District Court Holds No D&O Insurance Coverage For Attorneys' Fees And Costs Incurred In Voluntary Response To SEC Investigation

In Office Depot, Inc. v. National Union Fire Insurance Co. of Pittsburgh, Pa., No. 09-80554-CIV-MARRA, 2010 WL 4065416 (S.D. Fla. Oct. 15, 2010), the United States District Court for the Southern District of Florida recently...more

SEC Agrees to 2-Year Stay of Rule 151A

by Morrison & Foerster LLP on

On December 8, 2009, the Securities and Exchange Commission (the “SEC”) stated in a filing with the U.S. Court of Appeals for the District of Columbia Circuit (the “Court”) that it agreed to stay of the effective date of Rule...more

Red Alert: New York Court of Appeals Grants Summary Judgment Based on Insured's Breach of Consent to Settle Provision of Policy

The New York Court of Appeals has reversed an order of the Appellate Division and has found that no coverage exists for Bear Stearns’ $80 million settlement with regulatory authorities in connection with the research analyst...more

Public Finance Alert: Federal Appeals Court Rules Bond Insurer Lacks Standing for Fraud Claims

Public Finance Alert: Federal Appeals Court Rules Bond Insurer Lacks Standing for Fraud Claims

On September 18, the U.S. Court of Appeals for the 11th Circuit, in a case closely watched by bond insurers, other credit enhancers and issuers, conduit borrowers, and underwriters of insured or credit-enhanced debt, ruled...more

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