JONES DAY TALKS®: Consumer Protection Enforcement Changes Likely After SCOTUS AMG Decision
The Superior Court of Connecticut, applying Connecticut law, granted an insurer’s motion for summary judgment, finding that a D&O policy did not afford coverage for a settlement that resulted in a consent judgment against the...more
The United States Court of Appeals for the Seventh Circuit, applying Illinois law, has held that a $100 million settlement between the United States government and a pharmaceutical company for claims arising under the False...more
On November 23, 2021, New York’s highest court resolved a long-standing dispute between directors and officers (D&O) liability insurers and their insureds, holding that a settlement payment to the U.S. Securities and Exchange...more
In previous posts, we have emphasized the continued judicial trend rejecting insurer arguments that losses purportedly sounding in restitution or disgorgement are “uninsurable” under D&O policies. Despite that trend, insurers...more
A recent coverage case from Illinois is a helpful reminder to policyholders that they should not take no for an answer when insurers deny a claim based on uninsurability, restitution, disgorgement, or fraud. In fact, those...more
Moral hazard lurks around the edges of many disputes about liability coverage. Everyone agrees in principle that insurance shouldn’t help bad actors benefit from their wrongdoing, but parties often clash over where the...more
A federal judge in Minnesota recently held that “restitution” paid to settle a class action lawsuit was covered under the terms of a professional liability policy. The court in U.S. Bank National Ass’n et al. v. Indian Harbor...more
In recent years, purchasers of D&O and professional liability insurance have been stunned to learn that their carriers have denied coverage for a wide range of claims on the theory that their policies do not cover loss that...more
In This Issue: - Federal Housing Finance Agency Proposes New Rules on Lender-Placed Insurance - J.P. Morgan Decision Curtails the Phantom “Restitution Defense” to D&O Coverage - Bad-Faith Claims ...more
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