New York Court of Appeals Holds That Disgorgement Payment Under SEC Settlement Not Excluded As A Penalty Imposed By Law

The Securities and Exchange Commission (SEC) alleged that Bear Stearns facilitated late trading and deceptive market timing practices by its customers in connection with the purchase and sale of mutual fund shares.  Bear Sterns sought

Our December Insurance Update features four cases.

The Minnesota Supreme Court decides if a resident-relative exclusion violates public policy.

A Texas appellate court considers, for a second time, if damage from illegal dumping was caused by an “occurrence.”

A Massachusetts appellate court determines whether an uninsured premises exclusion applies where the claim dates back to

Second Circuit Holds That General Contractor’s “True Excess” Policy Covers Owner Before Owner’s Primary Policy Because Of General Contractor’s Contractual Indemnity Obligation to Owner

The Long Island Railroad on behalf of the Metropolitan Transit Authority (“Owner”) contracted with a general contractor (“GC”) for a construction project on a railroad bridge; and a subcontractor’s employee was

We bring you our November Insurance Update.

Here’s what happened over the past month.

Insurers scored a hat trick before the Ninth Circuit, as the court found no coverage for pandemic-related business interruption losses in three separate cases.  The cases addressed the “direct physical loss” language, the virus exclusion, causation, and civil authority coverage.

The

Alan Rutkin authored, “As Cybercrimes Continue, Lawsuits for Damages Will Grow,” for the December 2021 issue of Best’s Review. The article explores the challenges to insurers posed by the ever-evolving world of cyber liability:

1. The threats are growing.
2. Underwriters are trying to assess where the biggest threats exist.
3. Coverage litigation is still relatively new.

Court Holds That Contractor’s Insurer Must Defend Owner As Additional Insured In Personal Injury Action Filed By Subcontractor’s Employee

A premises owner hired a contractor to perform an oil-to-gas boiler conversion, and the contractor subcontracted the work.  The subcontractor’s employee was injured while working on the project and sued the owner.  The owner sought additional

Michael J. Heller’s, Peter P. McNamara’s and Matthew V. Spero’s Summer 2021 issue of the Title Reporter has been published in the Real Estate Finance Journal.

Click here to read the full article.

Here’s our October Insurance Update.

The Sixth Circuit had insurance on its mind this past month.  Three of the decisions we discuss in our update are from that court.

First, the Sixth Circuit joins the Eighth and Eleventh Circuits in finding that pandemic-based business interruption losses did not amount to a “direct physical loss of

The cyber insurance market landscape continues to change, as insurers grapple with the growing threats hackers pose to policyholders. But less discussed are insurers’ internal cyber security practices. Insurers possess extensive personal information about policyholders, making insurers attractive targets for hackers.

In October 2017, responding to these concerns, the National Association of Insurance Commissioners (the

Here is what we cover in this issue of The Title Reporter: A Legal Update for the Title Insurance Industry:

• An appellate court in California has ruled that the state’s Quiet Title Act insulated a third party from the effect of a subsequent invalidation of an earlier quiet title judgment only if the third