Funds Not Caged by SEC Names Rule Amendments: Roaming Room Remains -
The SEC recently adopted amendments to its investment company “names” rule that apply to most SEC-registered funds, including underlying funds in which...more
1/11/2024
/ Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Insurance Industry ,
Investment Funds ,
Life Insurance ,
Proposed Rules ,
Putative Class Actions ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Securities Traders ,
Whistleblowers
For broker-dealers distributing and selling variable annuities, examinations will test for compliance with Reg BI and FINRA Rule 2330 because both standards apply to variable annuity sales. Firms distributing and selling...more
More than 25 years have elapsed since the SEC adopted Exchange Act Rule 17a-4(f) governing electronic recordkeeping by broker-dealers. In an effort to update the rule to reflect “technology neutral” concepts, the SEC adopted...more
As we previously advised on our blog, Michigan amended its Insurance Code regarding Credit for Reinsurance to bring Michigan into compliance with the NAIC Credit for Reinsurance Model Law and Model Regulation. ...more
This case involved a consumer, Charleene Novic, who obtained a credit card from Credit One. The card holder agreement contained an arbitration clause that stated “[c]laims subject to arbitration include … disputes related to...more
We have previously reported on Odyssey Reinsurance’s Continuing efforts to collect a $3.2 million default judgment against Richard And Diane Nagby in our blog on numerous occasions. ...more
The background of this case in California federal court is that The Hartford (“Hartford”) issued reinsurance billings to Employers Insurance Company of Wausau (“Wausau”) for settlement payments made to one insured under...more
This case relates to a dispute between Eastern European Engineering Ltd. (“EEEL”) and Vijay Construction (Proprietary) Ltd. (“VCL”), both of which are incorporated in the Seychelles, arising out of the construction of a hotel...more
In sum, in 2009, plaintiffs American Brokerage Network and its owner Cung Thai (collectively, “ABN”) and American General Life and Accident Insurance Company (“AGLA”), a subsidiary of American International Group, Inc....more
A California district court recently denied a motion to vacate an arbitration award which had denied a plaintiff’s claims brought before the Financial Industry Regulatory Authority (“FINRA”)....more
12/18/2018
/ Arbitration ,
Arbitration Awards ,
Breach of Contract ,
Breach of Duty ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Management ,
Merrill Lynch ,
Securities Violations ,
Stocks ,
Unclaimed Property ,
Vacated
The background of this case is as follows. In 2014, ContraVest Inc., ContraVest Construction Co., and Plantation Point Horizontal Property Regime Owners Association Inc. (collectively, “Plaintiffs”) brought suit in South...more
11/28/2018
/ Attorney-Client Privilege ,
Bad Faith ,
Breach of Contract ,
Commercial General Liability Policies ,
Construction Defects ,
Denial of Insurance Coverage ,
Insurance Litigation ,
Mandamus Petitions ,
Mediation ,
Unjust Enrichment ,
Work-Product Doctrine
In sum, this case stems from a 2007 lease agreement between Ross Dress for Less, Inc. (“Ross”) and VIWY, L.P. (“VIWY”) for Ross to be a tenant in VIWY’s shopping center....more
GC Services Limited Partnership (“GC Services”), a debt collector hired by a bank to collect an allegedly unpaid balance on a credit card, advised plaintiff Francina Smith (“Smith”) that it would commence a collection...more
Floridians for Solar Choice, Inc. (“FSC”), is a Florida not-for-profit corporation formed for the purpose of qualifying for a solar energy amendment ballot initiative in Florida’s general election....more
10/18/2018
/ Arbitration ,
Arbitration Awards ,
Ballot Measures ,
Breach of Contract ,
Constitutional Amendment ,
Conversion ,
Energy Sector ,
Florida ,
Fraudulent Inducement ,
Motion to Vacate ,
Solar Energy ,
Unjust Enrichment
This English court case involved arguments by Dreymoor Fertilisers Overseas Pte. Ltd. (“Dreymoor”), a Singapore trading company, to prevent EuroChem Trading GmbH, a Swiss company, and JSC MCC EuroChem, Russia’s largest...more
The background and full procedural history of this case can be found here. In sum, the dispute stems from a 2011 agreement by KT Corporation and KTSAT Corporation (“KT”), a Korean satellite communications provider, to sell...more
8/16/2018
/ Arbitration ,
Arbitration Awards ,
Breach of Contract ,
Contract Termination ,
Cross Motions ,
Foreign Trade Regulations ,
International Chamber of Commerce (ICC) ,
Mandatory Arbitration Clauses ,
Operating Agreements ,
Purchase Agreement ,
Vacated
In this case, the ceding company, VIP Universal Medical Insurance Group Ltd. (“VIP”), brought an action in Florida federal court against its reinsurer, BF&M Life Insurance Company Ltd. (“BF&M”), and International Reinsurance...more
In this case, Reserve Mechanical Corp. (“Reserve”), a captive insurer incorporated under the laws of Anguilla, sued the Commissioner of Internal Revenue in the U.S. Tax Court regarding the Commissioner’s findings of $477,261...more
The First Circuit recently held that an arbitration clause contained in the online contract of the ride sharing app, Uber Technologies, Inc., is unenforceable under Massachusetts law. ...more
7/24/2018
/ Arbitration ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Federal Arbitration Act ,
Mandatory Arbitration Clauses ,
Mobile Apps ,
Motion to Compel ,
Online Contracts ,
Sharing Economy ,
Terms of Service ,
Uber ,
Unenforceable Contract Terms
The Texas Department of Insurance has proposed to reorganize its Surplus Lines Insurance Chapter 15 in the Texas Administrative Code. ...more
This matter involved a lawsuit brought in Texas federal court by a former employee (Huckaba) against Ref-Chem L.P., alleging sexual harassment, discrimination and retaliation in violation of Title VII. ...more
7/3/2018
/ Arbitration ,
Arbitration Agreements ,
Civil Rights Act ,
Discrimination ,
Employer Liability Issues ,
Employment Contract ,
Employment Litigation ,
Motion to Compel ,
Remand ,
Retaliation ,
Reversal ,
Sexual Harassment ,
Title VII
This case was previously reported by us on April 30, 2018. As we previously reported, on March 20, 2018, a New York federal court largely denied the motions for summary judgment of both plaintiff, Utica, and defendant, Munich...more
In sum, the case involves five consolidated class actions brought in Florida federal court against banks by bank customers in 2008 and 2009 alleging that they were unlawfully charged overdraft fees....more
In this case, plaintiffs Keller Foundations LLC, a limited liability construction company (“Keller”), Hayward Baker Inc., a construction services corporation (“HBI”), and their parent Keller Group PLC (“Keller Group”) brought...more
Foresight Energy, LLC (“Foresight”) brought an action in Missouri state court against various domestic and Bermuda and London market insurers for declaratory judgment, breach of contract and statutory vexatious refusal to pay...more
5/22/2018
/ Breach of Contract ,
Coal Mines ,
Denial of Insurance Coverage ,
Insurance Litigation ,
Mandatory Arbitration Clauses ,
McCarran-Ferguson Act ,
Motion to Remand ,
New York Convention ,
Policy Terms ,
Reverse Preemption ,
Subject Matter Jurisdiction