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|CFTC Grants No-Action Relief to Commodity Pool Operators with Respect to Certain Insurance-Linked Securitization Vehicles|
Brian Barrett, James M. Cain, Daphne G. Frydman, Catherine M. Krupka, David T. McIndoe; Sutherland Asbill & Brennan LLP;
February 13, 2015, previously published on January 16, 2015Toward the end of 2014, the staff of the Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) issued two letters affecting insurance-linked securitization vehicles: CFTC Letter No. 14-145 and CFTC Letter No. 14-152.
|FY 2016 Budget Tax Proposals Target Insurance Companies|
Sutherland Asbill Brennan LLP;
February 13, 2015, previously published on February 3, 2015On February 2, the Obama Administration released its fiscal year 2016 budget (FY 2016 Budget). The hallmarks of the FY 2016 Budget are proposals that would impose (i) a minimum tax on the current foreign earnings of U.S. corporations and their controlled foreign corporations (CFCs) and (ii) a...
|Adjuster’s Only Duty To Insurer And Not To Insured Manufacturer Following Workplace Incident|
Sutherland Asbill Brennan LLP;
February 13, 2015, previously published on February 12, 2015An employee of a staffing agency was critically injured while working at an assembly plant when he was pulled into a laser cutting machine. The worker brought suit against the plant owner (the “Insured”). The Insured forwarded the complaint to its Insurer. The Insurer then assigned the...
|The Use of Social Media in Bodily Injury Claims|
Tobin Horton; Blaney McMurtry LLP;
February 12, 2015, previously published on November 21, 2014Social media has become ubiquitous in our day-to-day lives. It is the communication medium for the younger generation. Advertisements declare that social media is the only way to “stay connected.” For litigators, social media is a very useful tool for defending bodily injury claims -...
|Costs Consequences: The Case of Hoang v. Vicentini|
Thomas Durcan; Blaney McMurtry LLP;
February 12, 2015, previously published on November 21, 2014The Ontario Superior Court recently sent a much-welcome message with respect to costs awards in its decision Hoang v. Vicentini. The action involved a six year old pedestrian who was struck by a car, just after being dropped off at a busy intersection by his father. The six year old was seriously...
|Court of Appeal Affirms the Crown's 10 Day Notice Provision|
Blaney McMurtry LLP;
February 11, 2015, previously published on November 21, 2014The Proceedings Against the Crown Act (“PACA”) requires that 10 days’ notice be provided to the Crown where the action involves occupier’s liability, failing which, the claim is a nullity. Courts have been critical of the 10 day PACA notice and have been loath to apply it.
|Priority Dispute: Third Party Vehicle Renter vs. the Defendant Vehicle Owner|
Timothy Alexander; Blaney McMurtry LLP;
February 11, 2015, previously published on November 21, 2014In a very recent decision - Elias v. Koochek - the Court addressed the issue whether the insurer of a renter of a vehicle who is not named as a defendant in the main action, but has been brought into the action as a third party, has priority over the insurer of the owner of the rental vehicle.
|Independent Contractors Fall within Employment-Related Practices Exclusions Says First Circuit|
Michael Glascott, Colin B. Willmott; Goldberg Segalla LLP;
February 10, 2015, previously published on January 12, 2015In Ruksznis v. Argonaut Insurance Co., 2014 U.S. App. LEXIS 23881 (1st Cir. Dec. 18, 2014), the First Circuit affirmed the district court’s grant of summary judgment in favor of Argonaut Insurance Company (Argonaut), finding that the employment-related practices exclusion in the subject...
|Settlement of Ill-Gotten Gains Suit Does Not Constitute Repayment or Restitution|
James D. Macri, Jonathan Schapp; Goldberg Segalla LLP;
February 10, 2015, previously published on January 5, 2015On Tuesday, December 16, in U.S. Bank Nat. Ass’n v. Indian Harbor Ins. Co., 2014 WL 7183851 (D. Minn. Dec. 16, 2014), the US District Court for the District of Minnesota granted US Bank’s summary judgment motion, finding insurance coverage in an overdraft-fee dispute settlement.
|Update: “Where are You TRIA?” - Maybe Next Year|
Aaron J. Aisen, Frederick J. Pomerantz; Goldberg Segalla LLP;
February 10, 2015, previously published on February 2, 2015Last week we commented upon the debate surrounding the Terrorism Risk Insurance Act (TRIA). However, unlike the end of How the Grinch Stole Christmas where Cindy Lou Who ultimately found Christmas, TRIA did not make the cut of hastily passed legislation/nominations as the Senate gaveled to a close...