Sentinel Management – the Seventh Circuit Sides with Trust Beneficiaries

By | eSQUIRE Global Crossings | August 21, 2017
Sentinel Management – the Seventh Circuit Sides with Trust Beneficiaries In its fifth trip to the Seventh Circuit Court of Appeals, the Sentinel Management Group’s bankruptcy case recently explored complex issues bankruptcy practitioners often encounter in large chapter 11 cases with financial services debtors.  In a far-ranging opinion, the Seventh Circuit held that the Bankruptcy Court’s oral “clarification” of an earlier order, which had already been reversed on appeal, could not serve to collaterally estop parties under the mandate rule and the law-of-the-case doctrine.  View Full Post
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Does Your LLC Agreement Have a Purposeless Purpose Clause?

By | New York Business Divorce | August 21, 2017
Does Your LLC Agreement Have a Purposeless Purpose Clause? WARNING: Contractarians may find the following post disturbing. Reader discretion is advised. Now that I’ve got your attention, consider this: Under the standard for judicial dissolution of a New York LLC prescribed in the landmark 1545 Ocean Avenue case, the primary, contract-based inquiry is whether the LLC’s managers are unable or unwilling to permit or promote the stated purpose of the entity, as found in the LLC’s operating agreement or articles of formation, to be realized or achieved. View Full Post
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Discovery of Reserve and Reinsurance Communications – Part III

Discovery of Reserve and Reinsurance Communications – Part III In Part III, we discuss discovery of reinsurance information. Discovery of Reinsurance Documents and Communications Federal Rule of Civil Procedure 26(a)(1)(A)(iv) requires, as part of the parties’ initial disclosures, the production of “any insurance agreement under which an insurance business may be liable to satisfy all or part of a possible judgment in the action or to indemnify or reimburse for payments made to satisfy the judgment.”  Most federal courts have held that reinsurance agreements must be produced under Rule 26(a) where the primary insurer is a named party, because the reinsurer may have a duty to indemnify the primary insurer.   View Full Post
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Oklahoma Supreme Court Examines “Legitimate Dispute” Defense, Favors Policyholder

By | Oklahoma Bad Faith Insider | August 20, 2017
Oklahoma Supreme Court Examines “Legitimate Dispute” Defense, Favors Policyholder The “legitimate dispute” defense is asserted in many, if not most, bad faith cases.  As noted in a previous post, using this defense, insurance companies often argue there is a “legitimate dispute” with the policyholder about the insurance claim in question, and there can therefore be no bad faith liability.   View Full Post
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When IPO Companies Stumble Out of the Blocks

By | The D&O Diary | August 20, 2017
When IPO Companies Stumble Out of the Blocks Most informed observers know that IPO companies are more susceptible to securities class action litigation than are more seasoned companies. IPO companies usually have short operating histories and so their post-offering performance can be unpredictable and may include unexpected developments. When IPO companies stumble out of the blocks, they can attract a securities suit just a short time after their debut. View Full Post
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A Year in Review: FTC Data Privacy Actions and Its Impacts On 2017 and Beyond

By | Privacy Law Blog | August 18, 2017
Whether it means taking a prominent role shaping data security for the Internet of Things, or addressing high profile breaches, the FTC has adopted an active position in policing data privacy and security. And, as data becomes increasingly digital in its form and protections, data security is of paramount importance for all types of intelligence—whether financial, medical, or otherwise sensitive.   View Full Post
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Hey, DOJ: Look at Opioids, Not Cannabis

By | Canna Law Blog™ | August 18, 2017
Hey, DOJ: Look at Opioids, Not Cannabis U.S. Attorney General Jeff Sessions is worried about this country’s “historic drug epidemic and potentially long-term uptick in violent crime.” Because he is so worried, Sessions has spent the past month doing things like: (1) asking his old colleagues for funds to prosecute the War on Drugs, including medical marijuana; (2) writing state Governors with “serious questions” about their local cannabis programs (which letters the states have politely observed are misleading and inaccurate); and (3) disseminating bogus weed statistics far and wide. View Full Post
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