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    Pennsylvania state court permits plaintiff to pursue “deepening insolvency” theory of damages
    2008-07-01

    A Pennsylvania state court has reportedly ruled, in an unpublished opinion, that the Pennsylvania Insurance Commissioner may pursue a theory of damages against the accountant of an insolvent insurer based on a legal claim of “deepening insolvency.” SeeArio v. Deloitte & Touche, PICS No. 08-1013 (Pa. Commw. Ct.).

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Locke Lord LLP, Bankruptcy, Debtor, Audit, Federal Reporter, Accounting, Malpractice, Deloitte, Pennsylvania Supreme Court, Third Circuit
    Location:
    USA
    Firm:
    Locke Lord LLP
    11th Circuit rules that Celotex provided late notice for asbestos property damage claims
    2008-07-28

    The United States Court of Appeals for the 11th Circuit, applying Illinois law in an unpublished decision, has held that Celotex's failure to provide its excess insurers notice of lawsuits claiming more than $2 billion in property damage until after Celotex entered bankruptcy precluded coverage for asbestos-related property damage under numerous policies. Asbestos Settlement Trust v. Cont'l Ins. Co. (in re Celotex Corp.), No. 06-15748, 2008 WL 2637094 (11th Cir. July 7, 2008).

    Filed under:
    USA, Illinois, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Liability insurance, US Federal Government
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Bankruptcy court rules that federal mogul insurance policies may be assigned to asbestos liability trust
    2008-07-21

    In a recent decision of the United States Bankruptcy Court for the District of Delaware, In re Federal Mogul Global, Inc., No. 01-10578 (JKF) (Bankr. D. Del., Mar. 19, 2008) (click here to read the decision), the court ruled that the assignment of rights in certain insurance policies to an asbestos trust was valid and enforceable under the Bankruptcy Code, and anti-assignment provisions in the policies and applicable state law were preempted.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Insurance, Litigation, Locke Lord LLP, Federal preemption, Bankruptcy, Debtor, Liability (financial accounting), Underwriting, Delaware Supreme Court, United States bankruptcy court, Third Circuit, US District Court for District of Delaware
    Location:
    USA
    Firm:
    Locke Lord LLP
    Insurers denied standing in plan confirmation; court allows channeling injunction for silica claims and assignment of policies to trust
    2008-08-11

    The United States District Court for the Western District of Pennsylvania has affirmed two final orders of the bankruptcy court finding that (1) the debtor's insurers lacked standing to object to confirmation of the bankruptcy plan; (2) a channeling injunction for silica claims was appropriately included in the debtor's plan; (3) an assignment of the debtor's rights under its insurance policies to the personal injury trust was authorized by bankruptcy law; and (4) the debtor's reorganization plan was confirmable under the Bankruptcy Code. Hartford Accident & Indemnity Co. v.

    Filed under:
    USA, Pennsylvania, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Debtor, Injunction, Federal Reporter, Standing (law), Title 11 of the US Code, United States bankruptcy court, Third Circuit, US District Court for Western District of Pennsylvania
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Insurer denied standing to object to bankruptcy proceeding because plan is “insurance silent”
    2008-08-11

    The United States District Court for the Western District of Pennsylvania has held that an excess liability insurer had no standing to object to a Chapter 11 bankruptcy debtor's reorganization plan where the plan, although requiring contributions from the insurer's policyholder, was not contingent on the policyholder obtaining any funds or proceeds from its insurer. Hartford Accident and Indemnity Co., et al. v. North Am. Refractories Cos. et al., Civ. Action No. 07-1750, Bankr. Case No. 02-20198 (JFK) (W. D. Pa. Jul. 25, 2008).

    Filed under:
    USA, Pennsylvania, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Costs in English law, Debtor, Interest, Standing (law), Investment funds, Article III US Constitution, United States bankruptcy court
    Location:
    USA
    Firm:
    Wiley Rein LLP
    District Court holds that untimely objection waives Fifth Amendment objection in coverage dispute
    2008-08-11

    The United States District Court for the Western District of Pennsylvania dismissed an appeal of an order in Federal Insurance Co. v. Le-Nature's, Inc., 380 B.R. 747 (Bankr. W.D. Pa. 2008), in which the bankruptcy court granted the insurer's motion to compel discovery and ruled that the defendant waived all of his discovery objections, including objections based upon the Fifth Amendment's protection against self-incrimination, for failing timely to assert them. Federal Ins. Co. v. Le-Nature's, Inc., Civil Action No. 08-269 (W.D. Pa. July 25, 2008).

    Filed under:
    USA, Pennsylvania, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Collateral (finance), Waiver, Discovery, Motion to compel, Fifth Amendment, United States bankruptcy court, Third Circuit, US District Court for Western District of Pennsylvania
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Insurance premium financiers beware: once again timing is everything
    2008-09-09

    In In re Falcon Products, Inc., 381 B.R. 543 (8th Cir. BAP, 2008), the bankruptcy appellate panel (BAP) for the Eighth Circuit reversed a decision by the bankruptcy court for the District of Missouri, and held that when applying the hypothetical liquidation test to determine whether a secured creditor received potentially preferential payments, the collateral must be valued as of the petition date and not as of the payment transfer date.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Locke Lord LLP, Bankruptcy, Debtor, Collateral (finance), Debt, Liquidation, Remand (court procedure), Secured creditor, Prima facie, US Code, Title 11 of the US Code, Eighth Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    Locke Lord LLP
    Third Circuit upholds liability of PricewaterhouseCoopers in Ambassador insolvency
    2008-10-07

    The United States Court of Appeals for the Third Circuit recently upheld a $182.9 million judgment against PricewaterhouseCoopers, LLP (“PWC”) for allegedly contributing to the failure of Ambassador Insurance Company (“Ambassador”) through negligent auditing. Thabault v. Chait, No. 06-2209 (3d Cir., Sept. 9, 2008).

    Filed under:
    USA, New Jersey, Insolvency & Restructuring, Insurance, Professional Negligence, Locke Lord LLP, Audit, Negligence, Causation (law), Third Circuit
    Location:
    USA
    Firm:
    Locke Lord LLP
    Ruling confirming primacy of federal bankruptcy law over state law prohibiting assignment of insurance policies good news for Chapter 11 plan asbestos trusts
    2008-10-22
    Filed under:
    USA, Delaware, Insolvency & Restructuring, Insurance, Litigation, Jones Day
    Location:
    USA
    Firm:
    Jones Day
    Eighth Circuit reverses bankruptcy court ruling against insurer
    2008-11-04

    In a recent decision of the United States Court of Appeals for the Eighth Circuit, the court reversed a ruling against a D&O insurer in a coverage action arising from a bankruptcy case. In re: SRC Holding Corp., Nos. 07-1327/1335 (8th Cir. Oct. 27, 2008). Click here to read the Eighth Circuit's decision.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Locke Lord LLP, Bond (finance), Bankruptcy, Security (finance), Breach of contract, Testimony, Liability insurance, Underwriting, Securities Exchange Act 1934 (USA), Securities Act 1933 (USA), Investment Company Act 1940 (USA), Eighth Circuit, United States bankruptcy court, US District Court for District of Minnesota
    Location:
    USA
    Firm:
    Locke Lord LLP

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