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    Rescission effective upon filing of rescission complaint
    2010-06-09

    In a decision not designated for publication, the United States District Court for the Northern District of California, applying California law, has held that an insurer's declaratory judgment complaint for rescission effectuated the rescission of the policy and that the subsequent coverage litigation confirmed the validity of the rescission. In re Sonic Blue Inc., 2010 WL 2034798 (N.D. Cal. May 19, 2010).

    Filed under:
    USA, California, Company & Commercial, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Breach of contract, Fraud, Fiduciary, Estoppel, Bad faith, Prejudice, Laches (equity), US District Court for Northern District of California
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Delaware Bankruptcy Court denies appointment of examiner despite statutory mandate
    2010-08-13

    The United States Bankruptcy Court for the District of Delaware recently denied the appointment of an examiner in U.S. Bank National Association v. Wilmington Trust Co. (In re Spansion, Inc.),1 despite the requirement in section 1104(c) of the Bankruptcy Code that the Court "shall" appoint an examiner in certain circumstances. In making this decision, Chief Bankruptcy Judge Kevin J.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Interest, Discovery, Debt, Laches (equity), US Code, United States bankruptcy court, US District Court for District of Delaware
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    IAC/Interactive Corp v. O’Brien, No. 629, 2010 (Del. Aug. 11, 2011)
    2011-08-15

    In this en banc decision, the Delaware Supreme Court affirmed the Court of Chancery’s decision that laches, instead of the applicable statute of limitations, applied to the plaintiff corporate officer’s claim for indemnification, and thus upheld the Court of Chancery’s decision that plaintiff was entitled to indemnification for certain actually and reasonably incurred attorneys’ fees and expenses.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Potter Anderson & Corroon LLP, Bankruptcy, Statute of limitations, Subsidiary, Laches (equity), Chief executive officer, Chief operating officer, Supreme Court of the United States, Court of Chancery, Delaware Supreme Court, Court of equity
    Location:
    USA
    Firm:
    Potter Anderson & Corroon LLP
    Rescission effective upon filing of rescission complaint
    2010-06-09

    In a decision not designated for publication, the United States District Court for the Northern District of California, applying California law, has held that an insurer's declaratory judgment complaint for rescission effectuated the rescission of the policy and that the subsequent coverage litigation confirmed the validity of the rescission. In re Sonic Blue Inc., 2010 WL 2034798 (N.D. Cal. May 19, 2010).

    Filed under:
    USA, California, Company & Commercial, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Breach of contract, Fraud, Fiduciary, Estoppel, Bad faith, Prejudice, Laches (equity), US District Court for Northern District of California
    Location:
    USA
    Firm:
    Wiley Rein LLP
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