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Negligence Standard Applies, Says Judge
In a significant victory for plaintiffs, a federal judge has ruled that a negligence standard applies in 'excess verdict bad faith' suits against insurance companies whose refusal to settle a claim results in a verdict in excess of the policy limits.
The ruling in Schubert v. American Independent Insurance Co. is a victory for attorneys Joseph F. Roda and Eric L. Keepers of Roda & Nast in Lancaster, PA. Their client is the bankruptcy trustee for a man who was hit with a $2.6 million verdict in an auto accident case after his insurer rejected an offer to settle for $15,000. Early in the case, Roda and Keepers asked Senior U.S. District Judge Clarence C. Newcomer for a ruling on the standard of care in excess verdict bad faith cases. In their brief, the plaintiff's lawyers argued that while the concept of filing such suits has been recognized for nearly half a century, the state and federal courts 'have not always been consistent' in describing the standard to be applied. Nonetheless, they said, a clear theme emerged from the case law that pointed to a simple answer: negligence.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.