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New York: Moving to a 'Prejudice' Standard for Late Notice?
New York has long been known as a state in which a direct liability insurer need not prove prejudice in order to prevail on a defense that the policyholder provided late notice of an occurrence or a claim. New York ranks among the minority of states following the “no prejudice” rule. According to Ostrager, Barry R. and Newman, Thomas R.: Handbook on Insurance Coverage Disputes, approximately 80% of the states require a liability insurer to prove prejudice to prevail on the late notice defense, while the remainder either follow a straight “no prejudice” rule or adopt different rules for different types of insurance policies.
In the Dec. 21, 2004 decision in Great Canal Realty Corp. v. Seneca Insurance Company, Inc., 787 N.Y.S.2d 22 (App. Div. 1st Dep't), a plurality ruling of the First Department of the Appellate Division observed that “the time has come” for New York to end its adherence to the “no prejudice” rule. 787 N.Y.S.2d at 27. Stating that “the egregious imbalance between insurer and insured needs to be corrected,” the court ruled that the insurer before it was not entitled to summary judgment because triable issues of fact existed as to whether the insurer was prejudiced by the policyholder's late notice of a potential claim. Id. at 28-29.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
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.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.