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New York Court of Appeals Upholds 'No Prejudice' Rule
On April 5, 2005, the New York Court of Appeals upheld long-standing New York law that a policyholder's late notice defeats coverage under a commercial liability policy without any specific requirement that an insurer demonstrate prejudice. The court disagreed with any assessment that the “no prejudice” rule was a doctrine whose time had come. It rejected a policyholder's request to apply a prejudice rule to “notice of a suit in commercial policies where the notice was admittedly late.” See Argo Corporation, et al. v. Greater New York Mutual Insurance Co., (N.Y. April 5, 2005). In a separate opinion issued on the same day as Argo, the court did apply a “prejudice” standard in the limited context of supplemental underinsured motorist (“SUM”) coverage where late notice of a SUM claim followed timely notice of the underlying accident. Rekemeyer v. State Farm Mutual Automobile Insurance Co., (N.Y. April 5, 2005).
The recent Court of Appeals opinions were especially significant because New York is a worldwide center of finance, including insurance. These decisions maintain clear and consistent jurisprudence in New York regarding the interpretation of commercial contracts. Further, New York, as a financial Mecca and strong adherent to the “no prejudice” rule, had become a target for policyholders seeking to erode that rule. These decisions put to rest any doubt about the direction of New York late notice law.
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.