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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.
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?
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.
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.