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The Doctrine of Implied Co-Insureds
Over the past several decades, federal and state courts nationwide have heard cases where the implied co-insureds doctrine has been asserted and have come to totally different conclusions. The doctrine holds that an insurer may not bring suit by way of subrogation against a tenant who negligently or willfully causes damages to property insured under an insurance policy procured by a landlord on the ground that the tenant is a co-insured under that policy. Recently, the U.S. District Court for the Southern District of New York considered a case involving the implications of the implied co-insureds doctrine and the events of Sept. 11, 2001.
In Industrial Risk Insurers v. Port Authority of NY & NJ, 387 F.Supp.2d 299 (S.D.N.Y. 2005), the court considered whether aspects of the implied co-insureds doctrine precluded an insurer from filing suit by way of subrogation against a tenant in the 7 World Trade Center building, adjacent to the twin towers, which stored fuel in several fuel tanks located inside the building. The insurer alleged that the tenant's gross negligence in storing the fuel contributed to the inferno that destroyed 7 World Trade Center when flaming debris from the collapsing twin towers ignited the building. The tenant countered that the implied co-insureds doctrine, as adopted by the New York courts, prevented the insurer from maintaining a subrogation suit against the tenant. Ultimately, the court held in favor of the tenant and dismissed the insurer's subrogation claim against the tenant.
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.
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.
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.