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PA Supreme Court Rules on Assignments
Policyholders frequently seek to decrease liability to underlying claimants by assigning their insurance policy rights to the claimants. Typically, a policyholder will assign its rights under its liability policy to the underlying claimant in exchange for a covenant not to execute on any judgment against the policyholder. Under the assignment, the underlying claimant receives the same rights that the policyholder had against its insurer. This strategy may be particularly attractive to the policyholder if an insurer has denied coverage or reserved its right to deny coverage ' thus leaving the policyholder faced with a potentially uninsured exposure. While policyholders have successfully used this strategy to protect themselves from uninsured exposures, it is not free from complication. This article briefly discusses some of the significant issues to be considered, a number of which recently were addressed by the Pennsylvania Supreme Court in Egger v. Gulf Ins. Co., 903 A.2d 1219 (Pa. 2006).
Anti-Assignment Clauses
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.
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.
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?
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.