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The Subprime Mortgage Crisis and D&O Insurance: A New Frontier of Litigation
The fallout from the virtual collapse of the subprime mortgage lending industry has just begun. Early estimates of subprime losses start at $100 billion and may rise to several times that amount. (Fin. Times, Nov. 6, 2007, at p. 18). As the various participants in the subprime market ' borrowers, originators, institutional investors, financial institutions, hedge funds, underwriters, warehouse lenders, insurers, corporate investors, and the list goes on and on ' continue to uncover the extent of their losses, the blame game among these participants is likely to be played out in courts across the country.
The targets of this litigation ' directors, officers, and the corporation itself ' will, more likely than not, have directors and officers' liability insurance. Whether a D&O policy will afford coverage for the litigation resulting from the collapse of the subprime mortgage lending industry is yet to be seen. As discussed below, there are several policy provisions that are likely to be relevant in the subprime context. Because coverage follows liability, an understanding of the potential coverage issues first requires an understanding of the claims themselves.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
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.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.
Disconnect Between In-House and Outside Counsel
'Disconnect Between In-House and Outside Counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked.