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Subprime Mortgages and D&O Coverage: Will Insurers Pay and for What?
Part One of a Two-Part Article
The specter of a subprime mortgage crisis has gone from a background murmur in the recently quieted real estate boom to attain official 'meltdown' status in the media, and the reverberations are being felt in all corners of the corporate and financial world. Recently, the city of Cleveland, OH, brought an action against 21 banks and other financial institutions, alleging that predatory lending practices related to subprime mortgages have led to more than 14,000 foreclosures in the city in the last two years, resulting in pandemic urban blight. See Christopher Maag, Cleveland Sues 21 Lenders over Subprime Mortgages, N.Y. Times, Jan. 12, 2008, available at www.nytimes.com/2008/01/12/us/12cleveland.html?_r=1&emc=eta1&oref=slogin. The Cleveland action was actually brought under public nuisance laws, and it names as defendants the financial institutions that securitized and sold the loans in the financial markets. Id.
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.
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.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.