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Damages Beyond the Policy Limits
The New York Court of Appeals recently rendered two important insurance coverage decisions in Bi-Economy Market, Inc. v. Harleysville Insurance Co. of New York, No. 14, slip op. (N.Y. Feb. 19, 2008) ('Bi-Economy') and Panasia Estates, Inc. v. Hudson Insurance Co., No. 15, slip op. (N.Y. Feb. 19, 2008) ('Panasia') that are certain to have a dramatic effect on the relationship between New York policyholders and their insurers.
Prior to the recent pronouncement by the Court of Appeals in Bi-Economy and Panasia, New York law was somewhat unsettled regarding whether a policyholder was entitled to recover damages in excess of the stated limits of the policy. But, for the first time, in Bi-Economy and Panasia, the New York Court of Appeals recognized the viability of policyholders' claims for consequential damages in excess of the stated limits of the insurance policy. And while New York has historically been viewed by some as a less progressive jurisdiction for policyholders, several
New York decisions, including, the Appellate Division, First Department's, decision in Acquista v. New York Life Insurance Co., 730 N.Y.S.2d 272 (App. Div. 1st Dep't 2001), and Eurospark Industries, Inc. v. Massachusetts Bay Insur- ance Co. (In re Eurospark Industries, Inc.) 288 B.R. 177 (Bankr. E.D.N.Y. 2003), set the stage for the Court of Appeals' decisions in Bi-Economy and Panasia. Taken together, Acquista, Eurospark, Bi-Economy, and Panasia offer important lessons on how policyholders should plead their cases against recalcitrant insurance companies and should go a long way toward changing the manner in which insurance companies respond to their policyholders in New York.
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.
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.
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.