Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
U.S. District Court Finds Coverage Survives Procedural Changes of Bankruptcy
A bankrupt insured, particularly one with significant mass tort liability and assets primarily restricted to its insurance policies, should pay close attention to coverage issues during the bankruptcy proceedings to minimize subsequent difficulties in securing insurance recovery. Bankruptcy proceedings may complicate a bankrupt insured's access to its third-party liability insurance coverage, but, properly executed, the proceedings can be structured to safeguard access to coverage
For example, a 2009 decision, the United States District Court for the District of Maryland brought some clarity to the coverage-neutral aspects of bankruptcy by addressing efforts by a liability carrier to justify its denial of coverage upon the procedural changes wrought by bankruptcy. See Nat'l Union Fire Ins. Co. v. Porter Hayden Co., 408 B.R. 66, 2009 U.S. Dist. LEXIS 61992 (D. Md. July 7, 2009). The insured, the Porter Hayden Company, had sold and installed asbestos-containing insulation products for decades and, more recently, had emerged from bankruptcy proceedings with an injunction that channeled all asbestos claims to a trust for possible resolution with Porter Hayden's pre-discharge assets. The District Court rejected the argument by National Union Fire Insurance Company of Pittsburgh, Pennsylvania and American Home Assurance Company (collectively “National Union”) that somewhere between the injunction and the creation of the trust, National Union's obligation to provide coverage for the third-party claims against Porter Hayden had evaporated.
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.