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The Gulf Oil Spill: Considerations for Insurers
The recent oil spill in the Gulf of Mexico threatens to be an unprecedented disaster as the resulting oil slick begins to move ashore. At this point, a large number of lawsuits already have been filed against the entities associated with the Deepwater Horizon Oil Rig, many of which raise interesting coverage issues, particularly with respect to specialty environmental coverages and first-party business interruption and damage claims. Even more significant insurance exposures may be posed in the future, however, as new parties are joined to the litigation and general liability policies are tested in response to third-party claims for bodily injury and property damage.
As has been widely reported, the Deepwater Horizon offshore oil rig suffered an explosion resulting in the sinking of the oil rig and causing an unprecedented oil spill that, as of press time, is beginning to make landfall. Companies that have been identified as principal targets for responsibility for the oil spill include BP, plc; BP Products North America, Inc.; BP America, Inc.; Transocean, Ltd.; Transocean Offshore Deepwater Drilling, Inc.; Halliburton Energy Services, Inc.; and Cameron International Corporation. These companies face important issues in response to the spill, including the operation and extent of self-insurance for losses, the application of insurance policies providing specialty environmental coverage that may be tapped for cleanup expenses and liability and, in some cases, whether there is coverage for their own first-party losses, including destruction of property and business interruption.
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.
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.
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.
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.
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.