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Issues Regarding the Reasonableness of Settlement in London Coverage Arbitration
It is an all too common scenario. A policyholder is the target of a lawsuit and makes a claim to its insurer. Even though the claim appears to be covered, the insurer ultimately refuses to participate in the defense of the lawsuit and denies the claim, leaving the policyholder to fend for itself. The policyholder decides it is in its best interest to settle the lawsuit. The policyholder informs the insurer and asks it to participate in the settlement. The insurer reiterates its denial of coverage and refuses to participate in, or contribute to, the settlement. The policyholder negotiates a settlement, and the court approves the settlement as reasonable and enters judgment based on the negotiated settlement. In some instances, the court expressly indicates that the settlement is to be binding on all parties, including insurers. The policyholder then pursues the insurer for the insurance coverage it believes it is entitled to.
This is sometimes referred to as “pay and chase,” where the insured pays the settlement or judgment and then chases its insurer for coverage. But what some policyholders may not realize is that the provision in their policy requiring that all disputes relating to the policy, including coverage disputes, be arbitrated in London, will likely change some of the applicable rules and create some additional hurdles to obtain coverage for their settlement.
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.
Compliance Officers: Recent Regulatory Guidance and Enforcement Actions and Mitigating the Risk of Personal Liability
This article explores legal developments over the past year that may impact compliance officer personal liability.