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Louisiana Attempts to Shift Its Losses Under the 'Road Home Program' to the Insurance Industry
Insurers around the country are keeping a close watch on the Katrina Canal Breaches Litigation currently pending in the U.S. Court of Appeals for the Fifth Circuit. In 2007, the state of Louisiana filed this putative class action against more than 200 insurers (the “Insurers”), claiming that they failed to adequately pay or adjust homeowners' claims following Hurricanes Katrina and Rita, thereby causing the state to administer more funds under the “Road Home Program” than initially contemplated. The state of Louisiana now seeks to recover these funds by taking over the rights to approximately 150,000 claims for property damage caused by those storms.
The state claims this right by virtue of so-called “assignment agreements” executed by recipients of funds under the Road Home Program. These assignments were an express condition attached to the dispersal of funds under the Program and purported to assign to the state all of the recipient's claims and future rights to payment under any policy of casualty, property damage or flood insurance covering the damaged property. On the basis of these “assignment agreements,” the state seeks to pursue additional recoveries from the Insurers to remedy an estimated $1 billion shortfall in funding for the Program. The state will pursue these additional recoveries even where the insured is satisfied with the amount paid, has already filed a separate lawsuit, or has settled with its insurer. If successful, the state will be in a position to re-open thousands of claims that had been long since resolved, potentially exposing the Insurers to additional sums in future liabilities on top of the approximately $40 billion that has been paid out to date.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
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.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
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.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.