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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.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
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.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.
Disconnect Between In-House and Outside Counsel
'Disconnect Between In-House and Outside Counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked.