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Rare NY Court of Appeals Reversal
K2, located on the border between Pakistan and China, is the second-highest mountain in the world behind Mount Everest. Despite its secondary status, however, it is commonly regarded as the most dangerous peak to climb. It is perhaps an ironic coincidence, then, that in the widely reported decision K2 Investment Group, LLC v. American Guarantee & Liability Ins. Co., 21 N.Y.3d 384 (2013) (“K2-I“), the New York Court of Appeals placed in the path of insurers a very high and potentially dangerous new legal standard. Specifically, in the K2-I decision, New York's highest court transformed that state's insurance landscape when it held that an insurer who breaches its duty to defend is precluded from later relying on its policy exclusions in litigation over its indemnity obligation.
Less than three months after rendering its decision, however, the Court of Appeals retraced its path and agreed to rehear K2-I. Upon rehearing, the court found that K2-I improperly departed from well-established New York insurance law and could not be reconciled with existing precedent. Thus, in a rare self-reversal, the court has corrected its decision and returned New York insurance law to its previous state of more level ground. As a result, insurers no longer face potentially automatic liability if they breach their duty to defend a policyholder.
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.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.