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Courts Strictly Construing Cyber Insurance Policies, Finding Coverage Is Narrow
In several recent cases, companies with cyber insurance discovered that provisions in these policies led their insurers to limit coverage. Courts have been strictly construing cyber policies, and have found that the coverage provided is narrow. These decisions hinged upon whether an event constituted a covered "direct" loss and whether intervening actions precluded coverage, like an employee responding to fraudulent communications.
In February 2021, a Texas federal court determined that a payment processor for rental property management companies was not covered for losses from a phishing event. See, RealPage v. National Union Fire Insurance Co. of Pittsburgh, Case No. 3:19-cv-1350-B, United States District Court, Northern District of Texas (Feb. 24, 2021). Hackers used a fishing scam to gain access to funds held by RealPage's third-party payment processor, Stripe. RealPage made a business decision to reimburse its clients. The policy required that RealPage "hold" funds as a prerequisite to coverage for any funds stolen through cyber fraud. The insurer denied the claim because, while RealPage could direct the transfer of those funds in the Stripe accounts, RealPage never "held" the funds that were lost.
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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.
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?
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.
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.