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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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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.
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.
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.
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.
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.