U.S. property and casualty insurers earned a record income of $73.9 billion from their investments in 2023, market analyst AM Best reported Tuesday, a bright spot for an industry beset by underwriting losses connected to natural disasters and high inflation.
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WEDNESDAY, MAY 29, 2024 Law360 iOS App Law360 Android App Follow Law360 on Facebook Follow Law360 on LinkedIn Follow Law360 on Twitter

TOP NEWS

US Property Insurers See Record Investment Income In 2023

By Hope Patti

U.S. property and casualty insurers earned a record income of $73.9 billion from their investments in 2023, market analyst AM Best reported Tuesday, a bright spot for an industry beset by underwriting losses connected to natural disasters and high inflation.

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$10M Policy Excludes Tobacco Group's Suit, Court Told

By Travis Bland

An insurer told a North Carolina federal court Tuesday that it doesn't owe coverage to a tobacco growers' cooperative saddled with paying out a $100 million settlement for farmers, arguing that its $10 million policy excludes contract claims.

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No Coverage For IT Co.'s 'Collusive' Settlement, Insurer Says

By Ganesh Setty

Chubb unit ACE American Insurance Co. told a Colorado federal court it owes no coverage to an IT company found liable by a jury for making fraudulent misrepresentations and breaching its cybersecurity agreement with an investment company, arguing the parties' post-verdict settlement was merely a workaround to "create insurance coverage."

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Lin Wood Wants Fraud Claims Kept Out Of Defamation Trial

By Kelcey Caulder

Controversial attorney Lin Wood has asked a Georgia federal judge to bar his former law partners, who allege he falsely accused them of attempted extortion, from introducing evidence at an upcoming August trial related to two separate and still pending suits filed against him in Fulton County.

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LITIGATION

Insurers, Charter School Assoc. Dismiss Ida Damage Row

By Ganesh Setty

A New Orleans-area charter school system and its insurers have agreed to dismiss their dispute over coverage for the system's Hurricane Ida damage claims, the parties told a Louisiana federal court Tuesday, saying "all claims and causes of action brought forth in the above captioned matter have been compromised."

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OpenText Says Excess Insurer Can't Join Merger Spat

By Jennifer Mandato

OpenText urged a Michigan federal court to keep an excess insurer out of a coverage dispute stemming from an underlying class action over the software company's merger with Covisint, arguing that the insurer's reasons behind wanting to intervene are speculative and unripe.

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Legal Lenders Can't Avoid Hurricane Ads Suit, Plaintiff Argues

By Lynn LaRowe

Funding companies that lent $20 million to a Texas law firm accused of using it to deceptively solicit hurricane victims can't escape liability by claiming they didn't know how attorneys were using the money or "simply because they don't have offices in the state," according to a Louisiana woman at the forefront of a putative class action.

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Colo. Justices To Mull Atty Advice Defense In Securities Cases

By Thy Vo

The Colorado Supreme Court has agreed to consider whether the advice a defendant's business attorney gave him is relevant to his state of mind in a securities fraud case, according to an order Tuesday granting the state's petition for appeal.

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EXPERT ANALYSIS

3rd Circ.'s Geico Ruling May Encourage Healthcare Arbitration

The Third Circuit's recent decision in Geico v. Mount Prospect, finding that claims under New Jersey's Insurance Fraud Prevention Act can be arbitrated, strengthens arbitration as a viable alternative to litigation, even though it is not necessarily always a more favorable forum, say Khaled Klele and Jessica Osterlof at McCarter & English.

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How Attys Can Avoid Pitfalls When Withdrawing From A Case

The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.

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LEGAL INDUSTRY

Podcast

Approach The Bench: Judge Humetewa Talks Tribal Relations

Before she joined the federal bench in Arizona, Judge Diane Humetewa worked as a jurist on a relatively young court, where she regularly set new legal precedent.

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American To Cut Attys Who Blamed Child Filmed In Bathroom

By Lynn LaRowe

Wilson Elser Moskowitz Edelman & Dicker LLP attorneys are on the brink of being removed as counsel for American Airlines in a Texas state lawsuit over an ex-flight attendant's secret bathroom recording of a 9-year-old girl.

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GE General Counsel Mike Holston Heading To Paul Weiss

By Sue Reisinger

The general counsel who navigated General Electric Co. through its recent split into three companies is becoming a partner at Paul Weiss Rifkind Wharton & Garrison LLP on Oct. 1, where he looks forward to taking on corporate crises and maybe even a pro bono death penalty case.

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Profile

The Patent Attorney Who Shook Up Professional Poker

By Alex Lawson

Moving from private practice to corporate counsel is a common path for lawyers of all stripes. Considerably less common is the shift from private practitioner to in-house counsel to poker world champion, but that's the exact trick Greg Raymer pulled off 20 years ago this week. Here, Law360 talks to Raymer about his legal career, the big poker win, and what life has been like since.

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Trump Atty Calls Cohen 'MVP Of Liars' As NY Trial Closes

By Rachel Scharf, Frank G. Runyeon and Stewart Bishop

Donald Trump's counsel repeatedly assailed the credibility of star witness Michael Cohen Tuesday in a final pitch to the New York jury that will decide whether to convict the former president of falsifying business records, calling Cohen "an MVP of liars" and "the human embodiment of reasonable doubt."

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Coverage Recap: Day 17 Of Trump's NY Hush Money Trial

By Stewart Bishop

Law360 reporters are providing live updates from the Manhattan criminal courthouse as Donald Trump goes on trial for allegedly falsifying business records related to hush money payments ahead of the 2016 election. Here's a recap from day 17.

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Trump's Florida Prosecutors Scolded For Gag Order Filing

By Elliot Weld

The Florida federal judge overseeing Donald Trump's classified documents case on Tuesday temporarily rejected the government's request for a limited gag order and admonished prosecutors for what she said was a lack of "substance and professional courtesy" in their conferral with defense attorneys before filing the motion.

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Serial Numbers Tie Gold Bars To Menendez, Jury Hears

By Carla Baranauckas

The executive assistant of a New Jersey real estate developer on trial alongside U.S. Sen. Robert Menendez linked her boss to some of the gold bars found in the congressman's New Jersey home, confirming Tuesday that the serial numbers of her employer's stash of bars matched the ones stamped on the flashy evidence.

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Gorsuch Unhappy Court Won't Rethink Jury Size Precedent

By Rose Krebs

In a strongly worded dissent Tuesday, Justice Neil Gorsuch said the U.S. Supreme Court needs to rethink precedent that "made the unthinkable a reality" by permitting juries of fewer than 12 people to decide cases involving serious criminal offenses.

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Head Of Judicial 'Progressive Powerhouse' To Step Down

By Courtney Bublé

Russ Feingold will step down next year as president of the American Constitution Society, which is a liberal counterpart to the Federalist Society.

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Absent Atty Irks Judge In Girardi-Linked Bar Corruption Case

By Craig Clough

A California judge on Tuesday chastised a lawyer representing former clients of Tom Girardi accusing the state bar of "rampant corruption," telling the attorney over the phone that he is "nonplussed" as to why he attempted to skip the hearing on the bar's motion to toss the case.

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Tech Co. Says Houston Court Set Trial Despite Atty Vacations

By Catherine Marfin

A Kansas-based technology company has asked a Texas appellate court to push back a June trial date in Houston, writing that a trial court judge scheduled the proceeding despite being notified of vacation conflicts by multiple attorneys.

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Catching Up With Delaware's Chancery Court

By Leslie A. Pappas

Delaware Court of Chancery watchers shifted their focus last week from the courtroom to Dover's legislative hall, as proposed amendments to Delaware's corporate code were finally introduced to state lawmakers. Hearings, decisions and reversals involved Kraft-Heinz, AMC Entertainment and the merger of cryptocurrency companies BitGo and Galaxy. In case you missed it, here's the latest from Delaware's Chancery Court.  

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LAW FIRMS IN TODAY'S NEWS

Abbott Cooper PLLC

Beal Sutherland

Block & Leviton

Burr & Smith

Carter Arnett

Collins Einhorn

Continental PLLC

Couhig Partners

Cozen O'Connor

Downey & Cleveland

Dykema Gossett

Faegre Drinker

Galloway Johnson

Giarmarco Mullins

Gibbons PC

Girardi & Keese

Gray Cary

Gutnicki LLP

Honigman LLP

Ironclad Title LLC

John Exum Law

Jones Day

Kelly Hart

Lewis & Llewellyn

McCarter & English

McClenny Moseley

McDowell Hetherington

Morgan Lewis

NechelesLaw

Orbach Huff

Orsinger Nelson

Osborne Law Firm

Pandit Law

Paul Hastings

Paul Weiss

Perkins Coie

Reynolds Frizzell

Robichaux Mize

Ron Austin Law

Sanders Roberts

Spencer Fane

Sperduto Thompson

Susman Godfrey

Wade Grunberg

WilmerHale

Wilson Elser

Young Moore

de Castro PC

COMPANIES IN TODAY'S NEWS

AMC Entertainment Holdings Inc.

American Airlines Group Inc.

American Constitution Society

Apple Inc.

Archaea Energy Inc.

Berkshire Hathaway Inc.

BitGo Inc.

Brookfield Infrastructure Partners LP

Delaware State Bar Association

ESPN Inc.

Federalist Society

GE Vernova Inc.

Galaxy Digital Holdings Ltd.

Geico Corp.

General Electric Co.

Koch Industries Inc.

Merck & Co. Inc.

Microsoft Corp.

National Indemnity Co.

Open Text Corp.

Pfizer Inc.

Spotify Technology SA

State Bar of California

Therapeutics Inc.

U.S. Tobacco Cooperative Inc.

Walt Disney Parks & Resorts Worldwide Inc.

Xponential Fitness LLC.

GOVERNMENT AGENCIES IN TODAY'S NEWS

California Supreme Court

Colorado Supreme Court

Delaware Court of Chancery

Federal Bureau of Investigation

Florida Attorney General's Office

Hopi Tribe

Los Angeles Superior Court

Manhattan District Attorney's Office

New Jersey Supreme Court

Office of Tribal Justice

Superior Court of Fulton County

U.S. Attorney's Office for the District of Arizona

U.S. Attorney's Office for the Eastern District of Pennsylvania

U.S. Attorney's Office for the Southern District of New York

U.S. Department of Justice

U.S. District Court for the District of New Jersey

U.S. District Court for the Eastern District of Louisiana

U.S. District Court for the Eastern District of Michigan

U.S. District Court for the Eastern District of North Carolina

U.S. District Court for the Northern District of Georgia

U.S. District Court for the Southern District of Florida

U.S. District Court for the Southern District of New York

U.S. Patent and Trademark Office

U.S. Sentencing Commission

U.S. Supreme Court