New York's Highest Court Considers Investors' Rights to Recover Losses for Negligence and Breach of Contract

Stockbroker Law - Monday, August 01, 2011
New York's Highest Court Considers Investors' Rights to Recover Losses for Negligence and Breach of Contract

In the pending appeal of Assured Guaranty v. J.P. Morgan, Inc., the Appellant, J.P. Morgan, is seeking a court determination that investors are preempted from and otherwise prevented from pursuing claims for non-fraud civil causes of action such as negligence, breach of contract, and breach of fiduciary duty.  The Public Investors Bar Association has submitted a Brief Amicus Curiae in opposition to the Appellant’s position, and it is anticipated that J.P. Morgan will be unsuccessful on its appeal.   


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Variable Annuity Sales Continue to Soar, Despite Concerns

Stockbroker Law - Monday, August 01, 2011
Variable Annuity Sales Continue to Soar, Despite Concerns

Sales of variable annuities to senior citizens and tens of thousands of Americans continue, despite concerns regarding their suitability and appropriateness.  The top insurance company sales of variable annuity products include Prudential Annuities, MetLife, Jackson National Life, Lincoln Financial Group, AXA Equitable, AIG Companies, Riversource Life Insurance, Nationwide Financial, ING, Aegeon USA, Sun Life Financial, Alling Life of North America, Pacific Life, and John Hancock. 


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Top Court Decision Favors Aggrieved Policyholders Under the Insurance Law of the State of New York

Stockbroker Law - Monday, August 01, 2011
Top Court Decision Favors Aggrieved Policyholders Under the Insurance Law of the State of New York

On Tuesday, June 28, 2011, the New York State Court of Appeals handed down its decision in ABN AMRO Bank N.V. v. MBIA, Inc., affording victimized insurance policyholders and customers access to the courts for their losses. Notably, the lower court had held that certain preemption provisions under New York State law prevented victimized policyholders from pursuing claims against insurance companies. 

Citing New York’s long-established case law permitting victimized insurance company policyholders to pursue claims for breach of contract, including New York’s contractual claim for breach of covenant of good faith and fair business dealings, the Court ruled that victimized policyholders may pursue common law causes of action incorporating, by implication, claims under the Insurance Law of the State of New York. 


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The Newly-Formed New York State Department of Financial Services

Stockbroker Law - Monday, August 01, 2011
The Newly-Formed New York State Department of Financial Services

Effective October 3, 2011, the Banking Department and the New York State Insurance Department will soon merge to become the New York State Department of Financial Services (DFS).  A press release from the New York State Banking Department states: “Integrating these agencies under a single leadership and management structure will allow for greater efficiency and will help modernize regulatory oversight of the financial services industry.” 


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