Month: August 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 […]

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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, […]

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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 […]

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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 […]

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