Client Alerts
Exclusion X Enforced
November 2009
Exclusion X bars coverage for property damage regardless of the cause.
Prior Publication Exclusion Enforced
November 2009
Prior publication exclusion applied to trademark infringement action which involved use of words in addition to descriptive words and logos.
DRA Not Stayed
October 2009
Court addresses key issues involved in granting a stay of a declaratory relief action regarding a duty to defend.
Supreme Court Hears Significant Exec Pay Case
October 2009
The Supreme Court has decided to hear Jones v. Harris Associates -- a case that could shape the future of executive pay and board oversight -- in the fall of 2009. The case focuses on mutual funds and their boards' notorious lack of incentive to discipline advisers.
Fed Extends Lending Program Until Mid-2010
October 2009
The Federal Reserve and U.S. Treasury have extended their joint program to finance consumer and business lending into the middle of 2010. The Term Asset-Backed Securities Loan Facility (TALF) through which the Fed buys up debt is expected to remain active until March, and the program to refinance toxic commercial real estate mortgages will continue until June.
Credit Card Defaults Continue Drop
October 2009
Credit card defaults have dropped for the second month in a row, leading some lenders to believe that the recession is coming to an end. Citigroup Inc., American Express Co., Discover Financial, and JPMorgan Chase & Co. all posted a decrease in defaults for July.
OC Courts Closed on Third Wednesday of Every Month
October 2009
Most Orange County courts will close on Wednesday as a response to California's difficult financial state. The closures will follow on the third Wednesday of each month until the end of June 2010.
CA Supreme Court Rejects 'Narrow Restraint Exception'
September 2009
The California Supreme Court rejected the “narrow restraint exception” to Business and Professions Code section 16600, holding that non-compete agreements between employers and employees are invalid under section 16600 unless they fall within narrow exceptions.
Ninth Circuit Allows ERISA Suits Following Benefits
September 2009
The Ninth Circuit recently decided that a plan participant under the Employee Retirement Income Security Act (ERISA) may sue the employer even though his or her benefits have been paid. In the May 2009 decision in Harris v. Amgen Inc., the Court held that plaintiffs Harris and Ramos were entitled to sue their employer after their benefits were reduced by the company’s inflated stock.
Poizner and Governor Disagree Over State Fund
September 2009
Governor Schwarzenegger’s plan to sell part of State Fund, California’s largest workers’ compensation insurer, has come under fire by small-business advocates, the insurance industry and Commissioner Steve Poizner. This sale would enable private insurers to purchase the policies, and yield $1 billion for a state facing its worst budget crisis in decades. While Poizner admits that the plan could lead to better premiums for small business owners, concerns over the market impact abound.
