Client Alerts
CA Business Bank Returns to Profitability One Year Later
September 2009
California Business Bank (CABB) announced a return to profitability in the second quarter of 2009: its first profitable quarter since the second quarter of 2008. The bank largely supports small and medium sized companies with financial solutions and business technology.California Business Bank (CABB) announced a return to profitability in the second quarter of 2009: its first profitable quarter since the second quarter of 2008. The bank largely supports small and medium sized companies with financial solutions and business technology.
CIT Group Reaches Deal With Bondholders
September 2009
CIT Group reached a deal with several of its main bondholders who agreed to loan $3 billion to the lender. Though this private loan might prove to be an alternative lifeline for companies in distress, independent of government intervention, it fails to calm fears about the small business lender’s future.
Subprime Lenders Transform Into Loan Mod Companies
September 2009
Former subprime mortgage lenders have been quick to transform their businesses into makeshift loan modification companies. California continues sweeping efforts to locate and penalize these dubious loan fixers that have been conducting business without real estate licenses.
Retailer Assumes Duties to Insured
September 2009
Retail insurance producer assumes additional duties to insured for deficient coverage when she held herself out as an expert in the insured’s industry.
DRA Not Stayed
June 2009
Declaratory relief action filed by the insurer to challenge coverage is not stayed because of overlap of facts in the underlying litigation.
Insurer Prevails on Notice Issue
May 2009
Reasonableness of insured’s notice of claim does not preclude summary judgment in favor of insurer.
Water Leak Excluded By CGL Policy
May 2009
Insurer obligated to defend a professional consultant whose role did not fall within the professional services exclusion.
