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Community Center Was Not a Charity [Tax Alert!]

April 15, 2011

Publication - Business, Tax

Community Center Was Not a Charity - Tax Alert! - An en banc decision of the Commonwealth Court held that a community center that provided free services for all its programs was not a purely public charity entitled to an exemption for real estate tax purposes. Church of the Overcomer v. Delaware County Board of Assessment Appeals, No. 269 C.D. 2010 (Pa. Commw. Mar. 17, 2011). The decision appears to be incorrectly decided. Click here for the entire story.


Second Circuit Affirms S.D.N.Y. Decision Finding No Coverage Due to "Prior Knowledge" Exclusion in Broker/Dealer Professional Liability Claims-Made Policy [Insurance Coverage Alert!]

April 11, 2011

Publication - Insurance Coverage - Insurance

Second Circuit Affirms S.D.N.Y. Decision Finding No Coverage Due to "Prior Knowledge" Exclusion in Broker/Dealer Professional Liability Claims-Made Policy - Insurance Coverage Alert! - On November 16, 2010, the 2nd Circuit affirmed a decision by Judge Peter K. Leisure of the Southern District of New York granting the insurer’s (Quanta) motion for summary judgment as to professional liability coverage. See Quanta Specialty Lines Ins. Co. v. Investors Capital Corp., No. 10-0219, 2010 U.S. App. LEXIS 23594 (2d Cir. Nov. 16, 2010), affirming, No. 06 Civ. 4624 (PKL), 2009 U.S. Dist. LEXIS 117689 (S.D.N.Y. Dec. 17, 2009).


FINRA Adopts New Regulations to Address the Allocation, Pricing and Trade of New Issues [Securities Offerings and Regulation Alert!]

April 08, 2011

Publication - Business

FINRA Adopts New Regulations to Address the Allocation, Pricing and Trade of New Issues - Securities Offerings and Regulation Alert! - The Securities and Exchange Commission recently approved Financial Industry Regulatory Authority (FINRA) Rule 5131, which will go into effect on May 27, 2011. This rule imposes substantial new limitations on the initial public offering process in an effort to engender public confidence. The rule imposes prohibitions on broker-dealers (FINRA members) participating in the allocation, pricing, and trading of "new issues."


The Earthquake and Tsunami in Japan: A Factual Overview and Preliminary First-Party Analysis [Cozen O'Connor White Paper]

April 07, 2011

Publication - Insurance Coverage - Insurance

The Earthquake and Tsunami in Japan: A Factual Overview and Preliminary First-Party Analysis - Cozen O'Connor White Paper - Whether or not you are involved in addressing claims under first party policies, we trust you will find the factual information contained in the report informative. In the event you need additional information or assistance, please contact Rick Mackowsky who will act as our "expeditor" to make sure you are getting to the right person at the firm to handle any issues you have.


Jonathan Grossman quoted in Reuters

April 06, 2011

News - Antitrust & Competition

Jonathan Grossman quoted in Reuters


Supreme Court Noses The Door Open A Bit Wider For Plaintiffs In Securities-Fraud Class Actions [Commercial Litigation Alert!]

April 06, 2011

Publication

In Matrixx Initiatives, Inc. v. Siracusano, a unanimous Supreme Court declined to adopt a bright-line rule that would have made a drug company’s failure to disclose adverse event reports material only if the reports were statistically significant. Instead, the Court reaffirmed the fact sensitive standard it adopted more than two decades ago: an omission is material under the securities laws only if there is a ''substantial likelihood that the disclosure of the omitted fact would have been viewed by the reasonable investor as having significantly altered the ‘total mix’ of information made available.''


Florida Federal Court Finds No Coverage For Chinese Drywall Claims Against Builder Under CGL Policy Pollution Exclusion [Insurance Coverage Alert!]

April 04, 2011

Publication - Insurance Coverage - Insurance

Florida Federal Court Finds No Coverage For Chinese Drywall Claims Against Builder Under CGL Policy Pollution Exclusion - Insurance Coverage Alert! - On March 24, 2011, the U.S. District Court for the Southern District of Florida granted summary judgement in favor of insurer, General Fidelity Insurance Co., finding that it had no duty to defend or indemnify its insured-homebuilder for Chinese drywall claims pursuant to the pollution exclusion contained in its commercial general liability policies. General Fidelity Ins. Co. v. Katherine L. Foster, et al., Case No. 09-80743-CIV MOORE/SIMONTON (S.D. FLA. March 24, 2011).


IMPLICATIONS OF THE GENZYME DECISION: LOSS UNDER A D&O POLICY [PLUS Journal]

April 01, 2011

Publication - Insurance Coverage, Professional Liability - Insurance

IMPLICATIONS OF THE GENZYME DECISION: LOSS UNDER A D&O POLICY - PLUS Journal - Recently, in Genzyme Corp. v. Federal Insurance Co., 2010 WL 3991739 (1st Cir. 2010), the U.S. Court of Appeals for the 1st Circuit construed the definition of loss in a D&O policy and a so-called “bump-up” exclusion that precluded coverage for claims seeking an increase or “bump-up” in the consideration for the company’s securities.


Ethical Vignettes [Personal Injury Potpourri]

April 01, 2011

Publication

Ethical Vignettes - Personal Injury Potpourri -


Lender’s Right to Waive Its Real Property Security Interest in Environmentally Impaired Property [Korek Land Company, Inc's Commentaries & Bulletins]

April 01, 2011

Publication - Corporate, Real Estate

Paul Rutter, a member of Cozen O'Connor's Real Estate Practice, discusses a lender's right to waive in Korek Land Company, Inc's Commentaries & Bulletins.


Jonathan Grossman quoted in The Wall Street Journal

April 01, 2011

News - Antitrust & Competition

Jonathan Grossman quoted in The Wall Street Journal


Proposed Rules for Accountable Care Organizations Released March 31, 2011 by the Federal Trade Commission, Department of Justice, and the Center for Medicare & Medicaid Services [Health Law Alert!]

April 01, 2011

Publication - Antitrust & Competition, Business, Health Care & Life Sciences

After a two month delay, the Federal Trade Commission (FTC) and Department of Justice (DOJ), acting jointly, and the Center for Medicare & Medicaid Services (CMS) released proposed regulations for Accountable Care Organizations (ACOs) participating in the Medicare Shared Savings Program (the Program). The Program was created pursuant to the Affordable Care Act and was intended to encourage health care providers to better work together to lower costs and improve patient outcomes.


Bid Rigging In The Crosshairs [Construction Today]

April 01, 2011

Publication - Antitrust & Competition, Business, Construction Law - Real Estate & Construction

Bid Rigging In The Crosshairs - Construction Today -


Florida Supreme Court Upholds Attorney-Client Privilege in Bad Faith Discovery [Insurance Coverage Alert!]

April 01, 2011

Publication - Insurance Coverage - Insurance

On March 17, 2011, the Florida Supreme Court finally resolved years of speculation, conjecture, and debate regarding the seemingly endless boundaries of permissible discovery of attorney-client communications in the bad faith context. The Florida Supreme Court’s decision in Genovese v. Provident Life and Accident Insurance Company reaffirmed the sanctity of the attorney-client privilege and specifically conscripted it from falling into the Ruiz vortex of discovery in bad faith cases.


Update: The Big Chill of 2011 - Evaluating Subrogation Claims Arising From the February 2011 Interruption of Gas Service by New Mexico Gas Company [Subrogation and Recovery Alert!]

March 31, 2011

Publication - Subrogation & Recovery - Insurance

Update: The Big Chill of 2011 - Evaluating Subrogation Claims Arising From the February 2011 Interruption of Gas Service by New Mexico Gas Company - Subrogation and Recovery Alert! - Recent factual developments into the cause of freeze losses in early to mid February in New Mexico point to viable subrogation claims against the New Mexico Gas Company, a natural gas utility, for interrupting gas service to many of its customers. This Alert provides insight and analysis into the successful presentation of subrogation claims arising from that gas service interruption.


Vivendi - The Multi-Billion Dollar Impact of Morrison on Foreign-Cubed Securities Litigation

March 30, 2011

Publication

On February 17, 2011, U.S. District Judge Richard J. Holwell in the Southern District of New York entered an order In re Vivendi Universal, S.A. Securities Litigation, 02-5571 (S.D.N.Y. Feb. 22, 2011), that dramatically reduced the potential amount of a plaintiff's jury verdict in a securities class action under section 10(b), originally estimated at approximately $9 billion.


The New York Wage Theft Prevention Act: New Employer Obligations Beginning in April 2011 [Labor & Employment Alert!]

March 29, 2011

Publication - Labor & Employment

Effective next week (April 9, 2011), employers must comply with significant, substantive, and procedural obligations in New York’s new Wage Theft Prevention Act (Act). This alert highlights the new requirements, which apply to virtually every company that employs individuals in New York. While many of these new obligations will cause administrative and logistical headaches, the potential consequences for failing to comply have increased as well.


Cozen O’Connor Adds New York Trusts and Estates Attorney Jeffrey B. Kolodny

March 28, 2011

Press Release - Private Client Services

Cozen O’Connor Adds New York Trusts and Estates Attorney Jeffrey B. Kolodny


D&O Liability: Vivendi – The Multi-Billion Dollar Impact of Morrison on Foreign-Cubed Securities Litigation [Insurance Coverage Alert!]

March 24, 2011

Publication - Insurance Coverage - Insurance

D&O Liability: Vivendi – The Multi-Billion Dollar Impact of Morrison on Foreign-Cubed Securities Litigation - Insurance Coverage Alert! - On February 17, 2011, U.S. District Judge Richard J. Holwell in the Southern District of New York entered an order in In re Vivendi Universal, S.A. Securities Litigation, 02-5571 (S.D.N.Y. Feb. 22, 2011), that dramatically reduced the potential amount of a plaintiff’s jury verdict in a securities class action under section 10(b), originally estimated at approximately $9 billion.

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