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Weighing in on the Yahoo!/Facebook case

Patent litigation?ápartner Clark?áStone?áweighs in on the strategy issues that might be behind the recently filed?áYahoo! v. Facebook patent case in a CNET News article.

NY High Court Holds Fiduciary Insurance Coverage Doesn?ÇÖt Cover Claims Against Employer as Settlor

The Court of Appeals of New York, New York?ÇÖs highest court, dismissed the claim IBM made against the carrier of its excess insurance coverage (an excess policy that covered claims in excess of its ERISA fiduciary insurance policy). A class of participants had sued IBM claiming that amendments IBM made to its pension plan were age discriminatory. Participants filed no ERISA fiduciary claims. IBM settled for $319 million. After exhausting the $25 million limit in its underlying policy, IBM turned to its excess policy with Federal which was a ?Ç£follow form?Ç¥ policy that conformed to the terms and endorsements of the underlying Zurich Policy. The excess policy covered ?Ç£any breach of the responsibilities, obligations or duties by an Insured which are imposed upon a fiduciary of [a plan by ERISA, other U.S. law or] ERISA equivalent laws in any jurisdiction, [ ] any other matter claimed against an Insured solely… Continue Reading

March 2012
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