Avenue Sports Fund – Capital Investment in English Soccer Club
Represented Avenue Sports Fund in its partnership with Bright Path Sports Partners in connection with their investment in Gamechanger 20 Ltd, the owner of Ipswich Town Football Club. Ipswich Town competes in the Premier League, the top tier of the English football league system. Avenue Capital will have representation on the Ipswich Town Board of Directors and will provide strategic input in addition to the equity capital and lending facility.
Resources
Global Insurance Company – Successful Defense in Contribution Dispute with Insurer
Successfully defended a global insurance company in an appeal of a summary judgment decision before the Appellate Division, First Department, in which another insurer sought contribution in connection with its $5 million policy limit paid under a contaminated products insurance policy, arising out of the recall of Sabra hummus products. The decision was unanimously affirmed in its entirety by the First Department.
Commercial Liability Insurer – Summary Judgment Granted
Achieved summary judgment in favor of insurer ruling, in a matter of first impression under Michigan law, that the “absolute pollution exclusion” in a commercial general liability insurance policy applied to exclude a claim of bodily injury caused by carbon monoxide in a home. The court also ruled that the “hostile fire” exception to the exclusion was inapplicable.
National Financial Partners, Corp. (NFP) – Pre-Litigation Disputes and Litigation
Regularly represents NFP, a national insurance brokerage and consulting firm, in connection with a wide range of pre-litigation disputes (including coverage matters) and litigation.
Leading National Insurance Broker – Policy Development
Represented leading national insurance broker in drafting manuscript insurance policies for its professional, investment adviser and miscellaneous liability insurance lines of coverage.
Commercial Property Insurer – Summary Judgment Granted in Commercial Property Insurance Coverage Litigation
The Eastern District of Tennessee granted summary judgment to our client, a property insurer. The Court held that the commercial property insurance policy at issue was void for lack of an insurable interest following the sale of the covered apartment building by the insured without notifying our client, the policy was not assignable without our client's written consent, and the purchaser was not an assignee or an intended third-party beneficiary of the policy. The purchaser appealed; however, the Sixth Circuit Court of Appeals affirmed the District Court’s decision granting summary judgment to our client.
Commercial Liability Insurer – Third Department Affirms Summary Judgment in Favor of Herrick Client in Environmental Coverage Litigation
The New York Appellate Division Third Department affirmed the Supreme Court's dismissal of all claims against a liability insurer in an environmental coverage litigation brought by the State of New York, arising from a petroleum discharge from an upstate New York gas station. Agreeing that coverage was excluded under our client’s liability policies, the court granted our motion for summary judgment while denying summary judgment motions brought by two of the other liability insurers of the company that supplied petroleum to the station, which the State had claimed was the responsible discharger under the NY Navigation Law.
Insurance Producer – Commission Dispute
Represented an insurance producer embroiled in an arbitration with a former client over unpaid commissions. The arbitration resulted in a recovery of over $1 million.
Offshore Insurer – ERISA Stop-Loss Insurance
Advice to an insurer on providing stop loss insurance to large employers which provide group health insurance coverage to their retirees under self-funded welfare benefit arrangement plans (Section 419E plans under ERISA).
Bermudian Reinsurer – Creative International Indemnity Plan
Represented a major Bermudian reinsurer in forming a limited medical benefit indemnity plan for members of an association which included reimbursement for in-patient hospital procedures, surgical benefits, doctor visits, emergency treatment, and accidental death and dismemberment benefits. We helped the reinsurer choose the most appropriate structure to reinsure the plan, drafted the necessary policy and treaty documentation, and analyzed pertinent regulatory issues.
European Insurer – Chunnel Policy
Represented a European insurer in structuring an aggregate declared risk capacity contract under which the insurer provided insurance capacity to one of the world's leading engineering and construction companies for certain lines of insurance, including a cost overrun insurance program for the Channel Tunnel Rail Link.
European Insurer – Filling the Gaps
Represented a European insurer in drafting an insurance policy for a large French food product company with worldwide operations. The policy covered certain risks not covered by the insured's other insurance policies, such as business interruption losses arising from an act of terrorism resulting in the contamination of the insured's food products.
European Insurer – Customized Political Risk Coverage
Represented a major European insurer in designing and drafting an insurance policy covering political risks of an insured's non-European operations (for example, forced abandonment of a foreign country due to a governmental evacuation order). We drafted the policy to address the unique risks facing the insured, such as the potential loss of business income due to the cessation of the insured's operations of a railway in Africa. We also designed it to combine other risks such as pollution liability and coverage for the insured's construction projects.
Housing Authority Risk Retention Group – Pollution Exclusion Coverage Litigation
Represented a risk retention group in litigation against a housing authority over whether an insurance policy excluded a judgment against the housing authority for exposure to pollution. In a case of first impression under Illinois law, the 7th Circuit Court of Appeals ruled in favor of our client, holding that the absolute pollution exclusion excluded coverage for an underlying $10 million judgment against the insured based upon exposure to pollutants, even though the insured did not actively cause the pollution, and even though the pollution originated off-site and migrated to the insured's property. (Housing Authority Risk Retention Group, Inc. v. Chicago Housing Authority, 378 F.3d 596 (7th Cir. 2004))
Reinsurance Company – Successful Prosecution of Malpractice Claims Related to Insurance Agreements
Successfully represented a prominent insurance managing agent and reinsurance company in their claims of legal malpractice against former counsel arising from insurance agreements prepared by the defendant, a New York-based insurance law firm.
Insurer – Regulatory and Administrative Advice
Represented an insurer with respect to the regulatory and administrative aspects of its rebate programs, including audit advice as well as representation in disputes with pharmacy benefits managers.
Insurance Coverage Dispute – Commercial Property Insurance
Successfully represented an insurer in a dispute with a building owner over whether coverage existed under its commercial property insurance policy for over $1 million in claimed property damage caused by an underground water supply line rupture.
Represent the Pac-12 Conference in Insurance Dispute
Represent the Pac-12 Conference in an insurance dispute in connection with a charge brought by the National College Players Association claiming that the Pac-12 Conference and the USC are violating the National Labor Relations Act by refusing to classify student athletes as employees.
Private Equity Credit Investing Arm – Disability Insurance Dispute
Represented the credit investing arm of a publicly-traded private equity firm, with $19 billion under management, in a dispute with insurers over payment of disability benefits under a multimillion dollar "key man" policy insuring our client's former co-chief executive officer.
Life Settlement Investment Firm – Advice and Litigation
Represented a German investment firm with respect to its investment portfolio of U.S. life insurance policies. In addition to providing advice concerning life settlement laws and regulations in various jurisdictions, Herrick also represented the company in litigation on its disputed claims in multiple jurisdictions. Herrick procured a multi-million-dollar settlement for the client, almost 90 percent of the policy value, in New Jersey federal litigation in which the carrier contested the claim as a likely STOLI ("stranger originated life insurance") policy. Herrick also settled a large claim filed in Pennsylvania federal court in which our client received approximately 70 percent of the policy value in a case where the age of the insured, a former Syrian national, was disputed.
Not-For-Profit – Pari-Mutuel Wager Matters
Represented a major sports franchise operator in connection with pari-mutuel wagering issues.
Insurance Coverage Dispute – Theft by Armored Car Executives
Represented a major national bank and its subsidiary in an insurance coverage dispute involving cash transported in armored cars. A unanimous New York State Appellate Division, First Department panel ruled in favor of our clients, finding that the "in transit" clause of the insurance policy also covered theft by the armored car company's executives while the money was in their vault as part of the contracted-for delivery process.
