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OCTOBER  1,  2019
 
 
 
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McDermott Will & Emery
Barnes & Thornburg LLP

 
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Insurance & Reinsurance News
In house attorneys looking for a better way to organize, vet and easily retrieve legal news created the National Law Review on-line edition.

Around the clock, the National Law Review's editors screen and classify breaking news and analysis authored by recognized legal professionals and our own journalists.

There is no login to access the database and new articles are added hourly. Check out the National Law Review's Insurance Page for the latest coverage.
 
 
 
 
 
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Just weeks before it was set to begin, Woodstock 50 gasped its final breath.  But the steady drumbeat of problems that caused organizers to cancel the event will only continue as financiers, artists, and organizers confront the range of legal issues that may now take center stage.  Insurance will be key to addressing the Woodstock 50 fallout, and organizers should take heed.  Indeed, among the lessons to be learned from Fyre Festival—which the world saw crumble in real time in 2017—is that the consequences of unsuccessful festival planning are greatly exacerbated by a lack of insurance.  More on Insurance Considerations for Music Festivals Here>
 
 
 
 
 
Greenberg Traurig
On Sept. 16, 2019, the IRS announced it is offering settlements to certain taxpayers with open audits of micro-captive insurance transactions. The IRS has targeted these micro-captive insurance transactions since 2014, and they were designated as transactions of interest in 2016.1 Although micro-captive insurance transactions have gained popularity among closely held entities, the IRS has challenged such transactions as abusive, stating that they “are inconsistent with arm’s length transactions and sound business practices. More on IRS Settlements to Micro-Captive Insurance Taxpayers Here>
 
 
 
 
 
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When you are not a party to a legal proceeding, but nevertheless file a notice of appeal purportedly on behalf of a party after a settlement, the likelihood of a positive outcome is very low.  Such was the case recently before a New York federal court.  The result:  an award of attorney fees.  In Certain Underwriting Members of Lloyds of London v. Insurance Company of the Americas, Nos. 16-cv-323, 16-cv-374 (VSB), 2019 U.S. Dist. LEXIS 165702 (S.D.N.Y. Sep. 26, 2019), a reinsurance arbitration resulted in an award in favor of the cedent.  The reinsurers sought to vacate the award.  Ultimately, the cedent went into liquidation and, after the award was vacated because of the conduct of one of the arbitrators, the parties settled after the Second Circuit remanded the case back to the district court.  Yet that was not the end of the story.  More on Reinsurance Dispute Litigation Here>
 
 
 
 
 
IMS Expert Services  Law Firm
The need for companies and consumers to protect data and information is rapidly evolving with increasingly high stakes.  One of the most concerning announcements an organization can make today is that a data breach has occurred. Such revelations can strike fear in investors and consumers alike and erode a company’s hard-earned reputation.  To help our clients better view the importance of cybersecurity and how it effects the companies who turn to them for counsel and guidance, IMS interviewed Directors and Officers (D&O) insurance and economics expert Perry Granof. More on Cybersecurity and Liability Here>
 
 
 
 
 
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