Stout Risius Ross, LLC v. Aspen Specialty Ins. Co.
Stout Risius Ross LLC asked for a declaratory judgment to require Aspen Specialty Insurance Co. to defend Stout Risius Ross in a lawsuit brought against it by its former client, Wilmington Trust, in an ESOP matter. Stout Risius Ross performed a valuation for an ESOP transaction that the court later criticized in that matter (Brundle). After being sued by Wilmington Trust, Stout Risius Ross filed a claim with Aspen, which was denied by Aspen, citing the “prior knowledge” clause. The court denied Stout Risius Ross’ motion for declaratory judgment and did not allow Stout Risius Ross to amend its motion.
U.S. District Court Dismisses Accounting Firm’s Plea to Require Insurance Company to Defend a Lawsuit Against It
Stout Risius Ross LLC asked for a declaratory judgment to require Aspen Specialty Insurance Co. to defend Stout Risius Ross in a lawsuit brought against it by its former client, Wilmington Trust, in an ESOP matter. Stout Risius Ross performed a valuation for an ESOP transaction that the court later criticized in that matter (Brundle). After being sued by Wilmington Trust, Stout Risius Ross filed a claim with Aspen, which was denied by Aspen, citing the “prior knowledge” clause. The court denied Stout Risius Ross’ motion for declaratory judgment and did not allow Stout Risius Ross to amend its motion.
Malpractice Insurer Not Required to Defend Valuation Firm for Claim Alleging Securities Fraud
This case featured a motion to dismiss a claim from an insured that the plaintiff, Great American, was required to defend the defendant, Stout, against a claim by ESOP plaintiffs that Stout committed “federal securities fraud.” While the Great American policy covered valuation services, the policy also featured an exclusion for claims against the insured for securities violations.
Great Am. Fid. Ins. Co. v. Stout Risius Ross, Inc.
This case featured a motion to dismiss a claim from an insured that the plaintiff, Great American, was required to defend the defendant, Stout, against a claim by ESOP plaintiffs that Stout committed “federal securities fraud.” While the Great American policy covered valuation services, the policy also featured an exclusion for claims against the insured for securities violations.
Four Experts Vie Over ‘Risk-Neutral’ Valuation of Annuities
Court permits plaintiffs’ expert to present a “risk-neutral,” out-of-pocket damages model for losses due to defendant’s allegedly fraudulent annuity products, finding that the model is commonly accepted in the financial and valuation community and the exp ...
Negrete v. Allianz Life Ins. Co. of N. America
Court permits plaintiffs’ expert to present a “risk-neutral,” out-of-pocket damages model for losses due to defendant’s allegedly fraudulent annuity products, finding that the model is commonly accepted in the financial and valuation community and the exp ...
Divorcing Wife Learns: Be Careful What Value You Ask For—You Just May Get It
What happens when a nonowner spouse requests a higher valuation of the marital business—and gets it, along with the business?
Western Diversified Services, Inc. v. Hyundai Motor America, Inc.
The U.S. Court of Appeals for the Tenth Circuit adopted the definition of “willful” as “the defendant’s intent to benefit from the goodwill or reputation of the trademark holder” for use when recovering profits from an infringer in the absence of actual d ...
Tenth Circuit Creates 'Willful' Roadblock to Recovery of Infringer’s Profits Under the Lanham Act
The U.S. Court of Appeals for the Tenth Circuit adopted the definition of “willful” as “the defendant’s intent to benefit from the goodwill or reputation of the trademark holder” for use when recovering profits from an infringer in the absence of actual d ...
Edenfield v. Edenfield
What happens when a nonowner spouse requests a higher valuation of the marital business—and gets it, along with the business?
Financial Dimensions, Inc. v. James D. Zifer
The Ohio Court of Appeals calculated the lost profit damage award for a breach of noncompete agreement between and insurance company and its agent.
Commissions Deducted From Breach of Contract Damages
The Ohio Court of Appeals calculated the lost profit damage award for a breach of noncompete agreement between and insurance company and its agent.
D. K. MacDonald v. CIR
The Tax Court concluded that an insurance agent did not received any goodwill in the liquidation of his insurance corporation. It found that the goodwill was the personal property of the agent absent a non-compete agreement.
No Goodwill Distributed in Liquidation
The Tax Court concluded that an insurance agent did not received any goodwill in the liquidation of his insurance corporation.