Florida warns of chaos for homeowners if 17 property insurance companies have ratings downgraded

(WFLA) — In four days, a ratings agency plans to downgrade 17 property insurance companies in Florida, according to state officials.

State leaders warn financial chaos will follow and millions of Floridians could be impacted.

8 On Your Side Investigator Mahsa Saeidi reached out to several agencies to obtain the list of at-risk companies. As of Friday night, the state is not disclosing the list.

If the downgrades happen as planned, millions of Floridians will be in default of their mortgage requirements.

Insurance brokers told 8 On Your Side homeowners will be given a few months to find acceptable coverage.

If they can’t, their mortgage company would force them to accept a new policy with a new carrier.

Bottom line — homeowners will end up paying twice the price for half the coverage, multiple insurance experts said.

Ronald Assise CIC, CPRM is an insurance broker.

“With force-placed insurance, the only party protected is the mortgage company,” he said. “So you’re paying an outrageous premium and basically getting no coverage.”

If Demotech doesn’t back down under pressure can anything be done? That’s the question 8 On Your Side had for State Sen.

Read the rest

San Diego sues former lawyer, law firm after losing $3.9 million wrongful-termination case

Months after losing a wrongful-termination lawsuit filed by one of its longtime prosecutors, the San Diego City Attorney’s Office has sued the outside law firm and one of its then-lawyers for malpractice and other alleged lapses.

City Attorney Mara Elliott is suing lawyer William Price and Burke, Williams & Sorensen, the firm she hired to defend against a case brought by former assistant city attorney Marlea Dell’Anno.

The lawsuit, filed last week in San Diego Superior Court, accuses the firm and its former partner of mishandling the case, which earlier this year ended with a $3.9 million jury verdict against the city.

“Defendants breached the duty of an attorney to discharge duties faithfully to the best of their knowledge and ability,” the suit says. “As a direct, foreseeable and proximate result of defendants’ conduct, the city has suffered substantial economic losses.”

Neither Burke nor Price responded to requests for comment on the allegations.

According to the suit, Price was defending the city in

Read the rest

Could Amber Heard Just File For Bankruptcy To Avoid Paying Johnny Depp?

There are messy celebrity divorces, and then there’s the infamous split between Johnny Depp and Amber Heard. The two actors have been battling in court for years, and that’s only continued following the verdict of their defamation suits. The Aquaman star was found guilty on three counts, and ordered to pay her ex over $10 million after the dust settled. But could Heard just file for bankruptcy to avoid paying Depp this sum?

$10 million is a truly insurmountable sum of money for most people, including celebrities like Amber Heard. Her lawyer has gone on record saying she won’t be able to pay those millions of dollars, with the legal team continuing to attempt some appeals. But could bankruptcy help Amber Heard? According to a report by heard/amber-heard-would-gain-no-real-benefit-by-using-bankruptcy-to-avoid-paying-johnny-depp-millions-but-theres-a-catch-law-prof/” data-url=”https://lawandcrime.com/live-trials/live-trials-current/depp-v-heard/amber-heard-would-gain-no-real-benefit-by-using-bankruptcy-to-avoid-paying-johnny-depp-millions-but-theres-a-catch-law-prof/”Law and Crime, the short answer is no.

Unfortunately for Amber Heard, declaring bankruptcy won’t help her avoid paying Johnny Depp over the defamation case. Instead, going this route might help Heard slow down the payments. And with Heard’s legal team continuing to make appeals over the verdict, this might be able to buy her time as well. Clearly the ongoing legal battle isn’t going to

Read the rest

Three Big Law Firms Aid Amazon $3.49 Billion One Medical Buy (1)

Amazon.com Inc.‘s bid to buy One Medical and break into the US health care market is getting help from three Big Law firms.

Paul, Weiss, Rifkind, Wharton & Garrison is advising Amazon while Cooley and Ropes & Gray are representing San Francisco-based 1Life Healthcare Inc., parent of primary care company One Medical.

One Medical operates 182 medical offices in 25 markets in the US. Customers pay a subscription fee for access to doctors and 24-hour digital services. Amazon’s purchase of One Medical for $3.49 billion in cash would be the third-largest deal in the Seattle-based company’s history.

Paul Weiss corporate partners Krishna Veeraraghavan and Kyle Seifried are counseling Amazon. Paul Weiss recruited Veeraraghavan last year from Sullivan & Cromwell in a high-profile lateral move.

Steven Tonsfeldt leads the Cooley team. Cooley hired him in 2016 after the Silicon Valley dealmaker led the mergers and acquisitions practice at O’Melveny & Myers.

Other Cooley lawyers representing One Medical include corporate partners Matthew Hemington and Annie Lieberman, as well as associate Gaël Hagan.

Ropes & Gray health care partners Jennifer Romig and Christina Bergeron are working with a half-dozen associates for One Medical.

Cooley’s Tonsfeldt and Hemington and Ropes & Gray’s Romig

Read the rest

J.Crew recruits new top lawyer from rival American Eagle Outfitters

A J.Crew store logo is pictured on a building along the Lincoln Road Mall in Miami Beach, Florida March 17, 2016. REUTERS/Carlo Allegri

Register now for FREE unlimited access to Reuters.com

Register

  • Stacy Siegal has joined J.Crew as chief legal officer
  • Clothing retailer emerged from bankruptcy in September 2020

(Reuters) – J.Crew Group Inc has hired longtime retail company attorney Stacy Siegal away from American Eagle Outfitters Inc to be its new top lawyer, according to a Monday statement.

J.Crew said Siegal will be chief legal officer and corporate secretary of the New York-based company, reporting to CEO Libby Wadle.

Siegal said she is replacing J.Crew’s interim general counsel, Peter Damiano, who will remain at the company.

Register now for FREE unlimited access to Reuters.com

Register

A J.Crew spokesperson declined to comment beyond the statement. An American Eagle spokesperson didn’t immediately comment on Siegal’s departure on Monday.

J.Crew filed for bankruptcy protection in May 2020 after the COVID-19 pandemic triggered temporary store closures of its nearly 500 J.Crew, J.Crew Factory outlet and Madewell stores. A bankruptcy judge approved the clothing company’s reorganization plan in August 2020.

Siegal joined American Eagle Outfitters as general counsel in 2016, according to her LinkedIn

Read the rest