In the News – April 21, 2014
At least six new securities suits were filed against BP PLC in Texas Court on Friday. The suits were filed by “groups of foreign businesses and U.S. retirement funds” alleging the Deepwater Horizon oil spill cost them millions of dollars. Law 360 ($)
A new report from Fitch Ratings, “2014 U.S. Asbestos Liability Dashboard,” details the impact of asbestos liability on insurance companies — and a “steady loss of $2 billion annually that doesn’t appear to be slowing down.” Legal Newsline
A group of Delaware state senators announced plans to introduce legislation that would disallow commission-based contracting for escheat, which is considered abandoned or unclaimed property. This move comes shortly after ILR released, “Unclaimed Property – Best Practices for State Administrators and the Use of Private Audit Firms.” In addition to providing best practices for state officials, this paper examines how private auditors acting under the authority of state officials, appear to be rewriting the rules of public confiscation of unclaimed property. Delaware State News
