November 13, 2012

Legal Developments Update

Overview

Tim O’Driscoll and Geoff Sawyer spoke at the Compliance & Ethics Forum for Life Insurers (CEFLI) Unclaimed Property Summit Meeting II on November 13 in Chicago, Illinois.

Tim and Geoff presented to a full session of in-house counsel and compliance professionals on recent legal developments regarding unclaimed property issues, with a focus on litigation. The presentation included an overview of recent regulatory settlements, a slew of lawsuits filed against insurers by the West Virginia State Treasurer, qui tam lawsuits filed against insurers in the state courts of Minnesota and Illinois, shareholder actions filed against insurers in federal court, the dismissal of a purported class action complaint filed against an insurer in Ohio, and new legislation and regulations enacted in various states. In conjunction with CEFLI, Tim and Geoff also developed a Comparative Analysis of recent unclaimed property regulatory settlements, which was distributed to all meeting attendees on November 29.

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