Agency tries to rein in S & L lawyers; post-Kaye Scholer, OTS still crusades for accountability

Article Abstract:

The Office of Thrift Supervision (OTS) is attempting to change the legal responsibilities of attorneys who represent financial institutions. Banking attorneys are studying two OTS documents that exemplify the strict enforcement philosophy of OTS general counsel Harris Weinstein. The first requires attorneys to follow the government's interpretation of what must be disclosed when making submissions to regulatory agencies. The second is a letter the OTS wants to require savings and loan counsel to sign during bank examinations forcing them to act on any compliance problems they hear of.

Laws, regulations and rules, Practice, Banking law, United States. Office of Thrift Supervision, Disclosure of information (Banking law), Disclosure (Banking law)

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Malpractice rates may level off; ALAS confab looked at future costs, past law firm mistakes

Article Abstract:

The annual meeting of the Attorneys Liability Assurance Society (ALAS) brought the news that malpractice insurance rates might not have to be raised in the coming year but that ALAS continues to suffer large losses. In 1992, the society had to pay more than $100 million in claims related to the thrift crisis and almost $150 million in other malpractice claims, an increase of more than $90 million from 1991 claims. 1993 would be the first time in four years that malpractice rates did not go up.

Reports, Attorneys' Liability Assurance Society Ltd.

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Legal malpractice insurer faces financial troubles: hundreds of lawyers across the country may be affected

Article Abstract:

American Trust Insurance Company Ltd is being investigated in Colorado due to failure to pay claims and trial attorney compensation. Offshore insurance companies such as American Trust that operate outside of some state's regulations and are unregulated on the federal level are the focus of a debate between Congress and state regulators. The states want sole control over insurance regulation, and are being supported by the insurance industry which desires to limit any additional regulation.

Investigations, Insurance fraud, American Trust Insurance Company Ltd.

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