Author archive: proliability13

ZOLA v. TD AMERITRADE: NATIONAL SECURITIES CLASS-ACTION SUITS BASED ON FRAUD CANNOT HIDE BEHIND STATE CLAIMS

Summary: This article discusses the Eighth Circuit case Zola v. TD Ameritrade and what it means for national and state securities class-action claims. Background In the 1990’s, Congress sought more stringent standards for filing securities class-action litigation. The Private Securities Litigation Reform Act (PSLRA) was passed in 1995 followed by the Securities Litigation Uniform Standards…

Missouri Accountant-Client Privilege

This post discusses Missouri’s accountant-client privilege.

Illinois’ Statute of Limitations for a negligent procurement claim runs from date insured received the policy, not when a claim is denied.

Illinois’ two-year statute of limitations for negligent failure to procure insurance accrues as soon as the insured receives the insurance policy, and not when a claim for coverage is denied by the insurer, unless exceptional circumstances are present.

Subpoenaed for a Deposition: Does the Professional get Paid?

It is not uncommon for professionals who are not a party to a lawsuit to be subpoenaed to provide deposition testimony in the case. As long as the testimony remains factual and does not go into the area of expert testimony, the professional is only entitled to the statutory witness fee for the time of the deposition.

The “Tripartite” Relationship and an Insurer’s Right to Sue Panel Counsel: Part 2, Illinois, Missouri, and Kansas

Following a post on the case of Sentry Select Ins. Co. v. Maybank Law Firm, LLC, —S.E2d—, 2018 WL 2423694 (S.C. 2018) regarding tripartite relationships, this article provides a brief overview of how Illinois, Missouri, and Kansas address the “tripartite” relationship between an insurer, its insured, and panel.

The “Tripartite” Relationship and an Insurers Right to Sue Panel Counsel

Summary: This article provides a brief overview of the “tripartite” relationship between an insurer, its insured, and panel counsel and the theories under which a direct action can be brought by the insurer against panel counsel for legal malpractice. The “tripartite” relationship refers to the relationship among an insurer, its insured and defense counsel retained…

On the Hook Without a Word: Title Agent May Create Attorney-Client Relationship Between Lender and Attorney Retained by Title Agent

Summary: A Florida appellate court recently held a title agent’s consultation with an attorney to prepare a note and mortgage may have created an attorney-client relationship between a lender and the attorney, despite no direct communications between the lender and attorney. Additionally, the creation of such relationship may have triggered a duty by the attorney…

The Benefits of Limitation of Liability Clauses

Summary: Limitation of liability clauses are not favored in the eyes of the law, but they are often upheld by the courts. To be effective, it is important the clause be reasonable and specific. An enforceable limitation of liability clause may drastically limit the potential liability of the professional. Professionals use contracts on a regular…

Don’t Let a Subpoena Take You by Surprise

Summary: This article will discuss how a professional, especially an accountant, should respond when receiving a subpoena to produce documents and/or appear for a deposition. Many professionals, especially those in the accounting field, have received a subpoena to produce documents and/or appear for a deposition in a lawsuit. It is critical the professional takes steps…

Maintaining Professionalism in the Legal Industry

Summary: This article reviews the importance of attorneys maintaining professionalism in all legal proceedings. The article reviews a recent Florida case resulting in disbarment of an attorney after alleged disruptive acts during trial and a post-trial hearing. It goes without saying that as professionals, attorneys are obligated to maintain professionalism at all times and to…

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