DECISION OF THE DAY

Continental Casualty Co., plaintiffs-appellants-respondents v. Employers Insurance Company of Wausau, defendants-respondents-appellants

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APPELLATE DIVISION
FIRST DEPARTMENT
Products Liablity

Claims on Firm's Asbestos Insulation Subject To Products Liability Coverage, Aggregate Limit

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FEATURED COLUMNISTS

Free With Registration: Toxic Torts

Wednesday, January 7, 2009

By Philip E. Karmel

Philip E. Karmel, a partner at Bryan Cave LLP, writes: In 1998, the Court of Appeals, emphasizing the need for a "bright line accrual rule," appeared to hold that a property damage claim arising from hazardous substance contamination accrues upon the property owner's discovery that the toxic substance at issue has come into contact with its property, even if the human health risk from the substance is not known at that time and does not occur until years later. Notwithstanding the seeming clarity of this decision, the lower courts have established separate accrual dates for different types of damage to property arising from the same toxic substance, on the theory that each type of damage is separately actionable on its own time schedule.

Tax Appeals Tribunal

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Wednesday, January 7, 2009

By Joseph Lipari and Debra Silverman Herman

Joseph Lipari, a partner at Roberts & Holland, and Debra Silverman Herman, of counsel at the firm, review the Executive Budget for New York State for 2009-10. Facing "the greatest economic and fiscal challenge" since the Great Depression, the bill proposes several important amendments to the tax law that primarily affect individual taxpayers. Many of the proposals extend New York's sales and use taxes to essential items, such as clothing, beverages, transportation and personal services, as well as to entertainment products (including movies and downloadable music), cable and satellite television and other luxury goods.

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THE BACK PAGE

Free With Registration: From the Suites to the Streets

Friday, December 19, 2008

By Thomas Adcock

A small but potentially broader solution to budget cuts plaguing the Legal Aid Society's criminal defense division has been found in a new, unusual externship program involving mid-level litigation associates from private firms. As the economy began to crumble in October, Legal Aid officials dusted off a six-month pilot project quietly conducted last year and signed up nine associates from private firms, all of whom are involved in varying degrees in white-collar criminal defense. They were put to work under Irwin Shaw, attorney-in-charge of the Legal Aid's Manhattan office of criminal practice.

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TECHNOLOGY TODAY

Internet Issues

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Tuesday, January 6, 2009

By Shari Claire Lewis

Shari Claire Lewis, a partner at Rivkin Radler, writes: Although New York has long required consumers to pay sales or use taxes when purchasing goods from out-of-state sellers, a law enacted last spring switched the onus to remit taxes to the state from the individual purchaser to the out-of-state retailer, who now must register as a New York "vendor" when certain criteria are met. The law is being challenged in court, however, and, now that the holiday rush has passed, the focus can turn not just to whether the law is legally enforceable, but also to whether it properly balances the interests of increased tax revenue with the needs for a robust retail presence in New York.

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OUTSIDE COUNSEL

U.N.'s New Compensation Treaty: Should United States Ratify It?

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Wednesday, January 7, 2009

By David T. Maloof

David T. Maloof, senior partner at Maloof Browne & Eagan, writes that it is widely hoped that the passage of the "Draft Convention on Contracts for the International Carriage of Goods Wholly or Partly by Sea," recently adopted by the U.N. General Assembly, will at a minimum act as a wake up call and stimulate the U.S. Congress to update its own shipping compensation statute, which, at over 70 years old, has been widely criticized for its inability to account for modern developments and still applies the outdated $500 per-package limitation.

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REAL ESTATE TRENDS

Rulings Hand Big Victory To Conversion Sponsors

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Wednesday, January 7, 2009

By Warren A. Estis and Jeffrey Turkel

Warren A. Estis and Jeffrey Turkel, partners at Rosenberg & Estis, review two recent decisions from the Appellate Term, First Department, that held that unregulated tenants were not entitled to purchase their units, or remain in occupancy, where the sponsor/landlord had already commenced lease expiration holdover proceedings against them prior to the date the attorney general had accepted condominium offering plans for filing.

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CORPORATE UPDATE

Taxation

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Thursday, December 18, 2008

By Elliot Pisem and David E. Kahen

Elliot Pisem and David E. Kahen, members of Roberts & Holland, write that income earned under any "nonqualified deferred compensation plan" must be reported when it is no longer subject to a "substantial risk of forfeiture," even though not yet received, and is subject to a penalty tax and a penalty interest charge, unless the plan: requires that distributions may be made only at a pre-specified time or upon the occurrence of certain events, such as separation from service, disability, or a change of control of the employer; precludes the acceleration of payments under most circumstances; and requires that any "deferral election" be made only at prescribed times.

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SPECIAL REPORTS AND MAGAZINES

Litigation

Monday, January 5, 2009

In this Special Section from the New York Law Journal: "Subprime Crisis," "Credit Ratings Agencies Under the Microscope" and "Credit Default Swaps."

Also, in the highlighted article from this section,

Free With Registration: Financial Meltdown Triggers Litigation Wave

Thomas J. Hall and Thomas J. McCormack, partners at Chadbourne & Parke, write: We live in turbulent financial times - a global recession, trillions of dollars of equity market losses, gaping holes in pension plans and personal retirement accounts, massive job layoffs, a worldwide credit market collapse, unprecedented home mortgage default rates and booming home foreclosures. In this environment, it is not surprising that the litigation train has already left the station and is gathering steam as it proceeds down a multi-year track.

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• Prosecutor Improperly Vouched For Her Witnesses, Circuit Finds
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• Free With Registration: Brother and Sister Drawn to Family Court Bench
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