August 2008

Xcel and NY AG settle climate change securities disclosure issues

August 28, 2008 10:18
Xcel Energy, the nation’s fifth largest emitter of greenhouse gases (GHGs), signed an agreement this week with New York Attorney General Andrew M. Cuomo that requires the company to disclose the financial risks that climate change poses to its investors. The agreement, called an "Assurance of Discontinuance Pursuant to Executive Law § 63(15) (the "Agreement")," follows Cuomo’s issuance of subpoenas to various energy companies in September, 2007, in which New York sought greater investor dis...

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SEALED AIR IMPACTS CLIMATE CHANGE AND D&O COVERAGE

August 19, 2008 20:20
by J. Wylie Donald
One could hardly ask for a more serendipitously named case if one wanted to write about insurance coverage for a substance emitted into the atmosphere than Sealed Air v. Royal Indemnity Co., but such an appellation was delivered by the New Jersey Appellate Division last Friday.  The case addresses Directors & Officers (D&O) liability coverage for alleged fraudulent statements in SEC disclosures concerning alleged pollution.  Before addressing the case, however, we need to tak...

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McCARTER & ENGLISH CLIMATE CHANGE AND RENEWABLE ENERGY PRACTICE GROUP

The business case for the development of renewable energy projects, from biodiesel and ethanol to wind, solar, and distributed generation, is more compelling than ever as tax and regulatory incentives combine to attract investments. Emerging issues in environmental law and increasingly recognized principles of corporate social responsibility are encouraging public companies to voluntarily reduce greenhouse gas emissions, install clean energy alternatives, and invest overseas in projects under the Kyoto Protocol to respond to climate change concerns.

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