This Simpson Thacher & Bartlett LLP memorandum discusses developments related to the "follow the fortunes" doctrine in a reinsurance action; the filed rate doctrine in fraud claims against an insurance company; a claim that an insurance company fraudulently induced a policyholder to sign a settlement release; sanctions for e-discovery violations; work-product protections related to expert opinions; offsets under business interruption coverage for income earned by the policyholder; the impact of Rhode Island's direct action statute for claims against insurers of bankruptcy company to exhaustion requirements in excess policies; whether faulty manufacture where damages are "highly probable" constitutes an occurrence; the effect of a delayed reservation of rights on claims of bad faith and whether contribution and indemnity claims against a company in bankruptcy are barred by Bankruptcy Code section 502(e)(1)(B).