Michael Murphy

Complaint that "arises from Westfield’s mass hiring (colloquially known as a "lift-out") of a group of employees from Sompo International to join Westfield’s new specialty insurance arm, Westfield Specialty, in direct competition with their former employer" in Endurance Services Limited, of Delaware, and Sompo International Holdings Ltd., of Bermuda v. Westfield Insurance Company and Westfield Specialty Inc., both of Ohio, at the U. S. District Court for the Southern District of New York.

Amended Particulars of Claim alleging tax fraud involving entities in the British Virgin Islands, Cayman Islands, Dubai, Jersey, Luxembourg and other jurisdictions in SKAT (the Danish Customs and Tax Administration) v. Solo Capital Partners LLP, Solo Capital Ltd., Agrius Capital Ltd., AESA Sarl, Anupe Dhorajiwala, Old Park Lane Capital Ltd., Telesto Markets LLP, Anthony Mark Patterson, Graham McKenzie Horn, Priyan Shah, Sanjay Shah, Gerard O'Callaghan, Elysium Global Ltd., Goal TaxBack Ltd., Koi Associates Ltd., Syntax GIS Ltd., Acupay System LLC, Global Equities GmbH, West Point Derivatives Ltd., North Channel Bank Gmbh, Salgado Capital, ED&F Man Capital Markets Ltd., Indigo Global Partners Ltd., Lindisfarne Partners LLP, Khajuraho Equity Trading Sarl, Treefrog Capital Ltd., Arche Cayman Ltd., Trillium Capital Sarl, Ganymede Cayman Ltd., VEM Holdings Sarl, Colbrook Ltd., Elysium Global (Dubai) Ltd., T&S Capital, Darren Lui, Hooloomooloo Holdings Ltd., Ampersand Capital Ltd., Usha Shah, Michael Stephen Murphy, James Edward Hoogewerf, Charles Joseph Knott, Polaris Capital Ltd., Polaris Capital (One) Ltd., Edo Barac, Robyn Llewellyn, North Channel Bank GmbH & Co. KG, Mankash Jain, Paul Preston, Daksha Bhudia, Jas Bains, Anne Christine Stratford, Europa LLP Executive Pension Scheme, Honey Jersey Ltd., Jonathan Godson, Daniel Fletcher, Alasdair Gavin Gonzalez Brown, Janice Allgrove, Godson Consulting LLC 401 Plan, Lawler Noble 401 K Plan, Watts Street Capital 401 K Plan, Roxy Ventures Solo 401 K Plan, Alba Gonzalez Brown, Fiveways Consulting FZE, Trixor Holdings One Ltd., FGC Elysium Holdings Ltd., IPIS UK (Battersea London 1) Ltd., Martin Smith, Guenthar Grant-Klar, West Point Derivatives Ltd., Bellview Financial Ltd., Rivera One Ltd., Astella Capital Ltd., PCM Ltd., Eris Investments Ltd., Silvercouk Ltd., Darren Wang Lip Yiu, Solo Group (Holdings) Ltd., Solo Group Services Ltd., Luna Capital Partners LLP, Copella Capital Ltd., Zuben Capital Ltd., Serafine Capital Ltd., Serafine Investments Ltd., Kenna Capital Ltd., Kenna Investments Ltd., Silver Fox Holdings Ltd, Ace City Holdings Ltd., Araya Holdings Ltd., Oberix International Corporation, Trillium Holdings (BVI) Ltd., Woodfields Holdings Capital Ltd., DoubleTwo Holdings Ltd., and Double Two Investments Ltd. at the High Court for England and Wales.

Two Bermuda residents have been accused of breach of fiduciary duty in a civil complaint filed by American International Group Inc. at the Supreme Court of the State of New York, New York County, on March 26, 2008 Ernest E. Stempel and L. Michael Murphy are defendants alongside Maurice R. Greenberg, a resident of New York; Howard I. Smith, a resident of New York; Edward E. Matthews, a resident of New Jersey; John J. Roberts, a resident of Maryland; and Houghton Freeman, a resident of Hawaii. The causes of action are breach of fiduciary duty as AIG directors against Greenberg and Smith and, against all defendants, breach of fiduciary duty as fiduciaries of AIG, and aiding and abetting breach of fiduciary duty.

A class action securities fraud lawsuit has been filed in the United States against Bermuda-based, NASDAQ-listed specialty insurer Quanta Capital Holdings Ltd., seven officers and directors, and two underwriters. The complaint was filed at the U. S. District Court for the Southern District of New York on February 5, 2007 on behalf of all purchasers of Quanta's common and preferred shares between December 14, 2005, when Quanta completed a $135 million equity offering, and March 2, 2006.

One of Bermuda's worst-managed insurers - Quanta Capital Holdings Ltd. - has shelled out another massive severance package to a senior officer.In an SEC filing on July 27, 2006, the firm disclosed that it will pay $2 million to Michael J. Murphy, the firm's Deputy Chairman and former Chief Operating Officer. Murphy, 55, served as COO of Quanta Capital from its inception in 2003 until March, 2005, after which he served as “Chairman of the Office of Strategic Innovation”, and as Quanta's Deputy Chairman from 2003 until his departure from the firm, effective July 25, 2006.

Segments of Bermuda's insurance industry are in chaos as law enforcement and regulatory agencies in the United States crank up their investigations into offshore transactions.AIG's local operation appears to be in melt down, while finite risk reinsurer Inter Ocean Reinsurance

The Bermuda Commodities Exchange, which suspended trading in the first week of August, appears to have been an expensive failure for the American International Group.AIG is believed to have borne the brunt of the estimated losses of more than $2 million suffered by the experimental insurance derivatives exchange in its two -year life-span.