Banc of America Securities LLC will not have to pay for consultants and court transcripts on top of the $144 million owed to investors including AIG Global Lending Corp. in a case alleging it misrepresented the quality of asset-backed securities.
Wells Fargo Bank NA has lost its bid to dismiss a lawsuit claiming the bank bought an invalid $10 million life insurance policy, which a broker agency had fraudulently obtained to resell on the secondary market.
National Union Fire Insurance Co. of Pittsburgh, Pa., has asked a federal court to declare that it has no obligation to defend or indemnify Mead Johnson & Co. against a slew of consumer class actions over its marketing of infant formula.
Dried fruit and nuts provider Setton International Foods Inc. has settled two cases with its insurers over coverage of third-party breach of contract claims that stemmed from a 2009 nationwide pistachio recall.
Continental Business Credit Inc. is looking to recoup at least $6 million from Euler Hermes American Credit Indemnity Co., alleging the insurer fraudulently denied coverage under a policy listing Continental as the beneficiary and brought the lender near collapse.
Republicans in the U.S. House of Representatives scored a key procedural victory Friday as they move forward with a vote on legislation that would repeal the entire health care reform law, even as a veto threat looms.
MBIA Inc. and the Royal Bank of Canada have laid down their swords in two lawsuits over RBC's sale of credit default swaps to MBIA and MBIA's 2009 restructuring.
Two Chartis Inc. units have settled The Boeing Co.'s suit claiming British Airways' insurance policy with Chartis released the plane maker from liability for the loss of a Boeing-made BA airplane that crashed outside London in 2008.
American International Group Inc. has reached a $450 million settlement with seven insurers in a sprawling class action over underreported premiums in a workers' compensation insurance pool, but several key plaintiffs have refused to go along with the deal.
A federal judge has refused to toss a putative class action alleging Ambac Financial Group Inc. officials broke the law by continuing to offer Ambac stock under an employee retirement plan even as the company spiraled toward bankruptcy.
ACA Financial Guaranty Corp., which insured the so-called Abacus transaction for which Goldman Sachs Group Inc. paid a $550 million civil penalty last year, launched a $120 million suit Thursday alleging Goldman misled the bond insurer about the deal.
Britain’s top financial regulator has barred former Surety Guarantee Consultants Ltd. director Barry Williams from working in financial services, and fined him for “turning a blind eye” while his firm defrauded insurers out of £2 million ($3.1 million).
Locke Lord Bissell & Liddell LLP has enlisted a former Katten Muchin Rosenman LLP expert in corporate transactions and securities matters to bolster the firm’s insurance and capital markets practices.
The Eighth Circuit on Thursday again revived a former Sinclair National Bank director’s fight to obtain coverage from Kansas Bankers Surety Co. for the defense of criminal charges related to the acquisition of the bank.
The Sixth Circuit has denied Pipefitters Local 636 Insurance Fund’s bid for reconsideration of a decision letting Michigan’s insurance commissioner back Blue Cross & Blue Shield of Michigan’s challenge to class certification in an Employee Retirement Income Security Act suit.
A former financial adviser for UBS AG has asked the U.S. Supreme Court to determine whether an appeals court erred in allowing Reliance Standard Life Insurance Co. to sidestep inaccuracies in the summary of an employee disability plan and deny a client coverage.
New York Gov. Andrew Cuomo on Wednesday proposed to consolidate the state's insurance, banking and consumer protection departments into a combined financial regulatory agency that could better catch Wall Street misdeeds.
The U.S. Department of Health and Human Services is warning lawmakers that repealing the new health care reform law could reduce coverage for millions of Americans, pare back oversight of insurers and add $1 trillion to the national debt.
A Second Circuit judge on Wednesday accused AXA Network LLC of using piecemeal tactics in fighting a retaliation case brought by a former securities broker who allegedly blew the whistle on a co-worker's Ponzi scheme involvement.
A bond insurer has accused Wells Fargo Bank NA and KeyBank NA of aiding a real estate developer's scheme to divert funds from promised infrastructure improvements that forced the insurance company to shell out $14 million to complete the construction.