A federal judge has dismissed a suit brought against airplane maker Cirrus Design Corp. by two insurers looking to recover over $11 million they paid out after the plane crash that claimed the lives of New York Yankees pitcher Cory Lidle and a flight instructor in 2006, but left the door open for the plaintiffs to amend their complaint.
Liberty Mutual Insurance Co. on Monday announced it would pay $7.5 million to settle bid-rigging and kickback claims from New York and Connecticut officials.
The ACE Group, Zurich Financial Services Group, the Pennsylvania Manufacturers' Association Insurance Group and CNA Financial Corp. have agreed to pay nearly $120 million to New York state to settle claims that the four insurance groups overcharged policyholders for workers' compensation coverage.
Travelers Property Casualty Co. of America has hit four other insurers with a suit claiming the companies owe defense costs in underlying litigation over the defective manufacturing of plastic parts for slides.
Dewey & LeBoeuf LLP has won the right to enforce a subpoena against the Missouri insurance commissioner in a $1 billion case over the firm's advice to collapsed General American Life Insurance Co.
The leading settlements and verdicts in the insurance industry in 2010 arose from the alleged financial misdeeds and improper practices of insurers instead of traditional policyholder claims, with payouts involving American International Group Inc. that totaled more than $1 billion among the top examples.
The biggest insurance cases in 2011 probably will spring not from earthquakes or flooding, but from man-made disaster, as fraud claims stemming from the financial crisis — particularly against directors and officers — ripen and receivers, banks, bond insurers and investors struggle to recoup their losses.
Lawyers anticipate a busy 2011 for insurance legislation and regulation, both at the national and state levels, resulting from the recent shift in power in Congress and the financial reform legislation.
The most important insurance rulings in 2010 came in cases concerning failed banks, reinsurers' settlement obligations, and directors and officers policies, with courts settling law in many gray areas and giving insurers cause for comfort.
An arbitration panel reportedly has ruled that a UBS AG subsidiary must pay more than $2.2 million to the head of insurer CNA Financial Corp. for personal investment losses related to so-called structured products underwritten by now-defunct Lehman Brothers Holdings Inc.
A New York judge has agreed to allow bond insurer MBIA Insurance Corp. to use statistical sampling to support fraud and breach of contract claims in a suit accusing Countrywide Financial Corp. of baiting it into insuring more than $20 billion in mortgage-backed securities.
American National Insurance Co. has told a federal appeals court that a lower court improperly barred it from pursuing claims that JPMorgan Chase & Co. obtained an unlawful profit of at least $1.9 billion through a scheme to strip away the contract rights of bondholders in failed Washington Mutual Bank NA.
A federal judge has denied class certification for the second time in a long-running fight against Quest Diagnostics Inc., ruling that the plaintiffs' various allegations in connection to multiple health insurance contracts and overbilling require individual analysis.
Two companies that insured municipal bonds issued by Jefferson County, Ala., have defeated JPMorgan Chase Bank NA's attempt to dismiss their suits, which seek more than $750 million in damages for bribes the bank allegedly paid local officials.
A California appeals court has found that Equinox Insurance Co. may be on the hook for Atlantic Mutual Insurance Co.’s $5 million settlement even though it already paid $15 million on behalf of Electrolux in litigation over an allegedly faulty stove, and remanded the case to trial.
A federal appeals court has reversed a ruling of summary judgment for two insurers who sought to avoid coverage for defective home construction suits under policies issued to general contractors Trinity Homes LLC and Beazer Homes Investments LLC.
The U.S. Securities and Exchange Commission has scored monetary penalties and permanent injunctions against three defendants in litigation over alleged insider trading schemes related to the Odyssey Investment Partners-Neff Corp. and Liberty Mutual Insurance Co.-Safeco Corp. mergers.
A failure to securitize life insurance policies, longer life expectancies and pressure from lenders have forced life settlement company LTAP US LLLP to file for Chapter 11 bankruptcy protection.
American International Group Inc. has agreed to pay a total of $146.5 million in fines and additional taxes to settle claims by insurance regulators in all 50 states that it misreported more than $2 billion in workers' compensation premiums.
Cleveland's Arena Football League team has lost its challenge to a district court's order that it arbitrate its claims in a dispute with National Union Fire Insurance Co. of Pittsburgh, Pa., over premiums for a workers' compensation policy.