The New Jersey Appellate Division ruled Wednesday that the confidentiality of a suspended chiropractor's statement to a state criminal investigator about an alleged insurance fraud scheme didn’t extend to the use of those statements in a related civil lawsuit by Allstate New Jersey Insurance Co.
The Federal Deposit Insurance Corp. lobbed a suit at Bank of New York Mellon Corp. on Wednesday in New York federal court, accusing the bank of failing as trustee of about $2 billion worth of residential mortgage-backed securities.
A California appeals court on Tuesday reversed a lower court-approved order directing the three-way transfer of structured settlement payments from an arm of State Farm Insurance Co. to RSL Funding LLC on behalf of a personal injury claimant, finding that it violated the state’s Structured Settlement Protection Act.
The U.S. Court of International Trade on Wednesday held that American Home Assurance Co. must pay interest to the government on some $6.6 million worth of anti-dumping duties owed on crawfish tails and mushrooms imported from China, saying precedent and a failure to properly contest the interest sealed the company's defeat.
A New York Judge has dismissed an excess insurance carrier and its parent company from a $25 million breach of contract suit brought by a group of property owners whose buildings were damaged by Superstorm Sandy, holding in a order entered Tuesday that underlying policy limits had not been reached.
The Eleventh Circuit granted Geico General Insurance Co. a new trial in a bad faith suit on Wednesday, agreeing with the insurer that a Florida federal court shouldn't have blocked evidence about developments in insurance law that overturned the coverage ruling in the case.
Ironshore Specialty Insurance Co. told a California federal court that it doesn't have to defend a Hollywood lawyer against allegations that he made an actress client his sex slave, because the attorney concealed an ex's attempt to extort sex and money when he bought the policy.
A former Fox Rothschild LLP partner facing insider trading charges plans to argue that he learned about an insurance industry merger involving a firm client from public news reports, according to a Pennsylvania federal court filing.
Auto insurance software and service provider Solera Holdings Inc. could sell for $3.3 billion, The Coca-Cola Co.'s deal to buy a minority stake in Suja Life LLC includes a provision for the soda giant to acquire the whole company within three years, and OAS Investimentos SA is selling a $588 million stake in transportation infrastructure firm Invepar.
A former Park Avenue Bank executive was sentenced to 366 days in prison on Wednesday for insurance, tax and bank fraud, after the prosecution praised his cooperation in the federal case against Kentucky businessman Wilbur Anthony Huff, who engaged in widespread fraud in part by bribing officials at the defunct bank.
A Florida state appellate court revived health care providers' 32 consolidated cases alleging Allstate Insurance Co. wrongfully limited its reimbursements under Medicare fee schedules for personal injury protection claims, with the majority saying in a split opinion that the insurer's policy is "inherently unclear."
Following the New York high court’s May decision reviving ACA Financial Guaranty Corp.'s $120 million fraud suit against Goldman Sachs Group Inc. over the Abacus transaction, a state appellate court kept the case alive Tuesday by ruling that ACA adequately pled its case.
The Fifth Circuit on Tuesday revived claims by a hotel operator who accused Century Surety Co. of bad faith for attempting to dodge coverage of an incident where a young boy drank chemicals left in a hotel laundry room.
A battle over the Chapter 11 plan in Pittsburgh Corning Corp.'s 15-year bankruptcy stemming from asbestos claims waged on with dueling briefs in the Third Circuit on Monday, as two Everest Re Group Ltd. carriers argued they have standing to oppose the plan because it would force them to sue to get critical information.
Geico is suing several allegedly fraudulent medical companies and their owners over more than $5.74 million in paid and pending claims for medical and physical therapy services provided to car accident victims in New York.
The Pennsylvania Supreme Court affirmed Monday that the liquidating trustee for Reliance Insurance Co. was not bound by any Alabama high court ruling when determining the priority that should be given to a claim filed against the insurer by the Alabama Insurance Guaranty Association.
The Ninth Circuit on Tuesday affirmed that Scottsdale Insurance Co. had no duty to defend former directors of a payroll services company in a suit alleging they stole a client's funds, finding that the insurer was within its rights to deny coverage based on the relevant policy's professional services exclusion.
Former directors and officers of Puerto Rico's R-G Premier Bank can't yet access coverage under an XL Specialty Insurance Co. excess policy for the defense of a Federal Deposit Insurance Corp. suit alleging they helped precipitate the bank's failure, as the limits of another XL policy haven't been exhausted, a federal judge ruled Tuesday.
The Fourth Circuit on Tuesday revived Federal Deposit Insurance Corp.’s allegations that officers at a North Carolina community bank drove it into the ground with risky business decisions, finding that they may not have signed off on dozens of bad loans in good faith.
The U.S. Tax Court on Tuesday said a New Jersey attorney realized taxable income when he made an early withdrawal from a variable annuity contract and there is no reason to take into account earlier losses.
In Alexander v. Express Energy Services Operating, the Fifth Circuit once again addressed a critical issue facing businesses and their insurers whose operations have maritime connections, according to David Meyer of Blank Rome LLP.
Fisher and Romaine’s well-known article, “Janis Joplin’s Yearbook and the Theory of Damages,” argues that commercial damages should be measured as of the time the challenged act occurred, an approach that has generally been favored. However, their argument is somewhat contrived, says Paul Godek, principal at MiCRA and a former economic adviser at the Federal Trade Commission.
A recently introduced senate bill seeks to clarify the largely undefined insurance company exception to the passive foreign investment company rules by requiring insurance companies to maintain minimum levels of insurance liabilities in order to qualify, say attorneys at Clifford Chance LLP.
Gov. Greg Abbott recently signed into law a bill reigning in the conduct of Texas public adjusters. Left unchecked, this conduct risked turning the legitimate public adjusting industry into nothing more than a vehicle for unscrupulous individuals to act as salesmen for construction companies or case runners for attorneys, say Brett Wallingford and John Maniscalco at Zelle Hofmann LLP.
The current reverse bad faith picture is far from a clear one, but to dismiss the doctrine as dead in its adolescence is premature. It is highly likely that reverse bad faith will continue to exist in several forms as a necessary weapon for insurers besieged with opportunistic, marginal and in some cases frivolous claims of insurer bad faith, says Charles Haddick at Dickie McCamey & Chilcote PC.
Given that the possibility of coverage for data breach losses remains under commercial general liability policies, insurers, in an effort to limit their exposure to cyber-related claims, increasingly attempt to insert electronic data exclusions or exclusions to the definition of advertising injury. Watch for these during policy renewal, say attorneys at King & Spalding LLP.
Litigation finance has traditionally been touted as a means to help small plaintiffs take on well-heeled defendants. That’s certainly the case, but litigation finance can also be a powerful means to help women litigators level the playing field, says Aviva Will, a managing director at Burford Capital LLC and former assistant general counsel at Time Warner Inc.
The Massachusetts Appeals Court recently held that even if claims for breach of the duty to defend may be barred by statutes of limitations, claims for breach of the duty to indemnify may survive, especially when insurers — notwithstanding earlier disclaimers or reservations of rights — continue to investigate facts relating to the underlying liability, say attorneys at Hunton & Williams LLP.
It is important to gain control over the paper records and computers utilized by those under investigation for internal fraud. Within these networks, you will be exposed to a multitude of documents that may provide insight into potential fraud motives and evidence of fraudulent transactions, say Megan Cafferkey and Dan Ray, forensic accountants at Hemming Morse LLP.
Owing to China's relatively young insurance market, the experience of judges and arbitrators in handling insurance disputes varies, with courts and arbitral tribunals taking an active role in facilitating settlements between parties through mediation, say attorneys at Zelle Hofmann Voelbel & Mason LLP.