Insurance

  • February 18, 2011

    Sprint Agrees To Drop Excess Insurers From Suit

    A federal judge in Kansas on Friday granted Sprint Nextel Corp.'s bid to dismiss several insurers from a dispute over who was responsible for its securities litigation defense costs, because the underlying case ended before expenses reached the company's excess policies.

  • February 18, 2011

    Allstate Hits Citi, Deutsche Bank With MBS Suits

    Allstate Insurance Co. accused Citigroup Inc. and Deutsche Bank AG-affiliated entities Friday of misrepresenting the risks of $385 million in mortgage-backed securities, on the heels of a similar suit against JPMorgan Chase Bank NA.

  • February 18, 2011

    Judge Refuses To Overturn Ambac Tax Injunction

    A federal judge in Wisconsin has tossed the U.S. government's attempt to overturn a state court's order blocking the Internal Revenue Service from collecting $700 million in tax liabilities from bankrupt insurer Ambac Financial Group Inc.

  • February 18, 2011

    Insurers Freed From Coverage Of Egg Price-Fixing MDL

    A federal judge in Indiana has shot down Rose Acre Farms Inc.'s lawsuit seeking coverage from Columbia Casualty Co. and National Fire Insurance Co. of Hartford in a multidistrict litigation over alleged price-fixing in the egg market.

  • February 18, 2011

    Office Depot Appeals Loss To Insurers In SEC Case

    Office Depot Inc. on Friday appealed a $24 million loss in a suit seeking to force its insurers to cover costs related to a U.S. Securities and Exchange Commission probe.

  • February 18, 2011

    Ambac Unit Slaps JPMorgan With New Subprime Suit

    Ambac Assurance Corp., a unit of bankrupt bond insurer Ambac Financial Group Inc., has accused JPMorgan Securities Inc. of duping it into insuring securities backed by a toxic pool of mortgage loans, costing the company $641 million to date.

  • February 18, 2011

    Farmers Employees Bag Class Cert. In ERISA Fight

    A federal judge certified a class of Farmers Insurance Exchange employees Friday in a suit alleging that the company failed to credit employee profit-sharing accounts for back wages won in a previous California state court class action.

  • February 18, 2011

    Global Insurers Fight Placement On Risk List

    A coalition of global insurers including Munich Re and Liberty Mutual Insurance Co. is challenging a decision by regulators to single out certain major financial institutions for extra scrutiny over fears their collapse could threaten the financial system.

  • February 18, 2011

    AIG Employee Says She Was Fired For Blowing Whistle

    A former compliance officer at American International Group Inc. has accused the company of firing her after she uncovered unusual trading by a former chief financial officer.

  • February 18, 2011

    Pepsi, OneBeacon Settle Contamination Coverage Suit

    OneBeacon America Insurance Co. has resolved its role in a suit brought by Pepsi-Cola Metropolitan Bottling Co. Inc. seeking coverage on 1960s-era policies for thousands of liability claims resulting from alleged chemical contamination by a Pepsi predecessor.

  • February 18, 2011

    US Wants States To Follow Health Law Amid Appeal

    The U.S. government has asked a federal judge in Florida to confirm that his decision to void the entire health care overhaul does not absolve states of their obligation to comply with the law while the ruling is appealed.

  • February 18, 2011

    Brokers Don't Have To Reveal Incentives: NY Court

    New York's highest court has unanimously affirmed that insurance brokers do not have to tell customers about incentive payments they receive from insurance companies, because brokers have a so-called dual agency status.

  • February 17, 2011

    Texas Bill Aims To Reform, Clarify Insurer Rules

    A Texas lawmaker has introduced legislation that would require the state's Department of Insurance to draft guidelines specifying why certain insurers must obtain approval before changing their rates and outlining ways for insurers to get out of the prior approval process.

  • February 17, 2011

    Colony Calls SLB Toys Liability Policy Invalid

    Colony National Insurance Co. has refused to defend Manley Toys Ltd. in a suit over alleged injuries caused by a pool slide, saying the toy company misrepresented itself when applying for a liability policy.

  • February 17, 2011

    Texas Judge Trims Damages In Industrial Contracts Suit

    A Texas appeals court Thursday tossed $10.7 million in damages awarded to Gulsby Engineering Inc. in a fight involving Gulf Liquids New River Project LLC and an insurance company over contracts to build facilities to reprocess refinery waste.

  • February 17, 2011

    Aetna Asks Court To Pause Wage-And-Hour Suit

    Insurer Aetna Inc. on Thursday asked a federal judge to freeze a wage-and-hour class action against it, saying the case is closely related to another suit already on hold.

  • February 17, 2011

    Grange, Chubb Each Seek Quick Win In Coverage Row

    Chubb Custom Insurance Co. and Grange Mutual Casualty Co. have lodged competing motions for summary judgment in a protracted battle over who should pay for two class actions that accused Grange and other insurers of conspiring to defraud policyholders.

  • February 17, 2011

    House Republicans Blast Health Care Waivers

    Waivers exempting some health insurance plans and states from benefit limits under the health reform law amount to an admission of the law's failures, congressional Republicans argued at a hearing, while the Obama administration defended the waivers as a necessary step in implementing the law.

  • February 16, 2011

    Allstate Hits JPMorgan With MBS Fraud Suit

    Allstate Insurance Co. on Wednesday accused JPMorgan Chase Bank NA and its affiliates of committing fraud by duping the insurer into paying more than $750 million for risky mortgage-backed securities in the form of pass-through certificates.

  • February 16, 2011

    MBS Sales Need Review, Bond Insurers Tell NY Reps

    Securities insurers need an independent review process that can swiftly handle claims sparked by loan underwriters' misrepresentations and breaches of warranties, municipal bond insurer executives told New York state lawmakers Wednesday.