Insurance

  • September 16, 2013

    Bid To Replace O'Melveny Nixed In Crane Collapse Suit

    A New York state judge Friday tossed a developer’s bid to replace its insurer’s choice of counsel, O’Melveny & Meyers LLP, in one lawsuit arising over a fatal 2008 crane collapse but allowed a similar claim concerning a related suit to stand.

  • September 16, 2013

    NJ High Court Upholds Co-Insurer's Claim For Defense Costs

    The New Jersey Supreme Court ruled Monday that an insurer bound to indemnify and defend an insured over continuous property damage litigation can bring a direct claim for defense costs against a co-insurer, which can't dodge such demands through a settlement between itself and the insured.

  • September 16, 2013

    Insured-Vs.-Insured Ruling Undercuts FDIC's Bank Exec Suits

    A Georgia federal court recently applied the insured-vs.-insured exclusion to block coverage for the Federal Deposit Insurance Corp.'s lawsuit blaming executives for a bank's failure, a rare victory for insurers that is expected to be cited heavily in future cases.

  • September 16, 2013

    Berkshire Unit's Defenses Survive In $20M Ford Insurance Suit

    A jury must decide if a Berkshire Hathaway Inc. unit's relationship with a troubled German insurer renders it immune from liability for its alleged obstruction of $20 million in insurance payouts for product liability claims against Ford Motor Co., a Virginia federal judge ruled Friday.

  • September 16, 2013

    Labor Groups Want Say In New NYC Health Plan Solicitation

    New York City shouldn't be allowed to solicit new proposals from insurers to provide 1 million municipal workers with health insurance plans without input from unions, an umbrella labor group's attorney told a New York state judge during a hearing Monday.

  • September 16, 2013

    Minn. Auditor, Lawmakers To Probe Health Exchange Breach

    The Minnesota state government's auditor said Monday he and a legislative oversight committee planned to separately probe a recent security breach that caused the personal information of 2,400 insurance agents applying for certification with the state's new online health insurance exchange to be exposed.

  • September 16, 2013

    Liberty Univ. Asks High Court To Revisit ACA

    Liberty University has petitioned the U.S. Supreme Court to take another look at the Affordable Care Act's so-called employer mandate and overturn a Fourth Circuit decision that the government’s penalty fee for ACA nonparticipation is constitutional.

  • September 16, 2013

    Insurer Suffers Setback In $11.5M Ariz. Bank D&O Fight

    A federal judge on Friday questioned Progressive Casualty Insurance Co.'s effort to avoid covering former executives of a failed Arizona bank who face Federal Deposit Insurance Corp. misconduct claims, this after the insurance company's suit was branded a violation of bankruptcy law.

  • September 16, 2013

    URS Says Insurer Shirking Duty In $30M Landfill Dispute

    Engineering and construction contractor URS Corp. on Friday hit Columbia Casualty Co. with a lawsuit alleging the insurer breached its contract to cover URS for $30 million in costs related to its settlement of a dispute over work to remediate and develop a Lebanese landfill.

  • September 16, 2013

    Insurer Freed From Deutsche Bank Building Cleanup Suit

    A Tower Group International Ltd. insurer doesn't have to cover Deutsche Bank AG units sued by cleanup workers who claim that debris from the bank's buildings near Ground Zero made them sick, a Manhattan state judge ruled during a hearing Monday.

  • September 13, 2013

    Insurer Slaps Edwards Wildman With $23M Malpractice Suit

    An insurance company found liable for covering a deadly highway tunnel collapse in Boston hit Edwards Wildman Palmer LLP and attorney John Hughes, which represented it in the coverage suit, with a $23 million malpractice suit in New York court Friday.

  • September 13, 2013

    White House Rejects Subsidies For Union Health Plans

    The White House on Friday said that low-income workers on union health plans will not be eligible for the same federal subsidies offered to those who buy insurance in the new state health care marketplaces, rejecting a request from labor unions, according to news reports.

  • September 13, 2013

    Insurer Seeks Toss Of $24M Verdict In Katrina Coverage Row

    Insurance company St. Paul Surplus Lines Insurance Co. on Friday asked a Texas federal judge to nix a $24 million award it was ordered to pay oil field operator Cox Operating LLC for Hurricane Katrina damage, contending there is insufficient evidence it breached Cox's insurance policy and saying the award constitutes an impermissible double recovery. 

  • September 13, 2013

    Aetna Withdraws From NJ's Health Insurance Exchange

    Aetna Inc. announced Thursday that its health insurance plans won’t be available in New Jersey under the new federal health care exchange established by the Affordable Care Act and executed by the federal government after Gov. Chris Christie declined to set up a state-based exchange.

  • September 13, 2013

    ResCap Gets Green Light For $597M Settlement With FGIC

    A New York bankruptcy judge on Friday approved a settlement between Residential Capital LLC and Financial Guaranty Insurance Co. that slashes the bond insurer’s multibillion-dollar claims against bankrupt ResCap to $596.5 million.

  • September 13, 2013

    Despite NY's Outcry, NAIC Sticks To Guns On Reserve Rules

    The National Association of Insurance Commissioners tells Law360 it won't back down from implementing a new principles-based reserving system for life insurers, despite New York's widely publicized decision to abandon the regulatory change as of Friday.

  • September 13, 2013

    Pfizer Wants High Court To Review 1st Circ. RICO Rulings

    Pfizer Inc. has asked the U.S. Supreme Court to review three First Circuit rulings that its allegedly fraudulent marketing of Neurontin caused Aetna Inc., Kaiser Foundation Health Plan Inc. and Harden Manufacturing Corp. to suffer financially, saying the chain of causation is too attenuated.

  • September 13, 2013

    Atty Tied To $8.5M Ponzi Scheme Sanctioned In Insurer's Suit

    A New Jersey federal judge on Thursday sanctioned the former managing partner of a Philadelphia law firm for evading a deposition, nixing the attorney's answer and remaining counterclaim against professional liability carrier Colony Insurance Co. in litigation with roots in an alleged $8.5 million Ponzi scheme.

  • September 13, 2013

    5 Years Post-Crisis, Regulators Remain In The Dark

    The financial crisis changed the way financial institutions are regulated and operated, but five years after Lehman Brothers Holdings Inc.'s collapse the continued inability to know what is happening inside the biggest banks and other key pillars of the financial system poses a serious risk, experts say.

  • September 13, 2013

    5 Must-Watch Issues For Health Cos. In 2013's Home Stretch

    Health care providers of all stripes are poised for a wild ride in the final four months of 2013, as the Affordable Care Act becomes fully operational, annual reimbursement rulemaking proves especially contentious and expensive legislation prompts lawmakers to again tap Medicare for savings. Here are five measures experts say providers should be watching closely.