Insurance

  • June 20, 2012

    US Fidelis Co-Owner Admits Role Again In $70M Fraud

    Cory Atkinson, the former owner of bankrupt automotive service contract provider U.S. Fidelis, pled guilty on Monday in Missouri federal court to charges stemming from his theft of as much as $71 million in customer refunds and using it for personal expenses.

  • June 20, 2012

    NY Hospital Faces Suit Over Same-Sex Health Benefits

    An employee of New York-based St. Joseph's Medical Center filed a proposed class action Tuesday claiming the hospital and health insurer Empire Blue Cross Blue Shield illegally denied health benefits to her same-sex spouse, in what is believed to be the first such case against a private employer.

  • June 20, 2012

    First American Can't Nix $2.3M Verdict Over WaMu Loan

    First American Title Insurance Co. on Wednesday lost a bid to overturn a Michigan federal jury’s $2.3 million verdict over its liability for a fraudulent mortgage loan issued by now-defunct Washington Mutual Bank.

  • June 20, 2012

    Fidelity Gets Home Warranty Kickbacks Suit Tossed

    A California federal judge on Tuesday booted a putative class action against Fidelity National Financial Inc. and its subsidiaries alleging they gave real estate brokers illegal kickbacks to refer consumers to them for title insurance and home warranty services.

  • June 20, 2012

    Italy's Antitrust Agency Conditionally OKs Unipol, FonSai Deal

    The Italian antitrust watchdog said on Wednesday it has given the go-ahead to insurer Unipol Gruppo Finanziario SpA's bid to buy rival Fondiaria-Sai SpA, provided that the companies comply with certain conditions, such as reducing their affiliation with investment bank Mediobanca SpA.

  • June 20, 2012

    Gray Hair Remarks Don't Prove Age Bias, Judge Rules

    A former title insurer employee's allegations that she was fired because she wouldn't dye her gray hair were too incidental to show age discrimination because she was also rude to customers and refused to do her work, a Texas federal judge has ruled.

  • June 19, 2012

    JPMorgan Unit Can't Duck Syncora's $666M MBS Repo Claims

    A New York federal judge found Tuesday that JPMorgan Chase & Co. unit EMC Mortgage Corp.’s allegedly false warranties about the quality of loans underlying $666 million in mortgage-backed securities that Syncora Guarantee Inc. insured would be enough to trigger their repurchase agreement.

  • June 19, 2012

    NJ Bill To Regulate Cellphone, Laptop Insurance Advances

    Vendors selling portable electronics insurance would have to be licensed by the New Jersey Department of Banking and Insurance under a consumer protection bill approved by a state Senate committee Monday.

  • June 19, 2012

    Union Health Plan Sues Merck Over Drug Copay Subsidies

    A food workers union on Friday hit Merck & Co. Inc. with a putative class action alleging that its prescription copay subsidy program interferes with health plan contracts by bribing participants with discounts that unlawfully cause prescription plans to pay higher prices for name-brand drugs.

  • June 19, 2012

    United Healthcare Sues Surgery Firm Over $39M Kickback Plot

    United Healthcare Services Inc. on Monday sued a Northern California network of surgery centers for allegedly masterminding a $39 million rip-off in which physicians who referred patients were paid massive kickbacks funded by egregious overbilling practices.

  • June 19, 2012

    HSBC, Insurer End Fight Over $14M Debt Shortfall

    HSBC Bank USA NA on Monday agreed to settle CIFG Assurance North America Inc.'s lawsuit alleging the bank breached a contract by failing to reimburse the insurer for a $14.1 million claim on promissory notes.

  • June 19, 2012

    Sens. Pressure High Court To Televise Health Law Decision

    Two top legislators in the U.S. Senate Judiciary Committee asked the high court on Monday to publicly televise its much-anticipated health care reform ruling, despite the court's long-standing refusal to allow video broadcasts of its proceedings.

  • June 19, 2012

    Biz Leaders Urge Cool-Off Period After Health Care Ruling

    Wary of hasty legislative action, an influential group of CEOs representing the nation’s largest businesses, including many health care companies, asked congressional leaders Monday to observe a “cooling-off period” after the U.S. Supreme Court’s ruling on health reform.

  • June 19, 2012

    NAIC Wants In On Risk Panel Proposed In Flood Insurance Bill

    The National Association of Insurance Commissioners urged Senate leaders in a letter released Tuesday to pass reforms to the National Flood Insurance Program quickly, but criticized the Senate's NFIP bill for shutting out state officials from a proposed commission to examine natural disaster risks.

  • June 19, 2012

    Lexington Settles With Summer Infant Over Privacy Class Action

    Summer Infant Inc. and Lexington Insurance Co. on Monday settled a dispute over whether the insurer would cover the children's products maker in a privacy class action over video baby monitors that allegedly allowed strangers to see inside people's homes.

  • June 19, 2012

    CMS Readying Customer Surveys For Health Exchanges

    The Centers for Medicare and Medicaid Services on Monday embarked on another key step toward the creation of health insurance exchanges, soliciting ideas for customer satisfaction surveys that would be central to the comparison-shopping experience.

  • June 19, 2012

    Miami Legislators Blast 30% Proposed Home Insurance Hike

    Florida's Miami-Dade County decided Tuesday morning to publicly oppose state-chartered Citizens Property Insurance Corp.’s proposed real estate insurance rate hikes for new policies, which average 30 percent, and asked state lawmakers to halt the organization's plans.

  • June 19, 2012

    BNY Mellon Settles With Prudential Over $28M In Forex Trades

    The Bank of New York Mellon Corp. has agreed to repay more than half of $28 million generated by the bank in foreign exchange transactions with Prudential Financial Inc.'s money, after Prudential complained about unfair pricing, according to an amended U.S. Department of Justice complaint.

  • June 19, 2012

    GOP Senators Blast US Agencies On Stop-Loss Insurance

    Federal regulators on Friday found themselves accused of exploring restrictions on the purchase of stop-loss insurance by small and medium-size businesses, with three Republican senators suggesting such a move would overstep executive powers.

  • June 18, 2012

    Travelers Puts Up $10.5M To Kick Premium Overcharge Suit

    The Travelers Cos. Inc. will pay $10.5 million in a settlement agreement that will refund policyholders who were allegedly overcharged on their premiums, the California Department of Insurance said Monday.