Insurance

  • July 18, 2011

    Insurer Told To Pay $50M Over Botched Ethanol Co. Zoning

    A Missouri jury on Thursday awarded Abengoa Bioenergy $48.4 million in its suit alleging Chicago Title Insurance Co. botched a zoning application and cost the Spanish biofuels company plans for a $200 million ethanol plant near Wichita, Kan.

  • July 18, 2011

    Same-Sex Couples Win Class In CalPERS Insurance Fight

    A California federal judge on Friday certified a class of state employees in same-sex partnerships claiming that tax provisions of the California Public Employees' Retirement System that deny long-term care insurance to gay and lesbian spouses and domestic partners are unconstitutional.

  • July 18, 2011

    Davis Polk Advises Aetna On $202M PayFlex Buy

    Aetna Inc. announced Monday it had agreed to acquire Web-based health plan administrator PayFlex Holdings Inc. for about $202 million in an effort to make its existing online services more consumer-friendly.

  • July 18, 2011

    ACA Must Pay For Defaulted Muni Bonds: Suit

    An ACA Financial Guaranty Corp. policyholder launched a putative class action in Mississippi federal court on Friday accusing the insurer of unlawfully dropping its coverage of certain municipal bonds after the bond issuer stopped making its required payments.

  • July 15, 2011

    F&M Says Federal Owes $7M Coverage For Loan Scam

    F&M Financial Corp. on Thursday filed suit in Tennessee federal court against Federal Insurance Co., alleging the insurer breached a financial institution bond by refusing to cover $7 million in losses it incurred issuing a loan to convicted fraudster Osama El-Atari.

  • July 15, 2011

    Aviva Europe Adds New GC, Pan-European Legal Panel

    Global insurance group Aviva PLC added a new general counsel for its European arm last month as part of an initiative to create the company's first European legal panel.

  • July 15, 2011

    Arch Employees Lose Bonus Claims In Hartford Raid Suit

    Arch Insurance Group Inc. employees accused in New York of raiding the accounts of former employer the Hartford Financial Services Group Inc. on Wednesday lost their bid to collect bonuses they say Hartford owed them, but one employee's contract claim survived.

  • July 15, 2011

    Bills Target OTC Drug Restriction On Health Accounts

    Bipartisan legislation introduced Thursday in both the U.S. Senate and U.S. House of Representatives aims to strip the health care reform law of a measure that bars people from using tax-exempt medical savings accounts to buy over-the-counter medications.

  • July 15, 2011

    US Fire Loses Bid To Kill 1031 Receiver's Fraud Claim

    A California federal judge on Thursday refused to dismiss a 1031 exchange company receiver's fraud counterclaim against U.S. Fire Insurance Co. in a coverage fight tied to the exchange company's alleged real estate embezzlement scheme.

  • July 15, 2011

    Liberty Mutual Wants Off Hook For $13M Much Shelist Deal

    Liberty Mutual Insurance Co. on Thursday sued Much Shelist Denenberg Ament & Rubenstein PC in Illinois to avoid contributing to a $13 million settlement the firm entered over its alleged role in the $250 million WexTrust Capital LLC Ponzi scheme.

  • July 15, 2011

    Insurer Must Cover Developer In Drywall Suit: Judge

    A Virginia federal judge on Thursday refused to reconsider a ruling that Builders Mutual Insurance Co. is obligated to defend Parallel Design & Development in litigation over allegedly toxic drywall from China.

  • July 14, 2011

    11th Circ. Won't Revive Arch's $4M Suit Against Auditor

    The Eleventh Circuit on Thursday upheld the dismissal of a lawsuit in which Arch Insurance Co. accused accounting firm Clements Purvis & Stewart PC of causing it more than $4 million in losses by negligently auditing a Georgia construction company.

  • July 14, 2011

    Calif. Court Denies Class In Farmers Life Policies Suit

    A California appeals court on Wednesday upheld a decision to deny class certification to two Farmers Group Inc. customers who claimed the company systematically misled customers about its universal life insurance policies, saying the allegations did not apply to all policyholders.

  • July 14, 2011

    6th Circ. Undoes Travelers Win In Subcontractor Fight

    The Sixth Circuit on Thursday reversed a ruling that let Travelers Indemnity Co. off the hook in an insurance fight with Mosser Construction Inc. over a failed structural backfill that a subcontractor supplied for a wastewater facility, finding the policy exclusion at issue ambiguous.

  • July 14, 2011

    Ambac Suit Over $1B JPMorgan Losses Revived In NY

    A New York appeals court on Thursday revived allegations that a JPMorgan Chase & Co. affiliate lost $1 billion in complex reinsurance investments for an Ambac Financial Group Inc. subsidiary despite following the letter of an investment agreement.

  • July 14, 2011

    Calif. Goes After Blue Shield To Cover Autism Therapy

    The California Department of Insurance announced Wednesday that it hit Blue Shield of California Life and Health Insurance Co. with an enforcement action for refusing to pay for an autism treatment method that state law requires insurers to cover.

  • July 14, 2011

    StarMedia Execs Sue For $2.5M In D&O Coverage

    Three executives of StarMedia Network Inc., an Internet company accused by securities regulators of overstating revenues by $18 million over two years, sued their insurer in New York state court Wednesday, seeking more than $2.5 million in excess directors and officers coverage.

  • July 14, 2011

    Anheuser Sues Insurer For $8M Club Fire Settlement

    Anheuser-Busch Cos. Inc. sued National Union Fire Insurance Co. of Pittsburgh, Pa., in Missouri federal court on Wednesday seeking $8 million to cover defense and settlement costs in a suit over an infamous Rhode Island nightclub fire that killed 100 people in 2003.

  • July 13, 2011

    NJ Seeks To Block $15M Coverage Payment To Lehman

    The state of New Jersey on Wednesday objected to bankrupt Lehman Brothers Holdings Inc.'s request for access to $15 million of its directors and officers insurance fund to pay for a securities arbitration judgment, saying haphazard distribution risked depleting the fund for other claimants.

  • July 13, 2011

    Damages May Stymie First American Class Cert.: Judge

    A California state judge said Tuesday he may not certify a proposed class action accusing First American Title Insurance Co. of paying lenders kickbacks to funnel customers to it, since he is unsure how to award damages if the plaintiffs prevail.