Insurance

  • June 13, 2011

    ERISA Suit Against Cigna Units Wins Partial Class Cert.

    A Massachusetts federal judge on Friday granted provisional class certification in a suit accusing two Cigna Corp. units of failing to pay out death benefits on life insurance policies issued under employee benefit plans.

  • June 10, 2011

    Deutsche Bank Insurer Sues To Share $5M Defense Costs

    Federal Insurance Co. sued other insurers Thursday in New York for failing to help pay defense costs of $5 million for a Deutsche Bank AG unit sued by workers claiming debris from the bank's two buildings near Ground Zero made them sick.

  • June 10, 2011

    First American Liable For $4.5M Sham WaMu Loan: Judge

    A federal judge in Michigan ruled Friday that First American Title Insurance Co. was liable to Washington Mutual Bank receiver the Federal Deposit Insurance Corp. for losses sustained in a $4.5 million sham mortgage.

  • June 10, 2011

    FDIC Seeks $4.6M D&O Coverage For Failed Ill. Bank

    The Federal Deposit Insurance Corp., acting as receiver for a failed Illinois bank, sued OneBeacon Midwest Insurance Co. on Friday in federal court, seeking $4.6 million in coverage for losses related to allegedly fraudulent loans made by two of the bank's former directors.

  • June 10, 2011

    Toy Co. Wins Transfer Of Defective Slide Coverage Row

    SLB Toys USA Inc. on Thursday won the transfer from Illinois to California federal court of Colony National Insurance Co.'s lawsuit demanding rescission of excess insurance policies covering SLB and other entities, some of which face claims over an allegedly defective pool slide.

  • June 10, 2011

    Jury Finds Texas Man Guilty Of $100M Insurance Fraud

    A federal jury in Virginia on Friday found a Texas businessman guilty of fraud for his role in a $100 million scheme to sell life insurance settlements to investors.

  • June 10, 2011

    AIG Unit Can't Shake Investment Adviser Contract Suit

    A federal judge in Virginia on Friday refused to toss a suit brought by investment adviser Scott & Stringfellow LLC over an American International Group Inc. unit's alleged failure to pay a contractually mandated fee on a $400 million municipal asset sale.

  • June 10, 2011

    Lloyd's Off Hook For Coal Pollution Coverage: 6th Circ.

    The Sixth Circuit affirmed Thursday that a pollution exclusion in NFC Mining Inc.'s insurance policy from Lloyd's of London bars coverage for Floyd County, Ky., residents' claim that excessive coal dust from a coal-processing facility harmed their health.

  • June 10, 2011

    Judge Keeps Stay On State Suit In Chinese Drywall Fight

    A Louisiana federal judge refused Thursday to lift a stay on a homebuilder's state court suit against Interior/Exterior Building Supply LP while he mulls final approval of In/Ex and its insurers' $8 million settlement of multidistrict litigation over Chinese drywall.

  • June 10, 2011

    ISOP Must Cover Manpower Property Losses, Judge Says

    A Wisconsin federal judge ruled Thursday that the Insurance Co. of the State of Pennsylvania was obligated to cover Manpower Inc. for the replacement value of property losses stemming from damage to the headquarters of Manpower's Paris-based subsidiary.

  • June 10, 2011

    E&Y Resigns As Life Partners' Auditor Amid SEC Probe

    Life Partners Holdings Inc. said Thursday that Ernst & Young LLP had withdrawn as its auditor as the U.S. Securities and Exchange Commission considers a lawsuit over the accuracy of data used by the Texas-based company to sell life settlement policies to investors.

  • June 9, 2011

    Coventry Sues To Take Down Parody Twitter Account

    Coventry First LLC sued an anonymous Twitter user Tuesday in Pennsylvania federal court, alleging trademark infringement over an account portraying the life insurance settlement company as rooting for death and destruction to boost profits.

  • June 9, 2011

    UBS Settles Claims Over Insurance Trust's Investments

    Indiana securities regulators signed off Thursday on a deal that lets UBS Financial Services Inc. pay $677,000 to settle allegations that the bank sold unsuitable investments to a trust that pays for some teachers and school employees' insurance claims.

  • June 9, 2011

    Polyflow Can't Exclude Damages In La. Pipeline Suit

    A Louisiana federal judge on Thursday denied Polyflow Inc.'s bid to bar damages from allegedly “unlawful production revenues” in a breach of implied warranty and product liability lawsuit over a natural gas line that ruptured soon after construction finished.

  • June 9, 2011

    LandAmerica Execs Hit With ERISA Class Action

    A former LandAmerica Financial Group Inc. employee filed a putative class action against the bankrupt insurer's executives in Virginia federal court on Wednesday, claiming LFG's retirement plan continued to invest in LFG stock after it was no longer prudent.

  • June 9, 2011

    Judge OKs $39M Deal In Lloyd's Hurricane Damage Action

    A Florida federal judge on Thursday preliminarily approved a $39 million settlement between Lloyd’s of London and a class of property insurance policyholders who alleged its underwriters concealed deductibles for hurricane damage.

  • June 9, 2011

    Cancer Patients Triumph In Supplemental Coverage Action

    A South Carolina federal judge granted summary judgment Wednesday to a class of patients who accused two insurance companies of breaching supplemental cancer insurance policies by shortchanging them on benefit payments.

  • June 9, 2011

    Hartford Wants Off Hook For Credit Card Info Actions

    Hartford Fire Insurance Co. sued Children's Place Retail Stores Inc. in New Jersey last week, arguing that it shouldn't have to cover the clothing retailer for putative class litigation alleging improper collection of customers' personal information during credit card transactions.

  • June 9, 2011

    Insurer Can't Shake $2.5M Payout In Sex Abuse Case

    A federal judge on Wednesday affirmed his judgment that National Union Fire Insurance Co. of Pittsburgh breached an insurance contract when it denied coverage of a West Virginia hospital's $2.5 million sex abuse settlement, rejecting the insurer's bid for reconsideration.

  • June 8, 2011

    NY High Court Will Hear Equitas Antitrust Suit

    A New York appeals court on Tuesday asked the state's highest court to rule on whether it was right to revive Global Reinsurance Corp.'s suit accusing Equitas Ltd. of conspiring to restrain competition in the reinsurance industry.