Insurance

  • May 5, 2011

    Liberty Must Cover Architects In $30M Nursing Home Suit

    A New York state judge on Tuesday ordered Liberty Insurance Underwriters Inc. to indemnify Perkins Eastman in an unresolved lawsuit claiming the architecture firm botched its work on a $30 million nursing home project.

  • May 5, 2011

    Lexington Sued For Coverage Of Troubled Salt Mine

    Lyons Salt Co. sued Chartis Inc. unit Lexington Insurance Co. in Kansas on Thursday seeking coverage over severe water penetration problems at a salt mine that could cost $11 million to investigate and fix.

  • May 5, 2011

    Whistleblower Accuses AIG, Banks Of $137B Bailout Fraud

    A California federal court unsealed a whistleblower suit Wednesday that alleges American International Group Inc. and several major banks defrauded taxpayers by lying to obtain more than $137 billion in bailout loans from the federal government, which they used to pay for failed trades in the collateralized debt market.

  • May 5, 2011

    Mortgage Insurer Shakes JPMorgan Loan Coverage Suit

    A New Jersey federal judge on Wednesday tossed JPMorgan Chase Bank NA's lawsuit claiming Republic Mortgage Insurance Co. improperly attempted to rescind mortgage insurance coverage on nearly 2,000 residential loans after the recession hit.

  • May 4, 2011

    7th Circ. Nixes Insurer's Appeal In Mall Fire Fight

    The Seventh Circuit on Wednesday dismissed General Insurance Co. of America’s appeal of a decision that it must defend a Chicago mall in litigation over fire damages, finding a lower court mistakenly issued a final ruling in the fight.

  • May 4, 2011

    Calif. Court Shuts Door On WAIC Reinsurance Appeal

    A California appeals court on Wednesday denied Workmen‘s Auto Insurance Co.'s bid to revive a lawsuit that accused Guy Carpenter & Co. LLC of breaching its fiduciary duty as the company's reinsurance broker and causing $35 million in damage.

  • May 4, 2011

    States Open Fight Over Health Care Law In 11th Circ.

    Florida and 25 other states filed their opening brief in the Eleventh Circuit on Wednesday in a dispute over the federal health care overhaul, saying the law's individual mandate clause and its expansion of Medicaid exceeded Congress' constitutional authority.

  • May 4, 2011

    5 Top Brooke Execs Settle SEC Fraud Claims

    Five of six former executives affiliated with Kansas-based Brooke Corp. settled the government’s claims that they engaged in a massive financial fraud that tumbled the insurance holding company's subsidiaries into bankruptcy, the U.S. Securities and Exchange Commission said Wednesday.

  • May 4, 2011

    3rd Circ. Says Insurers Can Challenge GIT Ch. 11 Plan

    The Third Circuit ruled Wednesday that a group of insurers can challenge asbestos claims provisions of Global Industries Technologies Inc.'s bankruptcy plan, a precedential move dissenting judges say improperly lowers the threshold for claiming injury in bankruptcy proceedings.

  • May 4, 2011

    MetLife Intervenes In Protest Of $2B Dental Contract

    Metropolitan Life Insurance Co., which was awarded a contract worth up to $1.9 billion to provide dental care to military families in January, intervened Wednesday in a U.S. Court of Federal Claims suit challenging the award.

  • May 3, 2011

    AIG Must Pay $87M In Coverage Dispute, Panel Says

    American International Group Inc. must pay $86.7 million to a subsidiary of Belgium's KBC Group NV, an arbitration panel has said, finding that AIG broke a deal to provide KBC with coverage related to purchases of so-called life-settlements.

  • May 3, 2011

    Axiom Claims Disparaging Email Breached Settlement

    Axiom Insurance Managers Agency LLC stepped up its legal battle against a competing insurance company in the bar and restaurant industry with a lawsuit Tuesday in Illinois accusing the company of violating a settlement agreement through a disparaging email.

  • May 3, 2011

    Blank Rome Snags Ex-Cozen Life Sciences Chair

    Blank Rome LLP said Tuesday that the former chair of Cozen O'Connor's life sciences practice group had joined the firm's Philadelphia office as vice chair of its life sciences team and partner in its product liability, mass torts and insurance group.

  • May 3, 2011

    7th Circ. Orders Near North Fraudster Sentence Review

    The Seventh Circuit on Tuesday asked an Illinois federal judge to revisit whether a 121-month sentence handed to Near North Insurance Brokerage Inc. fraudster Michael Segal included punishment for honest services fraud, and to shorten it if it did.

  • May 3, 2011

    NYID Must Comply With Email Discovery In $5B MBIA Suit

    A New York appeals court judge ruled Tuesday that the state Insurance Department must comply with a November order that it participate in an email discovery process in a $5 billion suit over the restructuring of MBIA Inc.

  • May 3, 2011

    ProCentury Drops Coverage Suit Over SEC Probe

    Insurance holding company ProCentury Corp. on Tuesday dropped a suit in Michigan that sought to force Federal Insurance Co. to cover defense costs incurred during a securities investigation of ProCentury's financial statements.

  • May 3, 2011

    Congress Asks To Join Same-Sex Partner Benefits Suit

    A congressional body sought to intervene Monday to defend the Defense of Marriage Act in a proposed class action brought by California workers over tax provisions denying same-sex partners long-term care insurance.

  • May 3, 2011

    Travelers Wants Off Hook For Popcorn Lung Suits

    An attorney for Travelers Property Casualty Co. of America told a New York judge Tuesday that the insurer shouldn't have to defend against nine lawsuits over popcorn lung because flavoring maker Kerry Inc. didn't acquire Travelers insurance policies in a 2002 acquisition.

  • May 3, 2011

    Surety Insurer Rips Vitro Ch. 11 Sale Of US Assets

    The U.S. debtor affiliates of Vitro SAB de CV are separate entities and should not be sold together, an insurer that issued more than $100 million in surety bonds to the bankrupt Mexican glass manufacturer told a Texas bankruptcy court Monday.

  • May 3, 2011

    Gateway Seeks Quick Win In D&O Row Over SEC Defense

    Gateway Inc. moved for summary judgment Tuesday in its California federal court suit against Travelers Indemnity Co., saying the insurer improperly denied excess coverage for the defense of Gateway's executives during an investigation and lawsuit by the U.S. Securities and Exchange Commission.