Insurance

  • February 7, 2012

    Goldman Scoops Up Old Mutual Asset Management Firm

    The asset management arm of Goldman Sachs Group Inc. has acquired Dwight Asset Management from a unit of insurance provider Old Mutual PLC to bolster its retirement plan investment services, Goldman said Tuesday.

  • February 7, 2012

    JC Flowers Escapes Suit Over Thwarted $104M Insurer Buy

    A New York state appeals court on Tuesday spared private equity firm J.C. Flowers & Co. LLC from facing a lawsuit alleging it improperly killed a $104 million deal to buy an insurance company from another private equity firm.

  • February 7, 2012

    Loss Adjuster Can't Snuff Out Whirlpool's Fire Defense Suit

    A loss adjuster failed Monday to toss Whirlpool Corp.'s claim in Michigan federal court that it falsely promised Whirlpool that a Chinese insurer would defend the company in a suit over a fire allegedly caused by a defective air conditioner.

  • February 6, 2012

    Health Mandate Violates Constitution, Critics Tell High Court

    The National Federation of Independent Business and 26 states filed briefs with the U.S. Supreme Court on Monday arguing that the federal health care reform law's individual mandate is an unprecedented overreach of federal authority that violates both states' rights and individual liberty.

  • February 6, 2012

    5th Circ. Leaves Insurers On Hook In Ambulance Injury Suit

    The Fifth Circuit on Friday upheld a lower court’s ruling that two insurance companies must defend an ambulance service that was sued after a woman sustained fatal injuries while being transported, finding neither insurer’s exclusions or policy language excused them from coverage.

  • February 6, 2012

    Citing Dukes, 2nd Circ. Nixes Plan Trustee Class

    The Second Circuit on Monday decertified a class of employee pension plan trustees alleging Nationwide Financial Services Inc. improperly bargained for revenue-sharing payments from mutual funds, ruling the class's disgorgement claims were precluded by the U.S. Supreme Court's decision in Wal-Mart Stores Inc. v. Dukes.

  • February 6, 2012

    SJ Berwin Helps Duke Street In Insurance Law Firm Co. Buy

    Private equity firm Duke Street has acquired a majority stake in the Parabis Group, the parent company of insurance litigation law firms Plexus Law and Cogent Law, in a deal that may make Parabis one of the first major U.K. law firms to be owned by a private investor, Duke Street announced Monday

  • February 6, 2012

    FGIC Targets Ally Over Additions To $991M MBS Trust

    New York stock insurance company Financial Guaranty Insurance Co. last week accused Ally Financial Inc. and its mortgage subsidiaries of violating their contract by adding new loans into the $991 million package of residential mortgage-backed securities FGIC insured in 2005.

  • February 6, 2012

    FDIC's $129M Claims Over WaMu Losses Cut Again

    A California federal judge on Monday again trimmed the Federal Deposit Insurance Corp.'s $129 million suit accusing an appraisal services company of breaching contracts with bankrupt Washington Mutual Inc. and causing it to suffer losses on bad mortgage loans.

  • February 6, 2012

    4th Circ. Won't Double Insurer's Lead Poison Liability

    The Fourth Circuit on Friday reduced the amount of coverage that Pennsylvania National Insurance Co. owes in a lead poisoning suit, while rejecting an appeal that would have put the insurer on the hook for an $850,000 judgment, rather than just the 40 percent determined by the district court.

  • February 6, 2012

    Mead Johnson Can't Add Claims In Enfamil Coverage Row

    Mead Johnson & Co. on Friday lost a bid to lodge counterclaims against National Union Fire Insurance Co. of Pittsburgh, PA in one of two lawsuits the insurer filed to avoid liability for false advertising damages stemming from suits brought by a rival and class of consumers over the nutrition company's Enfamil baby formula.

  • February 6, 2012

    JC Flowers Fights Metalmark In Court Over $104M Sale

    Attorneys for private equity firms J.C. Flowers & Co. LLC and Metalmark Capital Holdings LLC sparred Monday over whether their failed $104 million sale of an insurance company should be subject to a $4.5 million adjustment.

  • February 6, 2012

    Jury Orders Liberty To Pay $13M For Defective Window Deals

    A South Carolina federal jury on Friday found that Liberty Mutual Fire Insurance Co. should pay two policyholders more than $13 million in damages for its improper settlement of five underlying homeowner suits over allegedly defective windows and doors.

  • February 6, 2012

    Bingham Snags PE Expert From Dewey & LeBoeuf

    Corporate law firm Bingham McCutchen LLP has lured away a partner from Dewey & LeBoeuf LLP in order to expand its private equity and insurance capabilities in New York and Connecticut, Bingham announced on Monday.

  • February 6, 2012

    Fla. Insurance Execs Can't Dodge $20M Fraud Charges

    A Florida federal judge refused on Monday to throw out a grand jury indictment charging four Vanguard Fire and Casualty Co. executives with defrauding a state insurance bailout fund of $20 million.

  • February 6, 2012

    Fidelity National To Buy Out O'Charley's For $221M

    Looking to build on its other restaurant investments, title insurance and mortgage services company Fidelity National Financial Inc. is buying all outstanding shares of restaurant operator O'Charley's Inc. that it doesn't already hold in a $221 million deal, the companies said Monday.

  • February 6, 2012

    Michaels' Insurer Sues Over Card Data Theft Coverage

    Arch Insurance Co. hit Michaels Stores Inc. with a coverage suit Friday alleging it had no obligation to defend or indemnify the arts and crafts retailer in several putative class actions over theft of consumer financial data from its stores.

  • February 6, 2012

    Obama Nominates GOP-Backed JPMorgan Exec To FDIC Board

    President Barack Obama will nominate to the Federal Deposit Insurance Corp. board a JP Morgan Securities LLC executive director who previously served in former President George W. Bush's administration, the White House announced Friday.

  • February 3, 2012

    Costco Says Wash. Law Applies In Cheese Coverage Suit

    Costco Wholesale Corp. asked a federal court in Washington state on Thursday to rule that Washington law applies in its suit seeking at least $20 million in damages from Nationwide Mutual Insurance Co. for denying coverage related to allegedly contaminated cheese.

  • February 3, 2012

    BofA Escapes Consumer Suit Over Unauthorized Fees

    A California federal judge on Wednesday nixed a putative class action accusing Bank of America Corp. and affiliate Intersections Insurance Services Inc. of taking money out of customer bank accounts to pay for insurance policies for which they had never signed up.