Insurance

  • September 2, 2011

    Ambac Settles NYC's $117M Tax Claim For $3.2M

    Bankrupt Ambac Financial Group Inc. on Thursday settled for $3.2 million New York City's nearly $117 million tax claim against it, clearing a critical roadblock in the way of the bond insurance holding company's reorganization efforts.

  • September 2, 2011

    Broker Settles Arch Coverage Fight Over $485M Fraud

    Next Financial Group Inc. on Thursday settled a Texas lawsuit against Arch Specialty Insurance Co. seeking coverage of a class action that claimed the broker-dealer promoted energy investments sponsored by a company accused of running a $485 million Ponzi scheme.

  • September 1, 2011

    MassMutual Sues BofA, Others Over $500M MBS Deals

    Massachusetts Mutual Life Insurance Co. hit a slew of banking giants with a lawsuit Thursday, claiming that Bank of America Corp. and others misrepresented the quality of more than $500 million in mortgage-backed securities MassMutual purchased.

  • September 1, 2011

    NY Tells Insurers To Cover Irene Flood Damage

    New York’s insurance regulator said Thursday that flood insurance would cover flood damage from Hurricane Irene and warned insurance companies in the state not to tell policy holders otherwise.

  • September 1, 2011

    Insurers Must Back Tyson In Chicken Litter Suits: Judge

    A Delaware judge ruled Wednesday that five insurers must defend poultry producer Tyson Foods Inc. in litigation over chicken litter that allegedly polluted Arkansas waters, putting the insurers on the hook for about $30 million in attorneys' fees.

  • September 1, 2011

    Madoff Trustee Sues Barclays, Others For $218M

    The trustee for Bernard Madoff's securities firm hit Barclays Bank SA, Cathay Life Insurance Co. Ltd. and others with adversary cases in New York on Thursday seeking the return of more than $218 million allegedly stolen from investors.

  • September 1, 2011

    Federal Insurance, Contractor Settle Suit Over $21M Bond

    Federal Insurance Co. has reached a settlement with a construction company it sued over a $21 million performance bond for a subcontract on a New York City Economic Development Corp. project, according to a Tuesday filing in federal court.

  • September 1, 2011

    Wash. High Court Says AG Can Fight Health Care Reform

    Washington state's highest court ruled Thursday that state Attorney General Robert McKenna was authorized to mount a challenge to the federal health care reform law on behalf of the state.

  • September 1, 2011

    Citizens Off Hook For Uncommon IP Coverage: Judge

    An Illinois federal judge declared Wednesday that Citizens Insurance Co. of America has no duty to indemnify policyholder Uncommon LLC for underlying trademark infringement allegations from furniture and jewelry seller UncommonGoods LLC.

  • September 1, 2011

    TN Metro Sues Commonwealth For $100M Hail Coverage

    TN Metro Holdings LLC sued Commonwealth Insurance Co. in New York federal court Monday, seeking $100 million over allegations that it lost a group of properties to foreclosure because the insurer failed to cover repairs for extensive weather damage.

  • August 31, 2011

    Insurer Tries To Shake $20M Fremont Coverage Suit

    Continental Insurance Co. sought summary judgment Wednesday in a California suit brought by Fremont Reorganizing Corp. seeking $20 million from its insurers to cover losses on loans purportedly signed by criminals perpetrating a mortgage fraud scheme.

  • August 31, 2011

    CIT Orders Insurer To Pay $6M In Crawfish Import Bonds

    The U.S. Court of International Trade on Wednesday ordered Great American Insurance Co. of New York to forfeit more than $6 million in bonds posted to secure anti-dumping duties on crawfish tail meat imported from China.

  • August 31, 2011

    No Class Cert. For Homeowners In First American Suit

    A Kentucky federal judge on Wednesday refused to certify a class of real estate owners who claim that First American Title Insurance Co. charged them title insurance premiums that exceeded the rate it had submitted to the state's insurance department.

  • August 31, 2011

    US Fire Seeks Review Of Museum Oil Cleanup Order

    U.S. Fire Insurance Co. on Wednesday asked a Massachusetts federal court to reconsider a partial summary judgment order in a long-running dispute with Peabody Essex Museum Inc. over oil pollution coverage, saying the court improperly accepted the museum's expert reports as fact.

  • August 31, 2011

    Tips For Recovering Business Loss Claims Post-Irene

    As property damage claims over Hurricane Irene pile up, companies doing business on the East Coast will begin seeking coverage for interruptions caused by flooding, power outages and the preparatory shutdowns of mass transit. Here, experts share their tips for recouping lost business expenses with Law360.

  • August 30, 2011

    Judge Removes Builder's Coverage Suit To Pa.

    An Ohio federal judge on Tuesday moved Slate Rock Construction Co. Ltd.'s indemnification suit against its subcontractors and their insurers to Pennsylvania after the defendants argued the contracts at issue are governed by Pennsylvania law.

  • August 30, 2011

    BofA Can't Move Insurer's $619M MBS Suit Out Of Ohio

    An Ohio federal judge on Tuesday denied Bank of America Corp.'s bid to move to California a suit over $619 million in mortgage-backed securities sold by Countrywide Financial Corp. to several insurers.

  • August 30, 2011

    Q&A With Fulbright & Jaworski's Michael Steindorf

    Remember the final scene of the movie "Butch Cassidy and the Sundance Kid," where they are surrounded by the Bolivian Army, have their backs against the wall, and there is nothing they can do but fight their way out through a hail of bullets? I tried a fraud case like that some years ago, says Michael Steindorf, a litigation partner in the Dallas office of Fulbright & Jaworski LLP.

  • August 30, 2011

    Shipyard Gets $7M Coverage Row Sent To Guam

    A Guam shipyard on Monday succeeded in convincing a California federal judge to transfer to a court on the Pacific island a dispute over $7.3 million in insurance coverage for environmental mitigation and damage to a sunken drydock vessel.

  • August 30, 2011

    Countrywide, First American, KB Escape Kickback Suit

    A California federal judge on Monday dismissed a putative class action against Countrywide Financial Corp., First American Title Insurance Co. and homebuilder KB Home that alleged KB received kickbacks for referrals to the other two, as part of an unspecified settlement.