An Ohio federal judge on Thursday kept alive the bulk of a $650 million suit claiming JPMorgan Chase Bank NA discarded internal risk guidelines to sell billions of dollars in securitized mortgage loans, finding that most claims are timely and contain enough detail.
Former American International Group Inc. CEO Edward Liddy on Thursday defended the company’s close relationship with the Federal Reserve following the insurer’s 2008 bailout, arguing that AIG had not acquiesced to every Fed request and that the “partnership” had benefited the company.
A magistrate judge on Thursday advised a New York federal court to sanction an attorney who had made unsupported False Claims Act allegations by tossing his qui tam suit accusing companies including Allstate Insurance Co. and FedEx Corp. of Medicare fraud.
A Minnesota federal judge on Wednesday declined to allow two insurers to immediately appeal his refusal to take the duo off the hook for covering part of U.S. Bancorp’s $55 million class settlement of overdraft fee litigation.
The Fifth Circuit on Thursday dismissed Texas Brine Co. LLC’s appeal seeking a stay in a $50 million coverage battle over claims arising from a class action that accused the salt producer and an oil and gas company of causing a sinkhole, ruling the court does not have jurisdiction to hear the challenge.
Ambac Assurance Corp. does not have standing to bring breach of contract claims against JPMorgan Chase & Co. over at least $300 million worth of residential mortgage-backed securities it insured because that power instead lies with the securities' trustee, a New York state appellate court found Thursday.
A Portugal-based insurance company owned by Chinese conglomerate Fosun International Ltd. has acquired Portuguese health care company Espirito Santo Saude for €459.83 million ($589.50 million), Fosun said on Thursday, in a move to bolster the conglomerate's presence in Portugal.
The New Jersey Legislature on Thursday passed a bill that would prohibit dental insurers from setting the prices for services not covered under their insurance plans, a measure aimed at overturning an appellate decision in favor of Aetna Life Insurance Co. and Metropolitan Life Insurance Co.
With preregistration shares surpassing expectations, Australian state-owned health insurer Medibank Private's AU$6 billion (US$5.3 billion) initial public offering will now take place in November, a month earlier than originally planned, the government said on Thursday, suggesting another strong IPO for an Australian health care company this year.
Cigna Health and Life Insurance Co. hit Health Diagnostic Laboratory Inc. with an $84 million suit Wednesday in Connecticut federal court, alleging the company failed to charge Cigna insurance plan members for out-of-network services and paid referral fees to the in-network providers that encouraged them to violate their contracts.
The City of Detroit has reached a settlement with Financial Guaranty Insurance Co., the final major creditor standing in the way of its restructuring plan, which has a more than $1 billion claim in the city's Chapter 9 bankruptcy case based on bonds it guaranteed, according to court documents filed Thursday.
A set of subrogation attorneys who left the Pennsylvania-based insurance boutique now operating as Nelson Brown & Co. have hit back at their former firm’s state court lawsuit over contingency fees, arguing that the firm’s bid for an injunction over the fees is inappropriate.
Pennsylvania officials said Thursday they had inked a $139 million deal to settle claims that the state improperly administered a statutory medical malpractice excess insurance fund by transferring $100 million from the program into the state's general fund and by systematically overbilling hospitals and health care providers.
A California judge on Wednesday said evidence was needed to determine if state law required Blue Shield of California to have a reconstructive surgeon review any denial of a request for reconstructive surgeries, rebuffing the insurer’s bid for a quick win in a putative class action over coverage denials.
A senior Federal Reserve official said Wednesday that the central bank did not attempt to exercise control over American International Group Inc.’s business operations after its 2008 bailout and instead offered only reasonable input on its direction, as trial continued in a shareholder suit over the allegedly heavy-handed deal.
Nixon Peabody LLP has snagged two former Schiff Hardin LLP partners to bolster its Chicago office with their experience guiding companies in mergers and dispute resolutions, as well as in product liability, insurance, intellectual property and class action litigation, the firm said Wednesday.
A New York federal judge refused Tuesday to dismiss a suit brought against two Pennsylvania insurers by an Israel-based insurer seeking to spread the costs of a construction accident in that country, saying the suit had been filed within New York's statute of limitations.
A Florida appeals court on Wednesday affirmed an order to garnish accounts held by embattled Judge Laura Watson, who is being investigated over her involvement as an attorney in a $14.5 million settlement with an insurer.
A New York federal judge overseeing Superstorm Sandy litigation expressed frustration on Wednesday with the parties’ failure to retain a mediator in four cases, puzzling over why they have repeatedly turned to one small group of mediators when there are hundreds of Sandy-related cases pending.
Blue Cross Blue Shield insurers and Health Care Service Corp. on Tuesday urged a Texas federal judge not to let hospitals revive underpayment allegations that have previously been thrown out for lacking specifics, saying the providers are trying to embark on an impermissible “fishing expedition.”
The Federal Courts Jurisdiction and Venue Clarification Act grants a federal district court discretion to permit removal after the one-year period if it finds a plaintiff has “acted in bad faith” to prevent removal, but it didn’t come with a clear definition of "bad faith." Recent case law offers some minimal guidance on how the exception should be interpreted, say Ugo Colella and Todd Seaman of Thompson Hine LLP.
A recent consent order from the Consumer Financial Protection Bureau against Lighthouse Title Inc. raises troubling questions about how the agency interprets Section 8 of the Real Estate Settlement Procedures Act, and at the same time, provides several significant reminders about what not to do in structuring and entering into a marketing services agreement, say Phillip Schulman and Holly Spencer Bunting of K&L Gates LLP.
The New Jersey Supreme Court's recent decision in IMO Industries Inc. v. Transamerica Corp. underscores the continued applicability of the court's observation on environmental coverage law with respect to allocation — just as one important issue is resolved at least two new issues rise to take its place, says Scott Seaman of Meckler Bulger Tilson Marick & Pearson LLP.
Surely the epitaphs for the financial guaranty insurance industry were not penned prematurely. Certainly those insurance companies must have the good grace to comprehend that their day has passed. Yet the expectations — nay the certitude — of market-watchers appears likely to be foiled, says Jeffrey Stern, leader of the structured products group at Pillsbury Winthrop Shaw Pittman LLP.
Recently, the clear trend has been for courts to narrow insurers’ restitution/disgorgement defense considerably. A Minnesota federal court's decision in U.S. Bank v. Indian Harbor Insurance Co. takes the trend one step further, rejecting the defense outright, say Peter Gillon and Vernon Thompson Jr. of Pillsbury Winthrop Shaw Pittman LLP.
Recent publicly released payment data on health care practitioners by the Center for Medicare & Medicaid Services has the potential to thwart whistleblower suits under the False Claims Act, because the law's public disclosure bar mandates the dismissal of any action, says Scott Grubman of Rogers & Hardin LLP.
Policyholders litigating in a jurisdiction where the law regarding allocation is undecided should be aware of a perception by some courts that an all sums approach is unfair and remind them that the insurer drafted the policy and that no single insurer will actually be left with an obligation to cover all sums, say David Elkind and Daniel Streim of Orrick Herrington & Sutcliffe LLP.
As emerging technologies introduce new risks, and as wage-and-hour class actions proliferate, the hospitality industry finds itself with an ever-expanding target on its back. Consequently, businesses have an increasing need to maximize their employment practices liability insurance coverage for these growing potential liabilities, says Darin McMullen of Anderson Kill PC.
Can academic medical centers be saved? Yes, but they must adapt their three components — hospital, medical school and set of faculty practice plans — to pursuing a single strategic plan and business strategy, with a priority on clinical care, says Norman Tabler Jr. of Faegre Baker Daniels LLP.
Academic medical centers in the U.S. thrived from the postwar period into the 1980s but, due to weaker national economic growth, a steep decline in the percentage of employers providing health insurance and heightened consumer price sensitivity toward health care services, they now face extinction, says Norman Tabler Jr. of Faegre Baker Daniels LLP.