A third independent proxy adviser on Tuesday recommended that shareholders of Aspen Insurance Holdings Ltd. vote against a pair of proposals from fellow insurer Endurance Specialty Holdings Ltd. aimed at advancing its $3.2 billion takeover bid for Aspen.
American International Group Inc. said Wednesday that it has reached a global settlement worth at least $650 million of all its claims against Bank of America Corp. and its affiliates over the sale of faulty residential mortgage-backed securities.
A California federal judge has refused to disqualify Irell & Manella LLP from representing State Compensation Insurance Fund in a lawsuit accusing a former hospital president and his son of fraud, saying the court wasn't persuaded that a former Irell partner's counsel to the son taints the case.
The Sixth Circuit held Tuesday that Westchester Fire Insurance Co. must pay nearly $8 million to cover IMG Worldwide Inc.'s defense in litigation stemming from a failed real estate project, finding the excess insurer should have stepped in when a primary insurer wrongly denied coverage.
Burnham Brown said on Tuesday it opened two new offices in California, doubling the firm’s footprint, with locations in San Francisco, which will house lawyers focused on toxic tort, insurance and business litigation, and Los Angeles, which will primarily handle employment, insurance, retail and transportation industry clients.
A California state appeals court ruled Monday that Certain Underwriters at Lloyd's, London did not have to cover a hospital under a claims-made policy for a lawsuit brought by a minor who was allegedly raped by a juvenile detainee while both were patients.
Two homeowners urged the Fifth Circuit to rehear their construction defect case after the appeals court held that Mid-Continent Casualty Co. correctly applied a contractual liability exclusion, arguing that the order conflicts with a Texas Supreme Court decision which narrowed the exclusion's scope.
The U.S. House of Representatives on Monday passed an amendment to a federal funding bill that would cut the Internal Revenue Service’s budget by $353 million, the same day that the Obama administration threatened to veto the legislation for impeding implementation of the Affordable Care Act.
A former GDC Acquisitions LLC chief financial officer convicted for his role in a $21 million bank fraud on Tuesday asked a New York judge to order Scottsdale Insurance Co. to pay his outstanding legal fees, while the insurer sought to recoup the funds it spent on his defense.
Passage of a New York state proposal to block employers from discriminating against workers based on their reproductive health decisions is even more important now that the U.S. Supreme Court has given closely held corporations the right to deny contraceptive coverage, proponents of the so-called Boss Bill said Tuesday.
Leaders of the National Association of Insurance Commissioners said Monday they will hire a consultant to comprehensively review the group's governance, a decision that follows one insurance regulator's scorching — and public — critique of the organization's workings.
Detroit’s bankruptcy judge on Monday ordered the city to reimburse $10,000 that a bond insurer and restructuring plan opponent spent corralling confidential documents the city inadvertently leaked to other creditors.
The Federal Deposit Insurance Corp. on Monday hit BancInsure Inc. with a lawsuit seeking $2 million in coverage from a directors and officers policy stemming from the closure of Georgia-based Citizens Bank of Effingham.
Liberty Mutual Insurance Co. on Monday asked the Pennsylvania Supreme Court to reverse a ruling that prevents it from recovering payments from a workers' compensation claim, saying that under state law, insurers can subrogate these claims without independent legal action by the injured employee.
A Florida federal judge on Monday let retirement plan provider Storick Group Corp. off the hook in a class action accusing it and Metropolitan Life Insurance Co. of illegally sending junk fax advertisements, adding that he now questioned his decision to certify the class.
We are in the early stages of a sustained investment opportunity for foreign insurers in the United States. Interestingly, foreign interest has not been limited to just private companies or to one particular sector of the insurance market, says Todd Freed, co-head of the financial institutions group at Skadden Arps Slate Meagher & Flom LLP.
The Tenth Circuit on Monday tossed a risk purchasing group’s suit against Oklahoma’s insurance regulator seeking a ruling that collateral protection insurance is a form of liability coverage, finding CPI can’t qualify under the federal Liability Risk Retention Act.
A group of state lawmakers nationwide focused on insurance formally asked state and federal regulators Sunday to oppose global capital standards for insurers that don't accommodate the U.S. approach, while also passing resolutions on trade and state involvement in international discussions, drawing mixed reactions from insurers.
A New York federal class action claiming Northwestern Mutual Life Insurance Co. Inc. discriminated against a Mexican national enjoying protection from deportation marks a cagey attempt to leverage a Civil War-era ban on race bias in contracts and will leave many businesses vulnerable to so-called alienage suits if it succeeds, lawyers say.
A Pennsylvania federal judge on Monday dismissed Travelers Indemnity Co.’s suit seeking to recover $22 million in workers’ compensation claims from Cephalon Inc. over the off-label use of two cancer painkillers, finding Travelers didn’t allege an injury and thus did not have standing to sue.
Recent proposed amendments to the Federal Rules of Civil Procedure — including revisions to Rules 26(b) and 37(e) — could be pivotal in streamlining e-discovery, and could provide a more sensible and simplified set of preservation and disclosure guidelines, says Steve Schmelkin of Clutch Group.
An essential element in Roe v. Empire Blue Cross Blue Shield was that the Employee Retirement Income Security Act is not an anti-discrimination law — had such a federal law existed the outcome likely would have been different. Should such a law come to be, employers with self-insured health plans will likely be unable to rely on Roe to exclude same-sex spouses from coverage, say John Wilson and Matthew Clyde of Buchanan Ingersoll & Rooney PC.
The specter of attorney-client privilege has a long and well-respected history in litigation — but means nothing at all to a hacker. According to a recent LexisNexis survey, 77 percent of firms rely on “Delete this email if you are not the intended recipient” or similar language in the body of emails to secure them, which essentially does nothing to protect firm or client data from any nefarious actors who view it, says Scott Aurno... (continued)
With the necessary technology currently available to carry out cyberattacks on critical infrastructure, as shown by the Stuxnet and Shamoon viruses, cyber-risk may be the next big thing in energy property claims. Insurance companies are now beginning to underwrite new policies and claims will come — some in the tens of millions of dollars, says James Harrington of Robins Kaplan Miller & Ciresi LLP.
Despite the participation of multiple government departments and personnel from both the public and private sectors, there remains a lack of clarity over the role of insurance with regard to cybersecurity risk management. Insurance is missing from the dialogue because of the government's bias against it and out of a concern for moral hazard, say J. Wylie Donald and Jennifer Strutt of McCarter & English LLP.
The Tenth Circuit's recent decision in Glacier Construction Co. v. Travelers Property & Casualty Co. of America muddied what otherwise should have been a simple case of applying unambiguous policy language to a claim by asserting that its interpretation of the policy would encourage better behavior by the contracting parties. By relying on its own conception of public policy, the court may have inadvertently created a broader holdi... (continued)
A simmering rebellion among part-time employees and independent contractors over a lack of access to their employers' health insurance plans has been aided by the formidable whistleblowing armaments and vast bounties offered by the Affordable Care Act. Even more worrisome, the ACA also clads these warriors in armor to protect them from employer retaliation — even if their whistleblowing accusations are wrong, says Todd Horn of Venable LLP.
Had the government made and supported an argument in Burwell v. Hobby Lobby Stores Inc. that the option of cancelling employer-based coverage and making the shared responsibility payment does not impose a substantial burden on employers, then the majority might have had a difficult time rejecting it, says Martin Bienstock of Weisbrod Matteis & Copley PLLC.
Hackers breached the defenses of approximately 80 percent of the 100 largest law firms in the United States in 2011, according to the ABA Cybersecurity Legal Task Force. There are four things every law firm should do when faced with a cyberattack, say attorneys with McKenna Long & Aldridge LLP.
The proposal by the Office of Inspector General of the U.S. Department of Health and Human Services would greatly strengthen the office's exclusion authority, by both expanding the grounds for exclusion and broadening the reach to additional entities — and for longer time frames, say attorneys at Reed Smith LLP.