Insurance

  • July 14, 2014

    Alienage Suit In NY Presages New Wave Of Employment Claims

    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.

  • July 14, 2014

    Cephalon Wins Dismissal Of Travelers' $22M Marketing Suit

    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.

  • July 14, 2014

    Citing Conflicts, Judge Limits Union Insurer's Subpoenas

    A California court has quashed part of the subpoenas that Illinois National Insurance Co.'s served on the International Union of Operating Engineers in a coverage dispute over four racketeering and labor law-related suits, finding that the insurer's inquiries collided with the interests of underlying plaintiffs.

  • July 14, 2014

    Skadden Guides BTG's $2B Purchase Of BSI From Generali

    Generali Group has sold Swiss bank BSI to wealth manager Banco BTG Pactual for 1.5 billion Swiss francs ($1.88 billion) in cash and stock, the Italian insurance company’s latest move aimed at restoring its balance sheet and exiting noncore businesses.

  • July 14, 2014

    Deals Rumor Mill: Elementia, VistaJet, Hony Capital

    Mexican cement maker Elementia is in talks to buy out partner Lafarge's 47 percent stake in their Mexican joint venture, while Swiss aviation firm VistaJet is chatting with bankers about a potential sale of the business.

  • July 14, 2014

    Nationwide Fights $18M Bad Faith Award From 1996 Crash

    Nationwide Mutual Insurance Co. has asked a Pennsylvania state judge to reconsider an $18 million punitive damages award that he granted to a policyholder after finding that the company had engaged in a “scorched earth” litigation strategy that followed its unwillingness to pay $25,000 to settle a collision claim.

  • July 14, 2014

    Travelers Denies Coverage For Med Co.'s $67M Settlements

    Travelers Casualty and Surety Co. filed suit in New Jersey federal court seeking an order that it does not have to cover medical technology company Becton Dickinson and Co.'s defense costs and $67 million in settlement payments in underlying antitrust class actions.

  • July 11, 2014

    3rd Circ. Tosses Appeal Over Urban Outfitters IP Coverage

    The Third Circuit concluded on Thursday that Urban Outfitters Inc. and OneBeacon America Insurance Co. could not yet appeal a ruling that Hanover Insurance Co. had no duty to defend the retailer against a copyright infringement suit brought by the Navajo Nation.

  • July 11, 2014

    Senators Demand Pricing Details On $1,000-Per-Pill Sovaldi

    Two U.S. senators on Friday asked biopharmaceutical company Gilead Sciences Inc. for more information on how it prices its hepatitis C medication Sovaldi, which has become a lightning rod for criticism of soaring pharmaceutical costs.

  • July 11, 2014

    Judge Revives Insurers' Claims Over $8.6M Oil Spill Cleanup

    An Illinois federal judge on Wednesday set aside a U.S. Coast Guard agency's ruling against two insurers that held up the Oil Protection Act while trying to recover part of $8.6 million in cleanup costs from a deadly barge explosion and subsequent oil spill in 2005.

  • July 11, 2014

    FHFA Capital Rules Will Squeeze Older Mortgage Insurers

    The Federal Housing Finance Agency on Thursday released proposals that would impose higher capital requirements on private mortgage insurers doing business with Fannie Mae and Freddie Mac, but experts say insurers with bubble-era mortgages in their portfolios may find it tough to meet the new mandates.

  • July 11, 2014

    Roberts' Pass on Hobby Lobby Signals Alito's Rise

    Chief Justice John G. Roberts stayed in the background in the U.S. Supreme Court’s recent blockbuster Affordable Care Act case over employer-sponsored contraceptives, handing the majority opinion to Associate Justice Samuel A. Alito in a surprising move that experts say marks Justice Alito’s rising influence as a conservative force on the court.

  • July 11, 2014

    ISS Props Up Aspen In Fight Against $3.2B Takeover By Rival

    Proxy adviser Institutional Shareholder Services Inc. on Friday 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.

  • July 11, 2014

    PacifiCare Sues Calif. Insurance Official Over $174M Fine

    PacifiCare Life and Health Insurance Co. sued California's insurance commissioner Friday in state court over a $173.6 million fine for roughly 130,000 violations in processing health insurance claims after UnitedHealth Group Inc. acquired it for $9.2 billion, calling the penalty egregious.

  • July 11, 2014

    In Win For Axis, 8th Circ. Holds Drownings Were 1 Event

    The Eighth Circuit on Friday upheld a ruling that claims against a Christian sports camp over the drowning of two boys at a pool party involved one occurrence instead of two, limiting the obligations of Axis Insurance Co. over the protests of an umbrella insurer.

  • July 11, 2014

    Deals Rumor Mill: Alibaba, Telefonica, Cemex

    China's Alibaba could kick off its potentially record-breaking U.S. initial public offering process at soon as the end of this month, while Spain's Telefonica is looking to ditch its stake in Telecom Italia to ease regulatory pressure.

  • July 11, 2014

    Judge Reverses Coverage Ruling In EMT Sex-Abuse Suit

    An Oregon federal judge on Thursday ruled that National Union Fire Insurance Co. has no obligation to cover judgments and settlements against an ambulance company sued for employing a male emergency medical technician who pled guilty to fondling passengers, reversing his earlier judgment.

  • July 11, 2014

    Boehner Preps Obama Suit Over ACA Employer Mandate Delay

    U.S. House of Representatives Speaker John Boehner, R-Ohio, on Thursday introduced a draft resolution to let the body sue President Barack Obama over his decision to postpone implementation of the Affordable Care Act's employer mandate.

  • July 11, 2014

    Detroit Can Hang On To Casino Tax Revenues, Judge Rules

    Syncora Holdings Ltd. failed on Friday to trap casino tax streams flowing to the city of Detroit to satisfy the bankrupt municipality’s debt obligations when a Michigan federal judge held that the revenues are part of the debtor’s estate and off-limits to creditors.

  • July 11, 2014

    Blackstone Pays $609M For 2 Units Of Life Insurance Co.

    Life insurance company Friends Life Group Ltd. will sell its wealth management units to private equity firm Blackstone Group LP for up to £356 million ($608.9 million), the companies said Friday, in a move that sees Friends Life divesting nonessential businesses.