Insurance

  • April 12, 2013

    Cigna Sued By Clinic Over Out-Of-Network Coverage

    New Jersey outpatient surgery provider NJSR Surgical Center LLC launched a federal suit Wednesday alleging a Cigna Corp. subsidiary wrongfully refused to cover out-of-network services it provided to patients covered by the insurer’s plans.

  • April 12, 2013

    Q&A With Troutman Sanders' Stacey McGraw

    In the professional liability context, too often, courts are not willing to recognize the insurance contract as an agreement negotiated between two sophisticated parties, says Stacey McGraw, a partner with Troutman Sanders LLP.

  • April 12, 2013

    Insurance Cos. Blame $20M Turbine Failure On Siemens

    An American International Group Inc. affiliate and five other insurance companies claim Siemens Energy Inc. shirked its engineering oversight obligations for a steam turbine owned by policyholder NRG Energy Inc. and caused $20 million in damages, according to a suit removed to Texas federal court on Thursday.

  • April 11, 2013

    FDIC To Repay Banks Billions For Prepaid Assessments

    Fewer banks will fail and the ones that do will be smaller over the next few years as the banking sector continues to rebound from the financial meltdown, putting the Federal Deposit Insurance Corp. on track to return billions of dollars to insured banks that had to prepay the agency to keep its insurance fund financially stable during the peak of the crisis, according to a Thursday report by the agency.

  • April 11, 2013

    Apax, Morgan Stanley Exploring $2B Sale Of Hub Int'l

    Apax Partners LLP and Morgan Stanley Investment Management Inc. are reportedly looking to sell insurance broker Hub International Midwest Ltd. in a deal valued at roughly $2 billion.

  • April 11, 2013

    $2M Medical Malpractice Reinsurance Row Sent To Arbitration

    Medical malpractice insurer New Jersey Physicians United Reciprocal Exchange on Thursday lost a bid to litigate a $2.1 million breach of contract claim against an underwriter after a federal judge sent the dispute to arbitration, saying the arbitration clause in the parties’ contract is ironclad.

  • April 11, 2013

    Ticketmaster Asks 9th Circ. To Revive $4M Coverage Suit

    Ticketmaster LLC urged the Ninth Circuit on Thursday to revive a lawsuit demanding that Illinois Union Insurance Co. pay $4 million to defend a class action over allegedly deceptive ticket fees, arguing the trial judge misread an exclusion provision barring coverage of fee disputes.

  • April 11, 2013

    9/11 Plaintiffs’ Attys Demand Full Fees In 2nd Circ.

    A New York federal judge should not have blocked some payments to law firms that represented people injured in the cleanup after the 2001 World Trade Center attack, the firms told the Second Circuit on Thursday, arguing that contingency fees help ensure access to justice.

  • April 11, 2013

    11th Circ. Weighs How To Split Fee Award Among 3 Firms

    An Eleventh Circuit panel on Thursday weighed how to divvy up attorneys' fees from a $12 million award for a Miami condominium association whose attorney was associated with three different firms over the course of the association's dispute with its insurer.

  • April 11, 2013

    MGA Isn't Owed Bratz IP Coverage, Insurers Tell 9th Circ.

    Lexington Insurance Co. and Crum & Forster Specialty Insurance Co. continued their Ninth Circuit fight Thursday against MGA Entertainment Inc.'s bid for coverage in its Bratz doll trade secrets fight with Mattel Inc., stressing their policies only cover alleged harm from MGA's ads.

  • April 11, 2013

    BofA Withheld Insurance Funds, Homeowners Claim

    A putative class action launched Thursday in Oklahoma federal court accuses Bank of America NA of improperly holding back insurance payments from homeowners who needed them for property repairs.

  • April 11, 2013

    BofA Can't Escape Reinsurance Pay-To-Play Class Action

    A Pennsylvania federal judge on Thursday refused to cut Bank of America NA from a proposed class action alleging it reaped millions of dollars in illegal referrals from private mortgage insurers, saying the court needs more evidence to determine if the suit is time-barred.

  • April 11, 2013

    Despite Builder Wins, Insurers Won't Mess With 'Occurrence'

    In an about-face, the North Dakota Supreme Court recently quashed a controversial, six-year-old precedent and held that liability policies can indeed cover faulty construction that damages a policyholder's product, but attorneys say insurers will remain reluctant to rebel against such decisions by changing their definitions of "occurrence."

  • April 11, 2013

    NJ Fund Sues State National For Zoning Dispute Coverage

    Government insurance collective Middlesex County Municipal Joint Insurance Fund has launched a suit in New Jersey state court claiming State National Insurance Co. Inc. has refused to cover excess costs it incurred defending South Amboy, N.J., in underlying zoning litigation.

  • April 11, 2013

    Hermitage Wants Out Of $20M Silica Exposure Suit Coverage

    Hermitage Insurance told a Texas federal court on Wednesday that it has no obligation to defend Diamax Industries Inc. in a $20 million lawsuit accusing the power tool company of exposing an industrial worker to harmful silica dust, citing pollution, expected injury and other policy exclusions.

  • April 11, 2013

    Juror's Google Search Gets Entire Pool Tossed From Trial

    A Kentucky federal judge on Wednesday tossed the jury pool from The Cincinnati Insurance Co.'s upcoming trial seeking to hold a steel tubing maker liable for a house fire, finding that a potential juror had poisoned the proceedings by Googling the manufacturer and spreading bogus information about a similar case.

  • April 11, 2013

    Attys Anxious For Clarity On Stern May Be In For Long Wait

    A recent petition to the U.S. Supreme Court could help alleviate widespread confusion about the scope of a bankruptcy judge's authority in the wake of Stern v. Marshall, experts say, but it may not be the ideal case to revisit the landmark decision.

  • April 11, 2013

    Sen. Urges Support For States Pioneering ACA Exchanges

    Sen. Sheldon Whitehouse, D-R.I., on Thursday urged the Centers for Medicare and Medicaid Services to give more support to states leading the effort to implement health insurance exchanges, saying its focus on a group of lagging states risked slowing down the process for everyone.

  • April 11, 2013

    Q&A With Anderson Kill's Robert Horkovich

    We need to reform our U.S. insurance insolvency system, so policyholders have a formal role and get their claims paid in a higher percentage and faster, says Robert Horkovich, chairman of the insurance recovery group at Anderson Kill & Olick PC.

  • April 11, 2013

    Deals Rumor Mill: Benckiser, 3i Group, Heineken

    A German conglomerate edges closer to building up its growing coffee empire even further, while a pair of banks have begun to piece together a $1.3 billion financing package to entice several private equity outfits circling around a top European ferry operator.