Insurance

  • May 15, 2013

    Goldman Dodges Insurer's $63M MBS Suit In 2nd Circ.

    The Second Circuit on Wednesday refused to revive a $62.5 million Liberty Mutual Insurance Co. suit alleging Goldman Sachs & Co. hid Fannie Mae’s exposure to toxic loans while underwriting the mortgage giant's securities deals in 2007, calling the case a "classic example of pleading fraud by hindsight."

  • May 14, 2013

    Fla.-Owned Insurer's Shutdown Of Ethics Office OK'd

    Florida Chief Inspector General Melinda Miguel reported Tuesday that she did not find evidence of retaliation in state-owned insurer Citizens Property Insurance Corp.'s decision to disband its Office of Corporate Integrity shortly after it conducted investigations into misconduct at Citizens.

  • May 14, 2013

    9th Circ. OKs Revoking Medicare Part D Insurer's Contract

    Federal regulators acted properly when they revoked the Medicare Part D contract of a prescription drug insurance provider for delaying patient access to medications for cancer, HIV and AIDS, the Ninth Circuit ruled Tuesday in the first such case to reach a federal appeals court.

  • May 14, 2013

    Hospital's $350M Bond Issuance Suit Falls In 5th Circ.

    A Louisiana hospital operator on Tuesday lost its suit over bond insurer National Public Finance Guarantee Corp.'s delay in deciding to approve its plan to issue $350 million in additional bonds, when the Fifth Circuit ruled their agreement allowed National Public to withhold approval.

  • May 14, 2013

    Texas Sens. Pass Bill Limiting Insurers' 3rd-Party Recovery

    The Texas Senate on Tuesday passed a bill clamping down on health insurers’ practice of aggressively collecting damages from third parties that caused injuries to insured patients by making them share in attorneys' fees, sending the measure to Gov. Rick Perry for approval.

  • May 14, 2013

    Lloyd's Wants Out Of LA Firm's Malpractice Coverage Suit

    Lloyd's of London underwriters on Monday pushed for a quick victory in a fight with a Los Angeles law firm over defense coverage for malpractice claims stemming from a $7 million award against an alleged ex-client in a property dispute.

  • May 14, 2013

    Sen. Wants $440M In IRS ACA Funding Suspended

    Sen. Dean Heller, R-Nev., urged the U.S. Department of Health and Human Services on Tuesday to help hold back nearly $440 million earmarked to fund the Internal Revenue Service's responsibilities under the Affordable Care Act, saying the IRS must first resolve concerns over its recent behavior.

  • May 14, 2013

    Goldman Dodges Insurer's $120M CDO Claims On Appeal

    A New York state appeals court on Tuesday tossed ACA Financial Guaranty Corp.'s $120 million action targeting Goldman Sachs over a mortgage-backed securities transaction gone sour, finding Goldman never guaranteed that an outside hedge fund was taking an equity position favorable to ACA.

  • May 14, 2013

    Insurer Can Keep Premium For Sham $5M Policy: 1st Circ.

    In a published decision, the First Circuit found Monday that a Phoenix Cos. Inc. life insurer could rescind a $5 million policy and still keep the premium it received from a policyholder who pretended to be a well-to-do real estate investor to score the insurance.

  • May 14, 2013

    Pain Patch Maker Wins Coverage Of False Ad Suit

    An Illinois federal judge on Friday ruled Great American E&S Insurance Co. must defend JAR Laboratories LLC in a false advertising suit over its over-the-counter pain relief patch LidoPatch.

  • May 14, 2013

    10th Circ. Axes $1.2M Judgment In Lloyds Coverage Row

    The Tenth Circuit ruled Monday that a lower court relied on an erroneous conclusion when it found Lloyds of London failed to sufficiently indemnify Brecek & Young Advisors Inc. in an arbitration alleging the firm's agents mismanaged investment accounts, reversing a $1.2 million judgment in BYA's favor.

  • May 14, 2013

    Q&A With Gardere's Rob Hoffman

    Even when applying the best of good faith in performing e-discovery, if mistakes happen, innocent corporate clients can face sanctions. We litigators need to come up with a better system, says Rob Hoffman, a partner with Gardere Wynne Sewell LLP.

  • May 13, 2013

    Docs' Prior Blue Cross Deal May Kill Bid To Join Antitrust Suit

    A Florida federal judge on Monday told three doctors suing Blue Cross and Blue Shield health plans that a previous settlement's release would be a “tough hurdle” to overcome in their efforts to join a putative antitrust class action against the insurer in Alabama.

  • May 13, 2013

    Texas Lawmakers Push Health-Data Modernization Bills

    Texas lawmakers on Thursday gave final approval to legislation designed to modernize medical data management and are pushing another pair of measures that aim to make the insurance preapproval process for prescription drugs and other health care benefits easier on patients.

  • May 13, 2013

    Texas Judge Punts On Cement-Dust Coverage Suit

    A Texas federal judge has declined to rule on an effort by Continental Insurance Co. to dodge payment of legal fees incurred by cement manufacturing companies fighting more than four dozen pollution lawsuits, finding that the dispute should be considered in California.

  • May 13, 2013

    Fed Wants 1st Bank-Run Stress Test Results By July

    The Federal Reserve on Monday gave the 18 largest U.S. bank holding companies until July to hand over the results of their midyear, bank-administered stress tests in order to remain in compliance with the Dodd-Frank Act.

  • May 13, 2013

    Judge Abused Authority With Plan B Order, 2nd Circ. Hears

    A New York federal judge "plainly overstepped his authority" when he ordered the U.S. Food and Drug Administration to bypass its mandatory rulemaking procedures and make the contraceptive Plan B available over the counter without restrictions, the federal government told the Second Circuit on Monday.

  • May 13, 2013

    Pataki, Cuomo Tell NY To Leave Ex-AIG Chief Alone

    Former New York Govs. Mario Cuomo and George Pataki went to bat for ex-American International Group Inc. CEO Maurice Greenberg on Monday, urging the state’s attorney general to back down from efforts to bar Greenberg from trading securities or heading a company.

  • May 13, 2013

    HHS OKs Unique Bifurcated ACA Exchange For Utah

    The U.S. Department of Health and Human Services has agreed to Utah’s proposed model for its Affordable Care Act-mandated health insurance exchange, allowing the state to run the small business portion while leaving individual insurance under HHS oversight, Utah Gov. Gary Herbert announced Friday.

  • May 13, 2013

    Wells Fargo, QBE Reach $19M Force-Placed Insurance Deal

    Wells Fargo Bank NA, QBE Specialty Insurance Co. and a class of Florida homeowners have reached a settlement over allegations the companies pushed overpriced property insurance and received kickbacks, agreeing to pay up to $19.25 million to class members, according to court documents filed Monday.