Insurance RSS

  • October 13, 2011

    Judge Revives MBIA's Fraud Claims Against Credit Suisse

    A New York state judge on Thursday reinstated bond insurer MBIA Insurance Corp.'s fraud and punitive damages claims in a suit against Credit Suisse Group AG units over insurance payments on a pool of mortgage-backed securities.

  • October 13, 2011

    Insurers Off Hook For Office Depot's Costs: 11th Circ.

    The Eleventh Circuit on Thursday backed a lower court's ruling in favor of two insurers sued by Office Depot Inc. over costs related to a U.S. Securities and Exchange Commission probe, finding its $24 million in legal fees were not covered by their policies.

  • October 13, 2011

    Ambac Says $800M Tax Row Threatens Reorganization

    Bankruptcy financial product insurer Ambac Financial Group on Wednesday asked a New York judge to quickly determine the status of at least $800 million in federal tax claims against it, saying a delay could derail its plan to reorganize.

  • October 13, 2011

    Farmers Cheats Clients On Flooring Damage Claims: Suit

    A policyholder on Wednesday targeted Farmers Group Inc.'s program for flooring damage claims in a California class action, saying the insurer rips off policyholders by using floor repair companies as adjusters.

  • October 13, 2011

    Construction Co. Wants Insurers On Hook For $11.5M Suit

    A Utah construction company on Tuesday launched a lawsuit in Colorado federal court against several of its insurers, claiming they are responsible for costs the company incurred defending itself against an $11.5 million third-party action over property damage to a condominium association.

  • October 13, 2011

    John Hancock Life, Others Sued Over $15M Lost To Madoff

    John Hancock Life Insurance Co. and other insurers were accused in a lawsuit filed in New York state Wednesday of losing about $15 million through investments they made in Bernard Madoff's $65 billion Ponzi scheme.

  • October 12, 2011

    Essex Equity Fights Lehman Bid To Release D&O Insurers

    Essex Equity Holdings USA LLC asked a New York bankruptcy judge Wednesday to reject Lehman Brothers Holdings Inc.'s bid to release other insurers from policies issued to former executives, saying the insurance dispute was not proper for the court.

  • October 12, 2011

    Tanning Co. Nixes Appeal After Liberty Mutual Settlement

    A hide-tanning company's appeal of a decision protecting Liberty Mutual Insurance Co. from paying defense costs in third-party pollution lawsuits was dismissed Tuesday after its $235,000 settlement with Liberty Mutual was approved by a Maine bankruptcy judge.

  • October 12, 2011

    Insurance Firm Bilked Claims Examiners Of OT Pay: Suit

    Keenan & Associates was hit with a proposed class action in California state court on Tuesday alleging the insurance broker misclassified its claims examiners as exempt from overtime pay.

  • October 12, 2011

    Insurer Seeks To Arbitrate Baby Monitor Coverage Suit

    Lexington Insurance Co. asked a Rhode Island federal judge on Tuesday to force Summer Infant USA Inc. to arbitrate a dispute over coverage for an underlying class action accusing the infant products maker of selling baby monitors that compromise privacy.

  • October 12, 2011

    Insurers Could Be Off Hook In Calif. ZIP Code Suits

    Insurers might not have to pay coverage for the recent rash of ZIP code litigation in California if courts decline to view the collection of personal information as an invasion of privacy or choose to enforce exclusions that were only recently put in place, attorneys say.

  • October 11, 2011

    Licensing Co. Seeks Coverage In NCAA Antitrust Actions

    The Collegiate Licensing Co. on Tuesday slapped five of its insurers with a lawsuit seeking to force them to cover legal costs related to third-party antitrust class actions over the use of college basketball and football players' likenesses in video games.

  • October 11, 2011

    3 Wyatt Tarrant Attys Jump To Dinsmore

    Dinsmore & Shohl LLP on Tuesday announced that three lawyers with expertise in product liability, insurance, mergers and acquisitions, and securities had moved to the firm's Lexington, Ky., office from Wyatt Tarrant & Combs LLP, adding to the increase in lateral hires that has expanded its Kentucky presence.

  • October 11, 2011

    San Diego Wildfire Insurance Suit Will Stay In Calif.

    Ace Property and Casualty Insurance Co. will continue to defend itself in California over coverage for the 2007 San Diego wildfires, a judge ruled Friday, despite its attempt to shake the case by arguing that a related Texas suit might be disrupted.

  • October 11, 2011

    Resort Group Reaches Bankruptcy Truce With MetLife

    Paulson & Co.-owned MSR Resort Golf Course LLC asked a New York bankruptcy court on Friday to approve a key settlement with MetLife Inc. that would allow MSR to retain control of its Chapter 11 proceedings.

  • October 11, 2011

    MLB Demands Insurer Docs In Financial Data Leak Probe

    Major League Baseball asked a New York state court on Friday to force Beazley Insurance Co. to hand over documents that would help it determine whether the insurer leaked financial data about six baseball teams to the press in 2010.

  • October 11, 2011

    Garlock Can't Access Past Asbestos Bankruptcies: Judge

    A Delaware bankruptcy judge on Friday denied Garlock Sealing Technologies LLC’s request to access documents from asbestos bankruptcies dating to 2000, saying the company wasn’t entitled to intervene in the cases and that allowing it to do so would have “enormous” consequences.

  • October 11, 2011

    'Risky' Wells Fargo Investments Cost Insurer $40M: Suit

    Minnesota Life Insurance Co. accused Wells Fargo Bank NA on Tuesday of costing it $40 million by making lousy investments in companies that eventually collapsed.

  • October 11, 2011

    Insurer Must Back PR Co. In Coach Defamation Row: Judge

    A Texas federal judge ruled Thursday that an insurer must defend a public relations company in a suit brought by a former college football coach who alleges the company and ESPN Inc. defamed him by claiming he mistreated an ESPN analyst's son.

  • October 7, 2011

    SandRidge Tries To Nix Investor Suit Over $75M Oil Project

    Oil drilling company SandRidge Energy Inc. asked a federal judge on Friday to throw out an investor lawsuit accusing it of misrepresenting the expected returns of a $75 million drilling project, saying the plaintiffs failed to identify the alleged misrepresentations.