Insurance

  • February 7, 2013

    Curt Schilling Allowed To Use $10M D&O Policy In Loan Fight

    Former pitching ace Curt Schilling on Wednesday won a bankruptcy judge's approval to access his failed video-game company's $10 million insurance policy, which will be used to cover defense costs for himself and three executives being sued by Rhode Island over a $75 million loan.

  • February 7, 2013

    Aetna Defeats NJ Hospital In $39M Reimbursement Dispute

    Aetna Health Inc. on Thursday won the dismissal of a $39 million suit filed against it from a hospital that alleged the insurer had underpaid it for services, after a New Jersey federal judge found the hospital lacked the standing to sue.

  • February 7, 2013

    Fine Print Puts Lance Armstrong In The Lead Against Insurer

    Prize insurer SCA Promotions Inc. will struggle to reel back the $12 million it gave to Lance Armstrong for Tour de France titles he won while using performance-enhancing drugs, attorneys say, considering most of the money was paid under a 2006 arbitration settlement and judges rarely agree to unravel such deals.

  • February 7, 2013

    Assured's MBS Win May Force Wave Of Bank Settlements

    Assured Guaranty Corp.’s $90.1 million victory over a Michigan bank it accused of misrepresenting the quality of roughly $900 million in residential mortgage-backed securities covered by Assured could open the floodgates for similar litigation and leave global banks facing comparable suits far more inclined to settle, experts said Thursday.

  • February 7, 2013

    Catholic Leaders Reject ACA Contraceptive Compromise

    A group of U.S. Catholic leaders urged the Obama administration Thursday to go back to the drawing board on its proposed exemptions to the Affordable Care Act contraception mandate, saying a recent revision to the rule still fell short of addressing their concerns.

  • February 7, 2013

    NY High Court Nixes $420M Travelers Reinsurance Award

    The New York Court of Appeals on Thursday tossed a $420 million judgment against Munich Reinsurance America Inc. and other reinsurers, finding lingering issues of fact regarding whether a Travelers Co. Inc. affiliate altered claims in a $1 billion asbestos litigation settlement to maximize its recovery.

  • February 7, 2013

    Pfizer Notes Doctor Decisions In Appeal Of $142M RICO Award

    Pfizer Inc. argued to the First Circuit on Wednesday that physicians' independent decisions to prescribe pain drug Neurontin for off-label uses should take the drugmaker off the hook for a $142 million jury award to HMO operator Kaiser Foundation Health Plan Inc.

  • February 7, 2013

    Basic Health Plans Won’t Be Ready Until 2015, HHS Says

    The U.S. Department of Health and Human Services said Wednesday that the Affordable Care Act's basic health plan option, which aims to help states insure low- and moderate-income people who don't qualify for Medicaid, will not be operational until 2015.

  • February 7, 2013

    Insurer Wants High Court To Review Injury Coverage Case

    New York Marine & General Insurance Co. and Bayou Steel Corp. have asked the U.S. Supreme Court to overturn a finding that a subcontractor exclusion did not apply in a policy covering an injured longshoreman who netted a $6 million settlement.

  • February 7, 2013

    Insurer Targets Armstrong's Doping Denials In $12M Suit

    Prize insurer SCA Promotions Inc. pressed a Texas court Thursday to force Lance Armstrong to return the $12 million it paid to the disgraced cyclist for Tour de France titles that have now been stripped away, filing a petition that painstakingly details Armstrong's testimony denying that he ever used performance-enhancing drugs.

  • February 7, 2013

    Texas Rep. Backs Medicaid Expansion, Insurance Exchange

    A Texas state lawmaker on Wednesday proposed legislation that would extend public health benefits to more than a million uninsured Texas residents and establish a statewide health insurance marketplace as required by the Affordable Care Act.

  • February 7, 2013

    Property Insurance Reform Bill Clears Texas Senate Panel

    A Texas Senate committee on Wednesday approved a residential property insurance reform bill that would force all carriers in the state to provide prospective policyholders with a single-page explanation of every deductible included in the plan as well as their exact dollar amounts.

  • February 7, 2013

    NY AG Appeals Toss Of Objection To $115M AIG Fraud Deal

    New York Attorney General Eric Schneiderman said Wednesday he would appeal a federal court decision that barred the state from challenging a $115 million settlement by American International Group Inc. over securities fraud class action claims, one month after the judge said the state lacked standing.

  • February 7, 2013

    Papa John's Insurers Want Off Hook For Text-Spamming Suits

    A pair of American International Group Inc. affiliates on Wednesday asked a Kentucky court to declare that they have no duty to defend two class actions accusing Papa John's International Inc. of text-spamming consumers, saying the actions do not constitute coverage-triggering property damage or advertising injury claims.

  • February 6, 2013

    Assured's $90M Win Gives Insurers Ammo Against Banks

    A ruling for a monoline insurer in its contract suit against a Michigan bank over home loans backing nearly $1 billion in mortgage-backed securities sets a precedent for monoline insurers to use statistical samples of loan pools to prove liability and damages, insurance and banking attorneys said Wednesday.

  • February 6, 2013

    Lance Armstrong Faces Insurer Suit Over $12M Bonus Fraud

    A Dallas-based sports insurer says it will sue disgraced cyclist Lance Armstrong on Thursday in a bid to recoup more than $12 million in bonuses it paid in connection with Tour de France titles he now admits were tainted by performance-enhancing drugs.

  • February 6, 2013

    Fla. Developer's $19M Payout Not Covered, 11th Circ. Hears

    Mt. Hawley Insurance Co. on Wednesday asked the Eleventh Circuit to affirm a ruling that the insurer does not have to indemnify a Florida real estate developer for a $19 million settlement with homeowners, arguing that the policy's pollution exclusion clearly bars coverage.

  • February 6, 2013

    Insureds Beat Drum For Reasonable Expectations Rule

    United Policyholders urged the South Carolina Supreme Court on Tuesday to hold that a lower court should have adopted the doctrine of reasonable expectations, arguing it would only be fair to consider policyholder expectations about coverage while resolving insurance disputes.

  • February 6, 2013

    9th Circ. Lets National Union Avoid $6.3M Coverage Payout

    The Ninth Circuit on Tuesday reversed a $6.3 million judgment against American International Group Inc. affiliate National Union Fire Insurance Co. of Pittsburgh, Pa., that was awarded to Genesis Insurance Co. as recovery for funds it paid to software maker Magma Design Automation Co. to settle a securities class action.

  • February 6, 2013

    $300M Antitrust Suit Accuses Hospital Of Bullying Insurers

    An Illinois hospital launched a $300 million antitrust suit in federal court Tuesday accusing its largest rival of strong-arming health insurance companies into cutting ties with competing providers, the latest case over exclusionary contracting tactics alleged to have sent health care costs soaring.