Insurance

  • December 6, 2012

    JPMorgan Seeks Dismissal Of Syncora, Assured Cases

    A JPMorgan Chase & Co. attorney urged a New York state judge Thursday to dismiss lawsuits from two monoline insurers over the $169 million they lost insuring the bank's mortgage-backed securities, arguing that they could've done their own homework.

  • December 6, 2012

    Christie Vetoes NJ Insurance Exchange, Citing Lack Of Info

    New Jersey Gov. Chris Christie on Thursday again vetoed legislation that would have established a state-run health insurance exchange for businesses and the uninsured, contending that the state lacks critical information from the federal government surrounding that key component of the Affordable Care Act.

  • December 5, 2012

    Calif. Ruling Reveals High Bar For RESPA Class Actions

    A California federal judge on Friday refused to certify a nationwide class claiming First American Title Insurance Co. paid illegal kickbacks to 38 title agencies, while preserving a narrower class that survived a trip to the U.S. Supreme Court — rulings attorneys say should discourage plaintiffs from bringing expansive actions under the Real Estate Settlements Procedures Act. 

  • December 5, 2012

    Insurer Claims Goldman Misrepresented Failed $325M CDO

    CIFG Assurance North America Inc. on Tuesday lodged a suit in New York state court accusing Goldman Sachs & Co. of tricking the company into providing a financial guaranty insurance policy on a $325 million collateralized debt obligation containing toxic residential mortgage-backed securities.

  • December 5, 2012

    Ex-Mutual Benefits Exec Deemed Mentally Fit For Trial

    A Florida federal judge on Tuesday found a former Mutual Benefits Corp. executive mentally competent to stand trial on charges that he ran an $837 million scam that defrauded investors by buying insurance policies from the terminally ill and seniors.

  • December 5, 2012

    Judge Pares Counterclaims In Ponzi Scheme Coverage Row

    A New Jersey federal judge on Wednesday nixed nearly all of a Philadelphia law firm's counterclaims against Colony Insurance Co. in litigation over whether the carrier can rescind a professional liability policy covering a lawyer accused of running an $8.5 million Ponzi scheme.

  • December 5, 2012

    NY Law Doesn't Block $70M BofA Fraud Suit: Concord Atty

    A Concord Capital Management LLC attorney urged a New York state appeals court Wednesday to allow the insurance premium finance company to sue Bank of America NA and Fifth Third Bank for helping rogue Concord executives carry out a $70 million scheme.

  • December 5, 2012

    OPM Details Multistate Health Plans On ACA Exchanges

    The U.S. Office of Personnel Management on Wednesday published its vision for multistate plans intended to inject extra competition into health insurance exchanges, spelling out which plans qualify and how they can comply with potentially varied state and federal standards.

  • December 5, 2012

    HMOs Needn't Pay When 3rd-Party Cos. Fail, Aetna Tells Court

    Aetna Inc. told the Texas Supreme Court on Wednesday that health maintenance organizations are not required under Texas law to pay hospitals for insurance claims if a third-party company that was processing the claims becomes insolvent.

  • December 4, 2012

    HSBC Swings $9.4B Deal For Ping An Stake

    HSBC Holdings PLC has agreed to sell its stake in Chinese insurance and financial services giant Ping An Insurance Group Co. of China Ltd. to a Thailand-based investment group for nearly $9.4 billion, the bank said Tuesday.

  • December 4, 2012

    Appeals Highlight EU Battle Over Cartel Document Access

    Three German car insurance companies have challenged the European Commission's refusal to turn over documents from its auto-glass cartel investigation, underscoring the watchdog's struggle to shield information it gathers during cartel probes without running afoul of the European Union's transparency rules.

  • December 4, 2012

    Iowa's Construction Insurance Ruling May Sway Other States

    An Iowa appeals court held Thursday that a standard liability waiver bars insurers from suing their policyholders' contractors over property damage outside of a construction area, a precedential ruling that attorneys say could convince other state courts to take a similarly broad view of the waivers.

  • December 4, 2012

    Utah Claims BP Double-Dipped Into State Insurance Fund

    Utah's attorney general on Tuesday filed a civil suit against BP PLC alleging the oil giant illegally claimed $1.5 million from Utah's state insurance policy for cleanup costs at BP gas stations despite already having its own environmental pollution insurance.

  • December 4, 2012

    IFIC, US Fire Win $7M Suit Over Manhattan Bridge Repairs

    A federal judge on Tuesday granted summary judgment to International Fidelity Insurance Co. and U.S. Fire Insurance Co. in their $7 million suit against a contractor that couldn’t finish a New York City bridge project, finding the contractor was bound by indemnity and forbearance agreements.

  • December 4, 2012

    FTC Official Justifies Tough Hospital Merger Enforcement

    A top Federal Trade Commission official on Tuesday defended the more aggressive antitrust approach the agency has adopted toward hospital mergers in recent years, arguing that the latest round of consolidations in the health care industry warranted additional scrutiny.

  • December 4, 2012

    Century Loses Bid For Fresh Look At Superfund Ruling

    An Oregon judge on Monday denied a bid by Century Indemnity Co. to reconsider a ruling finding several insurers were obligated to defend a dispute over cleanup of a Portland Superfund site, saying it presented no grounds to dispute the order.

  • December 4, 2012

    Tragedy Prompts Top NY Court To Back Marine Insurance Bill

    A ruling by the New York Court of Appeals clearing the state of liability in a deadly boating mishap is likely to grab the attention of Albany lawmakers, experts said, with the state's ranking judge taking the unusual step of suggesting a stalled marine insurance bill could have helped the victims in court.

  • December 4, 2012

    Okla. Has No Standing For ACA Challenge, DOJ Says

    In an attempt to knock down another state challenge to the Affordable Care Act, the federal government said in a motion to dismiss Monday that the state of Oklahoma lacks standing to challenge the act's federal subsidies for health insurance premiums.

  • December 4, 2012

    Ace Rips Reinsurer's Bid To Back Out Of Subsidiary Buy

    Ace Ltd. told a New York state judge Tuesday that reinsurer Randall & Quilter Investment Holdings PLC can't get out of deal to buy an Ace subsidiary by claiming it didn't know the true extent of the asbestos and environmental liabilities the subsidiary reinsured.

  • December 4, 2012

    Travelers, St. Paul Fight Coverage of W.Va. 'Pill Mill' Suit

    The Travelers Property Casualty Co. of America and St. Paul Fire and Marine Insurance Co. sued Anda Inc. and its parent Watson Pharmaceuticals Inc. on Monday in Florida federal court, saying they have no duty to cover them in a suit that accuses the drug companies of profiting from West Virginia's prescription drug abuse problem.