Insurance

  • July 11, 2011

    AGM Claims Cut In $82M Flagstar MBS Coverage Fight

    A New York federal judge on Thursday slashed reimbursement and indemnification claims from Assured Guaranty Municipal Corp.’s suit alleging Flagstar Bank FSB misrepresented the quality of some $900 million in mortgage-backed securities insured by AGM.

  • July 11, 2011

    Zurich, Latex End $37M Pipleline Suit Defense Fight

    Zurich American Insurance Co. on Friday settled a suit in Georgia federal court in which it sought to avoid coverage for a $36.8 million contract dispute alleging Latex Construction Co. botched work on a natural gas pipeline running from Illinois to Indiana.

  • July 8, 2011

    House Paves Path For Energy, Flood Insurance Measures

    The U.S. House on Friday passed rules that would pave the way for votes on a bill to fund the U.S. Department of Energy as well as the federal government's flood insurance program.

  • July 8, 2011

    Enron Deal Tabled As Insurer Objects To Lay Payout

    A New York bankruptcy judge on Friday withheld approval of a settlement of a long-standing fight between creditors of Enron Corp. and the widow of its former chairman Kenneth Lay after John Hancock Life Insurance Co. raised objections over the deal.

  • July 8, 2011

    6th Circ. Nixes Federal-Mogul Asbestos Coverage Suit

    The Sixth Circuit on Friday backed the dismissal of a Federal-Mogul Corp. trust's suit seeking defense coverage from Continental Insurance Co. for asbestos injury claims.

  • July 8, 2011

    Continental Off Hook In Trade Secrets Suit: 5th Circ.

    Continental Casualty Co. and Sentry Insurance were not obligated to cover a nearly $14 million jury verdict against a printing company and its employee for stealing trade secrets from a competitor, the Fifth Circuit affirmed Thursday.

  • July 8, 2011

    Ex-Sedgwick Adjuster Can’t Beat Trade Secrets Suit

    A former claims adjuster for Sedgwick Claims Management Services Inc. failed Wednesday to persuade a Texas federal judge to throw out a lawsuit accusing her of violating her employment contract by lifting trade secrets before leaving the company.

  • July 8, 2011

    Parts Losses Not Covered Under Airline's Policy: Judge

    A New York federal judge ruled Wednesday that several insurers did not owe lessor Fleet Business Credit LLC and its secured lender coverage as additional insureds for the loss of aircraft equipment that it rented to now-defunct Tower Air Inc.

  • July 8, 2011

    Ex-Gerova Unit Chief Wants Out Of Stillwater Action

    An ex-Gerova Advisors LLC president named in a proposed contract class action over Gerova Financial Group Ltd.'s purchase of hedge fund Stillwater Capital Partners Inc. assets told a New York federal judge on Thursday that a fraudulent conveyance claim against him won't fly.

  • July 7, 2011

    New York Life Can't Take Buyout Row To Arbitration: Suit

    A New York Life Insurance Co. unit was sued in state court Thursday by a holding company that has sought to keep a contract dispute over its $75 million buyout of the insurance giant's Korean subsidiary out of arbitration.

  • July 7, 2011

    Wells Fargo Claim Survives In $10M Policy Sale Suit

    A Florida federal judge on Thursday rejected Pruco Life Insurance Co.’s request to toss a Wells Fargo Bank NA counterclaim for negligent misrepresentation in a suit alleging the bank was a middleman in a scheme to sell an invalid $10 million life insurance policy.

  • July 7, 2011

    Judge Sticks By $11M Judgment Against Two Insurers

    American Safety Casualty Insurance Co. and Interstate Indemnity Co. on Wednesday lost their bid to avoid paying more than $11.2 million to cover a judgment against an Illinois city in a civil rights case brought over a wrongful rape conviction.

  • July 7, 2011

    Q&A With Locke Lord's Jeri Looney

    Like any young lawyer, I believed that a review of a litigation guide or “how to” book would be sufficient and accurate as to its citations to the controlling rules. I learned the hard way that even really well-respected guides don’t always cite the rules correctly. It is always better to go to the source, says Jeri Rouse Looney, a partner in the Los Angeles office of Locke Lord Bissell & Liddell LLP.

  • July 7, 2011

    Insurers Can't Shake Construction Defect Coverage Row

    A California federal judge on Tuesday rejected American Safety Indemnity Co.'s and Arch Specialty Insurance Co.'s bids to nix a suit seeking coverage for allegedly faulty work performed by subcontractors and suppliers for three home construction companies.

  • July 7, 2011

    Wis. Insurance Regulator Targets Ambac's Ch. 11 Plan

    Wisconsin's insurance regulator on Thursday blasted Ambac Financial Group Inc.'s Chapter 11 restructuring plan, which was filed a day earlier in New York, setting the stage for potentially costly and brutal litigation and the possible dissolution of the company.

  • July 7, 2011

    AIG Unit, Investment Adviser End Asset Sale Fight

    Investment adviser Scott & Stringfellow LLC on Wednesday settled a suit in Virginia accusing an American International Group Inc. unit of reneging on a contract to pay a fee on a $400 million municipal asset sale.

  • July 6, 2011

    Allstate Targets Morgan Stanley Over MBS

    Allstate Insurance Co. filed suit in New York on Tuesday accusing Morgan Stanley of knowingly selling high-risk residential mortgage-backed securities to investors, the insurance company's latest action against a major investment bank in its attempt to recover losses from the housing market collapse.

  • July 6, 2011

    Q&A With Locke Lord's Kevin Walsh

    The film splicer spliced, but the "oops" that appeared in the transcript with its failure on the first attempt was not helpful — particularly when our opponent pointed out that this action would have to be performed in a dark room. In that case, I learned that details matter, says Kevin Walsh, a partner in the New York office of Locke Lord Bissell & Liddell LLP.

  • July 6, 2011

    Judge Won't Hear Travelers' $16M Coverage Suit

    An Illinois federal judge dealt a blow to Travelers Indemnity Co. on Wednesday, ruling it would not take the insurer's case over who was liable for a policyholder's $16 million loss in a credit card rights class action.

  • July 6, 2011

    Insurers Settle Lazare Diamond Coverage Row For $32M

    Lazare Kaplan International Inc. said Wednesday that U.S. and U.K. insurers have agreed to fork over $32 million to settle a $640 million coverage dispute that Lazare brought in New York federal court over lost Angolan diamonds.