Insurance

  • May 18, 2011

    Insurer Can't Rescind $20M Life Policy: Calif. Court

    A California appeals court on Tuesday reversed a ruling that allowed Lincoln Life & Annuity Co. of New York to rescind $20 million in life insurance coverage, holding the insurer must honor two policies that were sold for the benefit of third-party investors. 

  • May 18, 2011

    Law Firm's Fraud Role Rescinds Coverage, Suit Says

    Liberty Insurance Underwriters Inc. sued Reback & Potash LLP in New York on Monday to rescind four professional liability policies, claiming the firm lied about its involvement in an alleged $1.4 million criminal mortgage fraud scheme.

  • May 18, 2011

    Insurer Ordered To Cover KB Home Chinese Drywall Suit

    A Florida federal judge ruled Tuesday that Auto-Owners Insurance Co. has a duty to provide coverage to American Building Materials Inc. in an underlying state court action brought by KB Home Inc. over allegedly defective Chinese drywall.

  • May 18, 2011

    Hidden IP Risks Void $2M Policy, Travelers Says

    Travelers Property Casualty Co. of America hit Webs Inc. with a lawsuit in Maryland on Tuesday seeking to rescind a $2 million insurance policy issued to the Internet hosting company, which allegedly concealed intellectual property risks over counterfeit watches.

  • May 18, 2011

    Dewey Reps Allstate In $1B Insurance Quote Cos. Buy

    Allstate Corp. said Wednesday it would pay about $1 billion to buy insurance quote providers Esurance and Answer Financial from financial services holding company White Mountains Insurance Group Ltd. in an effort to amp up its consumer client base.

  • May 17, 2011

    Ex-Taylor Bean Exec Sues Insurer For $2M Defense Costs

    Taylor Bean & Whitaker Mortgage Corp.'s former chairman, found guilty of operating a $2.9 billion bank and securities fraud, sued his insurer in Virginia on Tuesday for allegedly refusing to cover $2 million he spent in defense costs.

  • May 17, 2011

    XL Can't Move Fla. Work Injury Coverage Suit To Canada

    A Florida federal judge on Tuesday denied efforts by XL Insurance Co. Ltd. to toss CAE USA Inc.'s coverage lawsuit over a work safety injury claim so the dispute can instead be litigated in Canada.

  • May 17, 2011

    St. Paul Seeks Win In Whistleblower Coverage Fight

    St. Paul Mercury Insurance Co. asked a Missouri federal court on Monday for summary judgment in First Bancshares Inc.'s coverage action over a lawsuit filed by an alleged whistleblower who claims the banking company wrongfully terminated her.

  • May 17, 2011

    Attys Wrongly Revoked From Coverage Action: 4th Circ.

    The Fourth Circuit ruled Friday that a South Carolina federal judge had wrongly snatched pro hac vice admissions away from three Jorden Burt LLP attorneys representing Aegon USA Inc. in a proposed class action over supplemental cancer insurance policies.

  • May 17, 2011

    Judge Won't Bar Rubin Fiorella From Reinsurance Fight

    A New York federal judge on Monday nixed Employers Insurance Co. of Wausau's suit seeking an order barring law firm Rubin Fiorella & Friedman LLP from representing Munich Reinsurance Inc. in an underlying reinsurance arbitration dispute.

  • May 17, 2011

    3rd Circ. Upholds $20M Copyright Verdict For Graham

    The Third Circuit affirmed Monday a nearly $20 million verdict in favor of The Graham Co., which accused a former broker and his new employer of infringing its copyrighted plain-English explanations of different insurance policies and coverage.

  • May 17, 2011

    Q&A With McDermott's Lazar Raynal

    My first trial — an extortion case that involved undercover tapes in Chinese and numerous translators and experts — taught me lifelong lessons about how much discipline and effort it takes to successfully try a jury case, says Lazar Raynal, a partner in McDermott Will & Emery LLP's Chicago office and head of the firm's trial practice.

  • May 17, 2011

    Texas Firms Take On Policyholders To Recoup Business

    Despite having little experience in the field, Texas law firms are turning to insurance coverage disputes as a way to recoup business that dried up due to the slow economy and other factors, experts say.

  • May 16, 2011

    Cuomo Taps Aide As NY Financial Services Regulator

    Democratic New York Gov. Andrew Cuomo on Monday nominated a top aide and former federal prosecutor to run a new state financial services agency with consumer protection and fraud units.

  • May 16, 2011

    Nationwide Off Hook For Chinese Drywall Claims

    A Virginia federal judge ruled Friday that Nationwide Mutual Insurance Co. does not have a duty to defend real estate developer The Overlook Inc. in underlying litigation over its installation of defective Chinese drywall at a townhouse complex.

  • May 16, 2011

    $100M Sex Bias Suit Barred By Contract: Cigna

    An employee seeking $100 million for alleged widespread sex discrimination at Cigna Corp. must arbitrate her claims rather than pursue a proposed class action in Massachusetts federal court, the health insurer argued Monday.

  • May 16, 2011

    High Court Vacates Benefits Ruling For Cigna Class

    The U.S. Supreme Court vacated a decision Monday that directed Cigna Corp. to recalculate benefits for a class of roughly 27,000 workers in a suit over changes to the health service company's pension plan, holding that the plaintiffs had to show actual harm.

  • May 16, 2011

    Banks Claim Right To Seek $5B From MBIA

    Major banks on Friday said New York's highest court should revive their suit over $5 billion that was part of MBIA Inc.'s 2009 restructuring because they never had a chance to oppose state regulators' approval of the bond insurer's restructuring plan.

  • May 16, 2011

    Hartford Sues Insurers Over Asbestos Suits Coverage

    Hartford Accident and Indemnity Co. sued several other insurers in a New York state court on Thursday, seeking a determination on defense and indemnity obligations in underlying actions against Insulation Distributors Inc. over alleged injuries from exposure to products containing asbestos.

  • May 16, 2011

    Policyholder Says John Alden Skimped On Health Coverage

    A John Alden Life Insurance Co. policyholder filed a putative class action in Montana on Friday claiming the company underpaid its insureds on health care costs despite promising customers higher reimbursements.