Insurance

  • May 6, 2011

    Hartford Seeks To Avoid Covering Crate & Barrel Suits

    Hartford Fire Insurance Co. hit the owner of retailer Crate & Barrel with a lawsuit Thursday in Illinois to avoid covering the company in California putative class actions contending it wrongly requested customers' zip codes during credit card transactions.

  • May 6, 2011

    Rolls-Royce Off Hook For Fees In Ship Insurers' Row

    A Florida federal judge refused Thursday to award attorneys' fees to a group of insurers that earlier won dismissal of Rolls-Royce PLC's suit seeking coverage in litigation over the allegedly defective Mermaid propulsion system for cruise ships.

  • May 6, 2011

    BofA, Citi Lied About MBS Practices: Suits

    Bank of America Corp. and Citigroup Inc. said Thursday they are facing new lawsuits from a Massachusetts public bank and insurers alleging they lied about their process for originating and issuing residential mortgage-backed securities.

  • May 5, 2011

    MassMutual Sues Goldman, Others Over Bad MBS

    Massachusetts Mutual Life Insurance Co. sued Goldman Sachs & Co. and other banks Thursday in Massachusetts for not disclosing that more than $175 million mortgage-backed securities they sold were backed by troubled loans.

  • May 5, 2011

    SEC Subpoenaed Credit Suisse For Mortgage Docs: MBIA

    The U.S. Securities and Exchange Commission is investigating Credit Suisse Group AG and has subpoenaed the financial services giant for mortgage debt documents, bond insurer MBIA Insurance Corp. said in court documents filed Thursday in New York.

  • May 5, 2011

    Insurer Wins Coverage Row Over Ponzi Scheme Suits

    A South Carolina federal judge ruled Thursday that Continental Casualty Co. wasn’t obligated to pay to defend Battery Wealth Management Inc. in a series of suits related to a $66 million Ponzi scheme orchestrated by one of its executives.

  • May 5, 2011

    Liberty Must Cover Architects In $30M Nursing Home Suit

    A New York state judge on Tuesday ordered Liberty Insurance Underwriters Inc. to indemnify Perkins Eastman in an unresolved lawsuit claiming the architecture firm botched its work on a $30 million nursing home project.

  • May 5, 2011

    Lexington Sued For Coverage Of Troubled Salt Mine

    Lyons Salt Co. sued Chartis Inc. unit Lexington Insurance Co. in Kansas on Thursday seeking coverage over severe water penetration problems at a salt mine that could cost $11 million to investigate and fix.

  • May 5, 2011

    Whistleblower Accuses AIG, Banks Of $137B Bailout Fraud

    A California federal court unsealed a whistleblower suit Wednesday that alleges American International Group Inc. and several major banks defrauded taxpayers by lying to obtain more than $137 billion in bailout loans from the federal government, which they used to pay for failed trades in the collateralized debt market.

  • May 5, 2011

    Mortgage Insurer Shakes JPMorgan Loan Coverage Suit

    A New Jersey federal judge on Wednesday tossed JPMorgan Chase Bank NA's lawsuit claiming Republic Mortgage Insurance Co. improperly attempted to rescind mortgage insurance coverage on nearly 2,000 residential loans after the recession hit.

  • May 4, 2011

    7th Circ. Nixes Insurer's Appeal In Mall Fire Fight

    The Seventh Circuit on Wednesday dismissed General Insurance Co. of America’s appeal of a decision that it must defend a Chicago mall in litigation over fire damages, finding a lower court mistakenly issued a final ruling in the fight.

  • May 4, 2011

    Calif. Court Shuts Door On WAIC Reinsurance Appeal

    A California appeals court on Wednesday denied Workmen‘s Auto Insurance Co.'s bid to revive a lawsuit that accused Guy Carpenter & Co. LLC of breaching its fiduciary duty as the company's reinsurance broker and causing $35 million in damage.

  • May 4, 2011

    States Open Fight Over Health Care Law In 11th Circ.

    Florida and 25 other states filed their opening brief in the Eleventh Circuit on Wednesday in a dispute over the federal health care overhaul, saying the law's individual mandate clause and its expansion of Medicaid exceeded Congress' constitutional authority.

  • May 4, 2011

    5 Top Brooke Execs Settle SEC Fraud Claims

    Five of six former executives affiliated with Kansas-based Brooke Corp. settled the government’s claims that they engaged in a massive financial fraud that tumbled the insurance holding company's subsidiaries into bankruptcy, the U.S. Securities and Exchange Commission said Wednesday.

  • May 4, 2011

    3rd Circ. Says Insurers Can Challenge GIT Ch. 11 Plan

    The Third Circuit ruled Wednesday that a group of insurers can challenge asbestos claims provisions of Global Industries Technologies Inc.'s bankruptcy plan, a precedential move dissenting judges say improperly lowers the threshold for claiming injury in bankruptcy proceedings.

  • May 4, 2011

    MetLife Intervenes In Protest Of $2B Dental Contract

    Metropolitan Life Insurance Co., which was awarded a contract worth up to $1.9 billion to provide dental care to military families in January, intervened Wednesday in a U.S. Court of Federal Claims suit challenging the award.

  • May 3, 2011

    AIG Must Pay $87M In Coverage Dispute, Panel Says

    American International Group Inc. must pay $86.7 million to a subsidiary of Belgium's KBC Group NV, an arbitration panel has said, finding that AIG broke a deal to provide KBC with coverage related to purchases of so-called life-settlements.

  • May 3, 2011

    Axiom Claims Disparaging Email Breached Settlement

    Axiom Insurance Managers Agency LLC stepped up its legal battle against a competing insurance company in the bar and restaurant industry with a lawsuit Tuesday in Illinois accusing the company of violating a settlement agreement through a disparaging email.

  • May 3, 2011

    Blank Rome Snags Ex-Cozen Life Sciences Chair

    Blank Rome LLP said Tuesday that the former chair of Cozen O'Connor's life sciences practice group had joined the firm's Philadelphia office as vice chair of its life sciences team and partner in its product liability, mass torts and insurance group.

  • May 3, 2011

    7th Circ. Orders Near North Fraudster Sentence Review

    The Seventh Circuit on Tuesday asked an Illinois federal judge to revisit whether a 121-month sentence handed to Near North Insurance Brokerage Inc. fraudster Michael Segal included punishment for honest services fraud, and to shorten it if it did.