Insurance

  • May 8, 2012

    Government May Reap $15.1B Profit From AIG Bailout

    American International Group Inc. may be on track to repay taxpayers all the money it was loaned plus an additional $15.1 billion, following a recent sell-off of the insurance holding company's stock that the government received in 2008's massive bailout, the Government Accountability Office said Monday.

  • May 8, 2012

    Mortgage Insurers Can't Dodge JPMorgan Kickback Suit

    A California federal judge refused Monday to dismiss four mortgage insurers from a putative class action alleging they took part in a kickback scheme with JPMorgan Chase Bank NA, but put the suit on hold until the U.S. Supreme Court rules in a similar case.

  • May 7, 2012

    XL Appeals Coverage Of $26M False Claims Settlement

    Two XL Group PLC units fought Wednesday to shake coverage of a $26 million False Claims Act settlement that real estate lender Ciena Capital LLC reached with the federal government, telling a New York state appeals court that the alleged wrongdoing preceded their insurance policies.

  • May 7, 2012

    Insurer Says It Shouldn't Pay In Sandra Bullock Ad Suit

    Markel International Insurance Co. Ltd. asked a Florida federal court Monday to release it from any liability stemming from a lawsuit filed in California by actress Sandra Bullock, who claims jewelers illicitly used her image in advertising a line of watches.

  • May 7, 2012

    Gloria Estefan's Hotel Co. Wins $6.7M In Insurance Feud

    A Florida state jury on Friday awarded Gloria Estefan's Pin-Pon Corp. $6.7 million from Lexington Insurance Co. and Landmark American Insurance Co., finding that the insurers had failed to provide coverage they owed for hurricane damage to the company's hotel.

  • May 7, 2012

    JPMorgan Can't Escape Syncora's $404M MBS Suit

    A New York state judge on Friday kept alive bond insurer Syncora Guarantee Inc.'s allegations that it lost $404 million insuring mortgage-backed securities from a JPMorgan Chase & Co. affiliate, finding that the case was different enough from a similar federal lawsuit to proceed.

  • May 7, 2012

    TaxMasters CEO Says Insurers Should Cover $46M Suit

    The former CEO of defunct TaxMasters Inc. sued its insurers Thursday in Texas for refusing to cover the cost of lawsuits alleging TaxMasters violated consumer protection laws, including one that led to a verdict of $46 million against the CEO.

  • May 4, 2012

    Health Insurers Face New Disclosure Rules Under Calif. Bill

    The California Assembly passed a bill Thursday that would require health insurers to notify the state Department of Insurance and policyholders before terminating a provider group or hospital contract, despite insurers' criticism that the measure puts a higher regulatory burden on certain insurance products.

  • May 4, 2012

    PIP Regs Breach Legislative Intent, NJ Lawmaker Says

    Looming changes in New Jersey to personal-injury protection regulations for auto insurance clash with legislative intent, according to a proposed resolution introduced by state Sen. Nicholas Scutari, D-22nd District, on Thursday.

  • May 4, 2012

    Judge Tells BofA Attys In MBS Suit To 'Grow Up,' Stop Delays

    A New York state judge threatened to sanction Bank of America Corp.'s attorneys during a hearing Friday for holding up discovery in a multibillion-dollar lawsuit over securitized mortgages that MBIA Inc. insured.

  • May 4, 2012

    Farmers Adjusters Got No Remedy After Landmark OT Win: Suit

    A Farmers Insurance Group unit reclassified its claims adjusters in name only while continuing to deny and discourage overtime pay after settling one of the best-known wage-and-hour suits in California, according to a class action filed Wednesday in Los Angeles.

  • May 4, 2012

    Continental Asks High Court To Mull Arbitration In Thorpe Case

    Continental Insurance Co. asked the U.S. Supreme Court last week to overturn a decision allowing bankruptcy courts broad discretion to veto arbitration agreements, such as one between the insurer and Thorpe Insulation Co. over asbestos claims.

  • May 4, 2012

    Ticketmaster Hits Lloyd's With $5M Coverage Suit

    Ticketmaster LLC hit Lloyd's of London insurers on Wednesday with a suit in California state court seeking over $5 million in damages over the insurer's alleged failure to defend and indemnify the ticket provider from five class actions in Canada.

  • May 3, 2012

    NY Judge Trims CIFG's $275M Suit Against Goldman Sachs

    A New York judge on Thursday trimmed all but one of CIFG Assurance North America Inc.'s claims against Goldman Sachs & Co., leaving only a breach of contract claim in a suit accusing the investment bank of sugarcoating more than $275 million in bad home mortgages to shift its risk to the bond insurer.

  • May 3, 2012

    Former Lehman Execs' $90M Deal With Investors Hits Delay

    A New York federal judge on Thursday cited not only case law but the lyrics of a Kenny Rogers ditty in deciding to hold off on approving a $90 million settlement between Lehman Brothers Holdings Inc. executives and a proposed class of the failed bank's investors.

  • May 3, 2012

    Epstein Becker Green Can't Shake Broker's Malpractice Suit

    A New York state appeals court on Thursday refused Epstein Becker Green's bid to toss an insurance broker's malpractice suit over the law firm's alleged mishandling of a $400 million contract dispute.

  • May 3, 2012

    Tennis Group Seeks $1.5M From Insurer For Antitrust Suit

    ATP Tour Inc., a nonprofit that governs a worldwide men's tennis circuit, told a Florida federal court Thursday that its insurer owes it $1.5 million in defense costs related to a $250 million antitrust action ATP faced over its reorganization of tournament schedules.

  • May 3, 2012

    Bristol-Myers Can Seek $11M More In Stolen-Drug Insurance

    A New York state judge ruled Thursday that Bristol-Myers Squibb Co. could try to recover roughly $10.6 million more from its insurers at Lloyd's of London for the hijacking of a truckload of its brand-name drugs en route to a Canadian affiliate.

  • May 3, 2012

    Groups Fear Obama Order Sends Excessive Power Overseas

    President Barack Obama’s executive order this week seeking streamlined international regulations has led to an uncommon meeting of the minds among activists of vastly different political stripes worried about excessive deference to foreign prerogatives on drug safety, pollution and other matters.

  • May 3, 2012

    Chartis Unit Owes $60M For Thailand Flood: Auto Parts Co.

    Automotive parts company Federal-Mogul Corp. slapped a Chartis Inc. unit with a lawsuit in Michigan federal court Wednesday, claiming it wrongly withheld nearly $60 million in coverage for flood damage at a facility in Thailand.