Insurance

  • September 30, 2011

    Billionaire Inventor's IP Suit Against Geico Trimmed

    A California federal judge on Thursday dismissed some claims in billionaire inventor Ronald A. Katz’s suit accusing Geico Corp. of infringing his interactive call processing patents, but left the bulk of the suit untouched as both sides pressed for summary judgment.

  • September 30, 2011

    Arch Tries To Duck Coverage For Diacetyl Injury Suits

    Arch Specialty Insurance Co. on Thursday hit flavor ingredient company Citrus & Allied Essences Ltd. with a declaratory judgment suit in New York court seeking to avoid coverage for personal injury claims over exposure to buttered popcorn flavoring diacetyl.

  • September 29, 2011

    Travelers, Comerica Settle Dunmore Tax Fight For $13M

    The trustee overseeing the liquidation of failed homebuilder Dunmore Homes Inc. asked a California bankruptcy judge Tuesday to approve an amended settlement with Travelers Casualty and Surety Co. of America and Comerica Bank over a nearly $12.9 million tax refund.

  • September 29, 2011

    Insurers Say Union Oil Can't Sue For Cleanup Coverage

    Attorneys for U.S. Fire Insurance Co. and other insurers told a California judge Thursday he should dismiss parts of Union Oil Co. of California’s lawsuit seeking indemnification for environmental cleanup at a 3,000-acre oil field, claiming the company deliberately contaminated the site.

  • September 29, 2011

    Insurer Aims To Avoid Defense Of Coral Employee Fraud

    Aspen Specialty Insurance Co. sued Coral Mortgage Bankers Corp. and its president on Tuesday in New Jersey seeking a declaration that it has no duty to defend them in a lawsuit launched after a former Coral employee pled guilty to stealing investor funds.

  • September 30, 2011

    CORRECTED: Insurer, Contractors Drop Chinese Drywall Coverage Suit

    Mid-Continent Casualty Co. and subcontractors of Lennar Corp. on Wednesday ageed to drop a lawsuit the insurer had lodged seeking to limit its liability for costs stemming from a Lennar suit that alleged the subcontractors installed faulty Chinese drywall in its Florida real estate developments. (A previously published version of this article incorrectly stated that the parties had reached a settlement. The error has been corrected.)

  • September 29, 2011

    Jones Day Reps Nationwide In $760M Harleysville Buy

    Nationwide Mutual Insurance Co. said Thursday it would acquire Harleysville Group Inc. for $760 million in cash to increase its property and casualty coverage and expand its distribution network.

  • September 29, 2011

    Anthem Blue Cross Billing Policy Broke Contracts: Suit

    A California woman on Tuesday slapped Anthem Blue Cross with a proposed class action accusing the insurer of violating customer contracts and state laws by charging unlawful fees and abruptly canceling thousands of health insurance policies.

  • September 29, 2011

    Insurers Say Thompson Hine Dropped Them To Sue Them

    Two insurers on Wednesday demanded that an Ohio federal court disqualify Thompson Hine LLP from representing a developer in a coverage suit, saying the firm represented the parties simultaneously before dropping the insurers to pursue the developer's claims against them.

  • September 28, 2011

    Judge Won't Toss $34M CareCore Antitrust Verdict

    A New York federal judge on Wednesday refused to throw out a $34 million verdict against CareCore National LLC in an antitrust suit accusing the benefits management company of conspiring to exclude several New York radiology practices from insurance networks for upright MRI services.

  • September 28, 2011

    $33M Ambac Securities Action Settlement Gets Final OK

    A New York federal judge on Wednesday approved bankrupt Ambac Financial Group Inc.'s controversial $33 million settlement ending class action allegations that the bond insurer didn't disclose risks in backing troubled securities.

  • September 28, 2011

    Edward Jones Dropped From Insurance Co.'s MBS Suit

    Edward D. Jones & Co. LP was dismissed Tuesday from Union Central Life Insurance Co.'s lawsuit in New York accusing a slew of financial services companies of making false and misleading statements about loans included in devalued mortgage-backed securities.

  • September 28, 2011

    FBI Raid Of Imperial Sparks Shareholder Probes

    Federal agents on Tuesday raided the Florida offices of Imperial Holdings Inc., a company that makes lump-sum payments for life insurance policies and legal settlements, sparking shareholder investigations by at least six law firms and sending its stock price plummeting.

  • September 28, 2011

    6th Defendant Sentenced For A&O Fraud Gets 60 Years

    A Virginia federal judge on Wednesday sentenced A&O Resource Management Ltd. co-owner Adley H. Abdulwahab to 60 years in prison for his role in a $100 million life settlement investment scheme at the company.

  • September 28, 2011

    DC Metro Sues Lexington For $13M Over 2009 Collision

    The Washington Metropolitan Area Transit Authority on Friday sued Lexington Insurance Co. in Virginia federal court for more than $13 million, accusing the insurer of failing to cover business interruption losses from a fatal 2009 train collision that disrupted service and cut ridership.

  • September 28, 2011

    Lowenstein Brings In New Chair For Insurance Group

    Lowenstein Sandler PC said Tuesday that it had snagged veteran insurance attorney Lynda A. Bennett from Herold Law PA for its Roseland, N.J., office, where she will serve as chair of the firm's insurance coverage group.

  • September 28, 2011

    DOJ, States Ask Supreme Court To Hear Health Law Fight

    The U.S. Department of Justice asked the U.S. Supreme Court on Wednesday to review an Eleventh Circuit ruling finding a government mandate that individuals buy health insurance unconstitutional, the same day 26 states fighting the law also petitioned for high court review.

  • September 27, 2011

    Bond Insurer Wins Dismissal Of Subprime Exposure Action

    A New York federal judge on Tuesday tossed a case brought by a class of Security Capital Assurance Ltd. shareholders claiming the bond insurer failed to accurately report its subprime exposure, finding the plaintiffs relied on information and statements irrelevant to their allegations.

  • September 27, 2011

    InTrust Tells 7th Circ. $68M Fraud Suit Not Time-Barred

    Independent Trust Corp. did not need to allege civil conspiracy to pause the statute of limitations on its claims that title insurance underwriter Stewart Title Co. furthered a $68 million criminal fraud, the investment firm's attorney told the Seventh Circuit on Tuesday.

  • September 27, 2011

    MBIA Can't Claim Admin Expenses In IndyMac Suit: FDIC

    Attorneys for the Federal Deposit Insurance Corp. told a Washington federal judge Tuesday that MBIA Insurance Corp. can't prove in its suit over the collapse of IndyMac Bank FSB that the losses the insurer sustained count as recoverable administrative expenses.