The latest Republican health care reform proposal would push more upheaval on an already unstable individual insurance market, experts said, pushing out smaller providers and giving those large enough to weather the storm a compliance headache through 50 new sets of state rules.
UnitedHealth Group Inc. on Wednesday urged the Eighth Circuit to take one more look at its decision that the health insurance giant's excess insurers don’t have to contribute to the $350 million it is shelling out to settle two class actions, saying the panel had failed to consider the evidence that made its case.
Texas Republican Gov. Greg Abbott has appointed a Jackson Walker LLP attorney and former state appellate judge to become the state’s next insurance commissioner, a position that is likely to take on outsize importance as Texas struggles to recover from Hurricane Harvey.
Illinois’ highest court booted an insurance action from the state on Thursday, saying a warehousing company’s warehouse in the state wasn’t enough of a link to permit jurisdiction under the U.S. Supreme Court’s Daimler decision.
The Second Circuit on Thursday backed a lower court that put Travelers on the hook for a $1.2 million booze theft, saying there was no question who had custody of the bottles or any reasonable dispute over how much they were worth.
An Arizona insurance company filed suit Wednesday in Florida federal court against a construction firm named as a co-defendant with a Marriott hotel in underlying litigation alleging they subjected a worker to carbon monoxide poisoning, seeking an order that the Miami-based firm doesn’t qualify for coverage.
The liquidating trustee for an investment fund that fed into jailed attorney Scott Rothstein's $1.2 billion Ponzi scheme sued Harden & Associates on Wednesday, claiming the insurance broker's negligence led the fund's insurers to deny coverage after the scheme collapsed.
MF Global asked Wednesday for permission to appeal a New York bankruptcy court's order requiring the defunct brokerage to arbitrate in Bermuda a coverage dispute with its excess insurer, Allied World, saying the decision involves a controlling issue of law and conflicts with two appellate court rulings.
A frozen fruit supplier Wednesday told a Virginia federal court that Travelers’ Canadian subsidiary, as the insurer of the company that allegedly imported contaminated fruit, owes it $10 million in coverage from litigation arising from a smoothie-borne hepatitis outbreak.
Commonwealth Bank of Australia said Thursday it will sell its Australia and New Zealand life insurance units to AIA Group for AU$3.8 billion ($3 billion), vaulting AIA into a spot as a major life insurance player in both countries.
Massachusetts' highest court has agreed to review a lower court's ruling that a pair of insurers can't recoup sums they paid to defend Vibram USA Inc. against a suit alleging the company unlawfully obtained a trademark for a shoe named after the late Olympic marathon champion Abebe Bikila in a case that raises multiple issues of first impression under state law.
The comment period on the U.S Department of Labor's proposal to delay parts of its fiduciary rule for retirement account advisers closed Friday, with a chorus of industry stakeholders, investor advocates and think tanks weighing in on what freezing key provisions of the rule until July 2019 might mean. Here, Law360 looks at what financial groups, politicians, individuals and others had to say.
Pfizer Inc. can't break into the market with its biosimilar version of Johnson & Johnson's blockbuster biologic Remicade, as J&J and its subsidiary Janssen Biotech Inc. have been holding on to a monopoly through a multifaceted anti-competitive campaign, Pfizer told a Pennsylvania federal court Wednesday.
The Senate is set to vote next week on the contentious Affordable Care Act repeal measure, a leadership aide said Wednesday, as more groups came out against the embattled legislation.
Starr Indemnity & Liability Co. told a Washington federal judge Tuesday that a notice of a possible suit under California's Proposition 65 labeling law created a claim that a fruit juice maker should have told the insurer about when it applied for a policy, while the juice maker urged the court to find the claim didn't arise until the suit was filed.
A Delaware state judge Wednesday found Catlin Specialty Insurance Co. does not have to cover a mall owner and real estate management company for a fraud suit, saying the clear wording or both the policy and the suit block coverage.
A Georgia federal court Wednesday refused to find that Ace American Insurance Co. need not cover any of a $2.3 million judgment against Exide Technologies Inc. over acid damage at a former battery factory, rejecting the insurer's contention that a pollution exclusion was mistakenly left off Exide's policy.
Google is closing in on a deal to buy assets from struggling smartphone maker HTC, AIA Group is nearing an agreement to buy the roughly $4 billion insurance business of Commonwealth Bank of Australia, and Switzerland's stock exchange operator is mulling a sale of its multibillion-dollar payments business.
A New Jersey federal judge Monday found the dissolution of the original policyholder in a merger did not relieve Progressive Casualty Insurance Co. of the duty to defend the post-merger bank from a stockholder suit.
TransCanada Energy USA Inc. is entitled to nearly $58 million in coverage for its costs for property damage and business interruption stemming from the breakdown and temporary loss of a faulty turbine, a New York appellate court affirmed on Tuesday.
What if, after a storm like Hurricane Harvey or Irma, a small business finds itself liable for hundreds of thousands (or even millions) of dollars of environmental contamination that spilled out during the storm? This is a very real concern for businesses that store and use chemicals, but there are ways to establish protections, says Kevin Daehnke of Daehnke Cruz Law Group LLC.
Business interruption claims are frequently the most difficult and hotly contested of insurance claims, and this is even more so in the aftermath of large-scale natural disasters like Hurricanes Harvey and Irma. One common dispute is whether the measurement of business interruption should take into account the post-loss area-wide economic conditions, say attorneys with Pillsbury Winthrop Shaw Pittman LLP.
Payment collection delays have caused law firms to seek new options, one of which is litigation finance. In this context, litigation finance can offer alternative avenues to firms as they approach the end of a fiscal year or partnership distribution dates, says Travis Lenkner of Burford Capital LLC.
Since the passage of the Affordable Care Act, health care providers in markets around the country have started exploring the payor side of the business by sponsoring health plans. Attorneys with Ropes & Gray LLP examine some of the factors giving rise to this trend and what it might (and might not) mean for health insurance exchanges, smaller providers and the insurance markets generally.
Imagine going to a restaurant and ordering your steak medium-rare. The steak arrives burned. You expect the kitchen to bring you another one properly done, right? And you don’t expect to pay for two steaks, do you? Paying a vendor for document review should be no different, says Lisa Prowse, an attorney and vice president at e-discovery firm BIA Inc.
Though Massachusetts' adoption of the National Association of Insurance Commissioners' model Own Risk Solvency Act earlier this year was a watershed moment for Massachusetts insurers' risk management framework and processes, the act is not as ominous as it might appear, say Richard Glovsky and William Primps of Locke Lord LLP.
The captive insurance industry has had little guidance from courts, the U.S. Treasury Department or the U.S. Internal Revenue Service on what an acceptable arrangement looks like. Many had hoped that the U.S. Tax Court's ruling in Avrahami v. Commissioner would provide such guidance. But the decision last month left too many questions unanswered, says Steven Miller of Alliantgroup LP.
Texas insurers will face many new and challenging questions regarding Hurricane Harvey and art-related claims. Damage to fine art often involves unique claim facts due to the nature of the asset at risk, and there is a dearth of case law interpreting fine art insurance issues in general, says Jamie Baker of Thompson Coe Cousins & Irons LLP.
Financial Crisis Anniversary
The financial crisis was deepened by the unintended consequences of government action, and recovery was stifled by a regulatory response that neither addressed the fundamental causes of the crisis nor helped protect against a future one, says Norm Champ, partner at Kirkland & Ellis LLP and former director of the SEC Division of Investment Management.
Financial Crisis Anniversary
Between 2007 and July 2017, settlements related to the financial crisis totaled $133.2 billion. Ten years after the onset of the crisis, members of NERA Economic Consulting analyze the “settlement ratio” for select mortgage-backed securities settlements and other trends.