Insurance

  • July 19, 2006

    "Wal-Mart Law" Struck Down In Federal Court

    A judge has struck down Maryland’s controversial “Wal-Mart law,” which required companies with more than 10,000 employees to spend at least 8% of their payroll on employee health insurance.

  • July 18, 2006

    Beazley Scores U.S. Health Care Legal Veteran

    Determined to expand its presence in the U.S. health care insurance market, British insurer Beazley Group has tapped seasoned health care attorney Evan Smith from Sedgwick, Detert, Moran & Arnold to help accomplish its mission.

  • July 12, 2006

    Three More Insurers Settle With Kaiser

    A week after emerging from Chapter 11, aerospace and automotive aluminum producer Kaiser Aluminum Corp. is continuing to tie up loose ends by asking the bankruptcy court to approve three more insurance agreements that will net $34.7 million.

  • July 7, 2006

    Tenet Settles One Year After Katrina

    Marking one of the first major insurance settlements in the aftermath of Hurricane Katrina, Tenet Healthcare Corporation announced it has settled its claims over damages and business lost as a result of the storm.

  • July 7, 2006

    Spokane Diocese Reaches Deals With Insurers

    As the drawn-out Roman Catholic Diocese of Spokane bankruptcy case heads into mediation, the diocese’s leader announced Thursday that agreements had been reached with two more insurance carriers on payments to help settle claims of sexual abuse, boosting the total amount to $19.5 million.

  • July 7, 2006

    Illinois Files Bid-Rigging Suit Against Liberty Mutual

    Insurance company Liberty Mutual Insurance Co. has once again found itself in hot water over alleged bid-rigging, this time as the subject of a suit filed by Illinois Attorney General Lisa Madigan.

  • July 6, 2006

    Fannie Mae Insurer Hit With Suit

    An insurer that allegedly helped embattled mortgage giant Fannie Mae reduce earnings volatility has become the latest target of Fannie’s investors, who have sued the company for its role in the massive fraud at the mortgage lender.

  • June 29, 2006

    Options Probe Highlights D&O Insurance Issues

    With the options backdating investigation prompting a wave of lawsuits, companies with directors' and officers' liability insurance are breathing a sigh of relief, knowing that their legal costs are covered. But the soaring costs of litigation and the high price of D&O policies have companies and insurers at odds over when and how insurance companies should foot the bill.

  • June 28, 2006

    Graham Co. Wins $19M In "Indirect Profits" Victory

    In what may be the largest “indirect profits” copyright infringement award in history, a federal jury has awarded a stunning $19 million to The Graham Company in a case involving a long-running infringement of two books written by the commercial insurance broker.

  • June 20, 2006

    HMOs Win Dismissal Of Class Action

    Beleaguered UnitedHealth Group Inc. received a rare piece of good news late last week, when a Florida district court dismissed a class action lawsuit brought by about 700,000 U.S. physicians who had accused the health insurer of unfairly cutting their reimbursements.

  • June 20, 2006

    AIG Smacked With Suit Over $1.6B Settlement

    Unable to leave the courtroom behind, American International Group Inc. has been hit with a new lawsuit by its largest shareholder for allegedly mishandling a $1.6 billion settlement with federal regulators related to the insurance giant’s purported multi-million dollar accounting fraud.

  • June 15, 2006

    Hospital Group Settles In Price-Gouging Lawsuit

    A hospital group that operates 41 facilities has reached a settlement agreement in a class-action lawsuit that accused it of price-gouging hundreds of thousands of uninsured patients.

  • June 9, 2006

    State Accuses ING Units Of Hiding Information

    In the latest chapter in mutual fund industry’s market-timing problems, New Hampshire authorities accused two units of Dutch insurer ING Group this week of securities violations involving a state retirement plan.

  • June 8, 2006

    PBGC Won’t Back Down From Delta Fight

    Refusing to take no for an answer, government-backed insurer the Pension Benefit Guaranty Corp. has decided to appeal the bankruptcy court’s approval of Delta Air Lines Inc.’s new pilots’ contracts, maintaining that the agreement violates federal pension law.

  • August 4, 2006

    Monopsony Power Breeds Antitrust Concerns

    The health insurance industry is facing myriad issues due to increasingly concentrated markets. One of these issues, monopsony power, has some calling for increased antitrust regulation.

  • June 2, 2006

    Ex-Tyco CEO Demands Insurer Foot $17.8M Legal Bill

    Facing a whopping $17.8 million in legal fees, the infamous former chief executive officer of industrial conglomerate Tyco International Ltd. has asked a Manhattan court to compel a Bermuda insurer to turn over documents that might help determine who should pick up the massive tab.

  • May 31, 2006

    Quigley Claimants Win Right To Probe Insurance Pacts

    As a controversial reorganization plan hangs in the balance, a group of asbestos claimants have won bankruptcy court permission to examine the insurance policies held by defunct Quigley Co. Inc. and corporate parent Pfizer Inc., pushing back the unit’s Chapter 11 plan confirmation hearing indefinitely.

  • May 25, 2006

    PBGC Blasts Delta’s Proposed Pilot Contracts

    Strained to the breaking point, the Pension Benefit Guaranty Corp. has accused bankrupt Delta Airlines Inc. of violating federal pension law with its proposed new pilot contracts, an arrangement that could cost the government-backed insurer billions of dollars.

  • May 24, 2006

    Quigley Seeks Approval Of Trust For Asbestos Claims

    Despite opposition from insurance companies, Pfizer Inc.’s defunct unit Quigley Co. Inc. will ask a bankruptcy court to greenlight its reorganization plan that will establish a trust to pay asbestos-related injury claims to help siphon off the claims from Pfizer.

  • May 23, 2006

    Insurers Cut Rates To Settle Bid-Rigging Charges

    Two insurers have agreed to cut rates by 15% and reform several of their practices in order to settle charges of bid-rigging brought by New York State Attorney General Eliot Spitzer and the New York State Insurance Department.