Insurance

  • May 14, 2009

    Former AIG Exec Fights To Escape Securities Action

    Claiming that shareholders can pin nothing on him, a former American International Group Inc. senior director has asked a court to throw out claims against him in a consolidated securities class action alleging book-cooking by the insurer and its executives.

  • May 13, 2009

    State Lawmakers Oppose 'Uber' Financial Regulator

    As U.S. lawmakers grapple with how to manage systemic risk in the financial markets, a group of state insurance legislators has called on congressional leaders not to forget the role of the states in any new regulatory scheme.

  • May 13, 2009

    Insurer Denies Liability In Organ Donor Fraud Suit

    Evanston Insurance Co. has sued a Texas nonprofit organ and tissue donation company in an attempt to avoid paying legal defense costs for the nonprofit, which faces claims of handing over donated organs to for-profit companies to sell.

  • May 13, 2009

    Suit V. Farmers Over Alleged Insurance Bias Revived

    Citing two critical errors by the lower court, a federal appeals court has breathed new life into a putative class action alleging that Farmers Group Inc. charges minorities higher premiums for homeowners insurance than it charges their white counterparts.

  • May 14, 2009

    Insurer On Hook For SC Hotel's Legionella Defense

    A federal judge has ruled that Union Insurance Co. is obligated to defend Starwood Hotels & Resorts Worldwide Inc. and other entities affiliated with a South Carolina Sheraton in seven lawsuits filed by guests who claim to have suffered injuries from exposure to bacteria in the hotel’s water system.

  • May 14, 2009

    AIG Unit Says $10M Policy Obtained Through Fraud

    American International Group Inc. unit American General Life Insurance Co. has sued a New Jersey trustee and other defendants for what it says is a pattern of misconduct involving life insurance policies, in this case accusing the defendants of materially misrepresenting the wealth of a woman who applied for a $10 million life insurance policy.

  • May 13, 2009

    $6.5M AXA Overtime Deal Gets Preliminary Approval

    The lead plaintiffs in a consolidated wage-and-hour collective and class action against AXA Equitable Life Insurance Co. have overcome the final obstacle in their path to a $6.5 million settlement and won preliminary approval of the deal after revising the proposed class notice.

  • May 13, 2009

    Banks Sue Over MBIA's 'Fraudulent' Corporate Split

    A group of 18 financial institutions from around the world, including Bank of America NA, Citibank NA and JPMorgan Chase Bank NA, has alleged that MBIA Inc. defrauded policyholders when the bond insurer split its public finance and structured finance insurance businesses earlier this year.

  • May 12, 2009

    ERISA Preemption Denied In Calif. ER Coverage Suit

    A California appeals court has ruled that the Employee Retirement Income Security Act does not preempt a state law requiring insurers to pay for emergency care provided to covered patients, reviving a suit against Blue Cross of California brought by an out-of-network hospital seeking compensation.

  • May 12, 2009

    Insurer Seeks To Lift DHP Ch. 11 Stay For Heater Suit

    Travelers Indemnity Co. of America has asked a bankruptcy court to lift the automatic stay in DHP Holdings II Corp.'s Chapter 11 case in order to pursue litigation on behalf of a Chicago warehouse that suffered a fire allegedly caused by DHP units' faulty heaters.

  • May 12, 2009

    Mich. High Court To Hear Credit-Based Rate Case

    The Michigan Supreme Court has agreed to hear a case over whether insurance companies can use credit scores as a factor in determining premiums.

  • May 12, 2009

    Calif. High Court Denies Fees In Workers' Comp Suits

    Reversing a state appeals court's opinion, the California Supreme Court has ruled that injured workers who initiate proceedings against insurers for wrongly denied medical treatments are not entitled to an award of attorneys’ fees under the state labor code.

  • May 12, 2009

    Seagate Takes Issue With National Union's Experts

    Seagate Technology LLC on Tuesday asked the court overseeing its suit accusing National Union Fire Insurance Co. of Pittsburgh, Pa., of wrongfully withholding millions of dollars in defense costs related to a patent suit to exclude parts of expert reports and proposed testimony from an intellectual property lawyer and from an insurance-industry expert.

  • May 12, 2009

    New Complaint Filed In AIG Workers' Comp Suit

    South Carolina businesses pursuing a putative class action against American International Group Inc. alleging the insurer fraudulently calculated workers' compensation premiums have filed a third amended complaint, after a judge ordered them to remove "immaterial, impertinent or scandalous matter."

  • May 11, 2009

    Zurich Not Liable For Art Dealer’s Loss: 2nd Circ.

    The U.S. Court of Appeals for the Second Circuit has affirmed that Zurich American Insurance Co. is not required to reimburse an art dealer for the cost of a Fernando Botero painting sold to a buyer who disappeared without making the full payment.

  • May 11, 2009

    Acadia Told To Help Travelers Pay Builder’s Defense

    A federal judge has ruled that Acadia Insurance Co. must contribute to litigation costs paid by Travelers Indemnity Co. to defend a construction company that was sued over an allegedly defective roof at a water filtration plant.

  • May 11, 2009

    Suspicion Surrounds Ark. Lawyer Over Missing $9M

    A well-known plaintiffs lawyer in Arkansas has reportedly come under suspicion from federal authorities after failing to cough up $9 million in settlement money in a securities class action against insurer Bisys Group Inc., which was supposed to be distributed to plaintiffs starting in April.

  • May 11, 2009

    Firestone Indemnity Suit Screeches To A Halt

    A federal judge has dismissed Bridgestone Firestone North American Tire LLC's attempt to recover from Liberty Mutual Insurance Co. and others defense and settlement costs from underlying litigation brought by Firestone employees claiming that unreasonable factory noise caused hearing loss.

  • May 11, 2009

    Insurer In Katrina Spat Off Hook For Distress Claims

    A federal judge has ruled that Axis Surplus Insurance Co. cannot be held liable for the emotional distress of a New Orleans condominium board claiming its complex sustained over $5 million in damages as a result of Hurricane Katrina.

  • May 11, 2009

    Mutual Benefits Execs, Others Told To Pay $464M

    A judge has issued default judgments compelling several defendants to pony up more than $464 million in a protracted securities class action over allegedly fraudulent viatical life insurance contracts by Mutual Benefits Corp.