Insurance

  • November 13, 2009

    US Bank Sued Over $30M Loss On Securities Loans

    Woodmen of the World Life Insurance Society, a nonprofit group that serves 740,000 members and beneficiaries, has accused U.S. Bank NA of losing $30 million by mishandling proceeds from the charitable group's securities loans and breaking the lending contract.

  • November 12, 2009

    Lifeline Appeals Dismissal Of Suit Against Insurers

    Lifeline Health Group Inc. is challenging the dismissal of its case accusing AIG Domestic Claims Inc. and National Union Fire Insurance Co. of Pittsburgh, Pa. of failing to provide coverage for losses stemming from a series of suits over employment issues and the company’s health plan.

  • November 12, 2009

    Firm, Ex-Member Lose Malpractice Coverage Appeal

    A Colorado law firm has lost an attempt to undo an order that denied it insurance coverage for a malpractice claim faced by one of its former attorneys.

  • November 12, 2009

    No Sanctions For Scruggs Katrina Group In Bribe Plot

    Jailed attorney Dickie Scruggs' participation in a plot to bribe a judge in a dispute over $26.5 million in attorneys' fees for a State Farm Insurance Co. settlement doesn't mean other lawyers in the Scruggs Katrina Group — a joint venture set up to litigate Hurricane Katrina claims — should be sanctioned, the Mississippi Supreme Court said on Thursday.

  • November 12, 2009

    Scottrade Seeks $13.8M For Hack Attack Losses

    Online securities brokerage Scottrade Inc. has asked a federal court to compel a Travelers Cos. Inc. subsidiary to pony up coverage for $13.8 million in losses incurred as a result of an elaborate “hack-pump-and-dump” scheme that compromised Scottrade's computer networks.

  • November 12, 2009

    Spain Hits 6 Insurers With €120M Price-Fixing Fine

    Spain's National Competition Commission has hit six European insurance companies with a €120 million ($180 million) fine for allegedly operating a cartel to fix construction insurance prices during the Spanish housing boom from 2002 to 2007.

  • November 12, 2009

    Port Authority, Zurich American Settle 9/11 Claims

    Zurich American Insurance Co. has settled claims with the Port Authority of New York and New Jersey relating to the Sept. 11, 2001, attacks on the World Trade Center.

  • November 12, 2009

    Hartford Off The Hook For $1.4M Microsoft Judgment

    Hartford Casualty Insurance Co. is not liable to cover a $1.4 million judgment against a software importer that incurred the wrath of Microsoft Corp. for allegedly infringing its copyright with counterfeit goods, a federal judge has ruled.

  • November 11, 2009

    Travelers Settles Class Action Over Pricing Policies

    Travelers Property Casualty Insurance Co. and eight other insurers have settled a putative class action with homeowners who decried what they described as unfair pricing policies, in a deal that could also grant the plaintiffs attorneys' fees and expenses of up to $6.6 million.

  • November 11, 2009

    3rd Ave's MBIA Fraud Suit Belongs In NY: Del. Court

    A Delaware state court has tossed Third Avenue Management LLC's allegations that two subsidiaries of bond insurer MBIA Inc. defrauded debt holders in a corporate restructuring that split MBIA's public finance insurance business from its structured finance insurance business, ruling that the case should be decided in New York.

  • November 11, 2009

    W3i Keeps Up Fight For Coverage Of Billing Actions

    W3i Mobile LLC filed a notice of appeal Wednesday in its fight for defense coverage from business insurer Westchester Fire Insurance Co. for two putative class actions alleging the cell phone content provider billed customers for unauthorized charges.

  • November 11, 2009

    Insurers Aren't Off Hook On Policy Exclusion: 5th Circ.

    A federal appeals court has reversed and remanded a lower court ruling that freed two insurers from covering Bayou Steel Corp. against claims brought by a stevedore who was injured while unloading a cargo of freight.

  • November 11, 2009

    St. Jude Parries Insurer's Bid To Sidestep Coverage

    St. Jude Medical Inc. is seeking partial summary judgment for indemnity coverage from American Insurance Co., which sued the medical product maker to avoid liability for defense and indemnity coverage of litigation over St. Jude's allegedly defective Silzone prosthetic heart valves.

  • November 11, 2009

    Payless Loses Coverage Bid Over Class Action Deal

    Despite some admittedly ambiguous grammar in an indemnity policy issued by The Travelers Cos. Inc., a federal appeals court has ruled that the insurer is not obligated to cover Payless Shoesource Inc.'s claims arising from a settled state class action over unpaid off-the-clock wages.

  • November 11, 2009

    Insurers Seek To Duck Defense Of Youth Prison

    Two insurers of the private youth prison in Pennsylvania that allegedly bribed judges to ensure a steady stream of offenders have brought a declaratory judgment suit against the facility, seeking to avoid defense and indemnification costs in four underlying suits filed by families of the purported scheme's victims.

  • November 11, 2009

    Contract Claim Win Voided In First American Action

    A federal judge has vacated an earlier ruling awarding a group of First American Title Insurance Co. policyholders summary judgment of liability on a breach of contract claim in a class action alleging the insurance company overcharged customers for residential title insurance policies.

  • November 11, 2009

    Insurer Off Hook In BofA Cleanup Suit

    Wausau Underwriters Insurance Co. has won summary judgment in a suit brought by Bank of America NA that called for the insurer to reimburse it for the costs of settling environmental contamination litigation with Safeway Inc.

  • November 11, 2009

    CB Fleet Settles With Axis On Bowel Cleanser Suits

    Health products maker C.B. Fleet Inc. and Axis Surplus Insurance Co. have gotten a judge's approval to settle a coverage fight over a $10 million excess policy as C.B. Fleet settles hundreds of underlying suits claiming its recalled Phospho-Soda bowel cleanser caused kidney problems.

  • November 10, 2009

    Plaintiffs Left 'Bare' By Life Insurer Request Class Cert.

    The plaintiff in a lawsuit accusing North American Company for Life and Health Insurance of providing customers with ambiguous and misleading notices and statements that tend to lead to lapses in life insurance policies asked a federal judge to certify the case as a class action.

  • November 10, 2009

    Arbitration Treaty Trumps La. Insurance Law: 5th Circ.

    The federal McCarran-Ferguson Act does not authorize a Louisiana state law prohibiting arbitration of insurance contract disputes to reverse-preempt the so-called New York Convention, the U.S. Court of Appeals for the Fifth Circuit has ruled.