Insurance

  • December 17, 2007

    Senate Passes FHA Reform Bill

    The U.S. Senate passed legislation Friday that would update the Federal Housing Administration’s mortgage insurance program, taking the first step toward helping consumers affected by the subprime mortgage crisis.

  • December 17, 2007

    Judge Slams Scotts, Orders New Witness Deposition

    A judge declined to sanction Miracle-Gro maker Scotts Co. LLC for obstructing a deposition in an insurance dispute with Liberty Mutual Insurance Co. but ordered a new deposition of one of its witnesses and strongly admonished the company for its conduct on Thursday.

  • December 7, 2007

    Court Asked To Grab Katrina Fees From Scruggs

    As the bribery scandal surrounding Richard “Dickie” Scruggs continues to unfold, the plaintiff at the heart of the fee dispute that started it all has asked that the court to seize the $26.5 million in attorneys' fees that Scruggs is expected to recoup from the Hurricane Katrina litigation against major insurers.

  • December 10, 2007

    Geico Faces Class Action Over Auto Payments

    Geico General Insurance Co. and its subsidiaries are facing a class action for allegedly cheating customers out of full reimbursement for automobile repairs by paying reduced prices for replacement parts.

  • December 7, 2007

    Raytheon May Get Lesser Award In CERCLA Suit

    A federal judge on Wednesday found that defense contractor Raytheon Aircraft Co. may be precluded from government reimbursement for the environmental cleanup costs of a Kansas airport if it had already received money from insurers and other government contracts.

  • December 5, 2007

    Indictment Prompts Scruggs To Beat Hasty Retreat

    In a surprising twist, the Scruggs Law Firm has decided to withdraw from the long-standing Hurricane Katrina litigation against major insurers, a week after famed plaintiffs' attorney Richard “Dickie” Scruggs and others were indicted for allegedly bribing a Mississippi state judge.

  • December 5, 2007

    Report Warns Of Legal Fallout From Climate Change

    A new study has sounded the alarm over the legal chain reaction that climate change may create for businesses and has warned companies to prepare themselves for potential shareholder litigation and increased insurance premiums related to environmental changes.

  • December 6, 2007

    Prosecutors Charge Park Capital Executives

    Three former executives of defunct brokerage firm Park Capital Securities LLC were indicted, arrested and arraigned Wednesday on charges of “pumping and dumping” the stock of insurance claim recovery company Cordia Corp. in violation of federal securities law.

  • December 4, 2007

    Class Certified In Kickback Suit Against Wells Fargo

    A judge has partially certified a class in a lawsuit filed against Wells Fargo & Co. by a group of homeowners alleging the bank had a kickback arrangement with several private mortgage insurers, granting the plaintiffs' motion for class status but imposing several restrictions on the class period.

  • December 3, 2007

    Coast Guard Wrong To Deny Oil Spill Claims: Judge

    The U.S. Coast Guard National Pollution Funds Center was wrong to reject a pollution liability insurance provider's claims over an oil spill in Puerto Rico, a district court judge has ruled, rebuffing the federal government's attempt to chuck the case.

  • December 3, 2007

    Prosecutors May Call On Buffett In General Re Trial

    Billionaire and Berkshire Hathaway Inc. leader Warren Buffett has been included on a witness list for the upcoming criminal trial of four former executives of his company's reinsurance unit, General Reinsurance.

  • November 30, 2007

    Renewed Controversy For An Already Divided FCC

    Days after Federal Communications Commission Chairman Kevin Martin endured a public battle with his fellow commissioners, many are speculating that the lingering tension at the FCC could become a insurmountable roadblock to its progress.

  • December 3, 2007

    Court Limits Evidence In ERISA Suit

    An appeals court ruled on Friday that a district court erred in deciding to force the Life Insurance Company of North America to pay a former Sprint employee long-term disability benefits by allowing evidence from outside the benefit plan's administrative record.

  • November 16, 2007

    Union Labor Life Pays $20M To Settle ERISA Claims

    The Union Labor Life Insurance Co. has agreed to pay $20 million to settle allegations that the company violated ERISA, putting to rest a five-year U.S. Department of Labor investigation.

  • November 14, 2007

    New Century Can't Release Insurer: Employees

    Plaintiffs in a two-year-old employment lawsuit against bankrupt subprime lender New Century Financial Corp. objected on Tuesday to New Century's motion to release its captive insurance company from its obligations, saying that this would hurt the plaintiffs' chances of a fair award in the case.

  • November 15, 2007

    Subprime Cases May Cost D&O Insurers $3B: Broker

    The effects of the growing subprime mortgage crisis have already touched borrowers, lenders and underwriters, and insurers are likely to be next on the list. Providers of directors and officers liability insurance may have to pay out as much as $3 billion to cover claims from executives, according to the estimates of one insurance broker.

  • November 13, 2007

    Plaintiffs Survive Dismissal Bid In GM Explosion Case

    A federal judge has denied State Farm Fire & Casualty Co.’s bid to toss a breach of contract claim by a couple whose General Motors Corp.-manufactured car spontaneously burst into flames, but has allowed the damages to be limited to the value of car components erroneously disposed of by the insurer's investigators.

  • November 12, 2007

    "Pay Or Play" Laws Will Lead To Layoffs: Study

    One in 10 low-wage workers could lose their jobs as a result of proposed “pay or play” laws which require employers to provide health insurance to their workers or pay a fine, according to a new study by Cornell University economists.

  • November 13, 2007

    Judge Dismisses Breach Of Contract Suit Vs. MetLife

    A federal judge has thrown out a proposed class action lawsuit in which a group of life insurance policy holders accused Metropolitan Life Insurance Co. of giving them lower dividends than those to which they were entitled.

  • November 13, 2007

    Judge Gives Green Light To AHM's Fraud Suit

    A federal judge has refused to dismiss a fraud case brought by bankrupt lender American Home Mortgage Co. against property title insurance underwriter First American Title Insurance Co. arising from its alleged participation in the New Jersey Affordable Homes fraud scheme.