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.
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.
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.
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.
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.
In response to a proposed bill that would give insurers the option to waive their exemption from antitrust law, a Senate panel plans to evaluate the McCarran-Ferguson Act, which was passed more than 60 years ago.
A pharmaceutical supplier has hit healthcare provider UnitedHealth Group Inc. with an antitrust lawsuit, accusing the company of depriving it of potential revenues by conspiring with another health insurance company in negotiations involving the Medicare program.
Accused of improperly collecting funds, affiliates of an insurance company have been barred by a bankruptcy judge from drawing on credit owed by bankrupt Tower Automotive Inc.
In the latest development in New York Attorney General Eliot Spitzer’s crackdown on the insurance industry, one of the nation's largest financial services and insurance companies this week reached a $20 million settlement agreement with state authorities in New York and Connecticut over civil fraud charges.
A subsidiary of patent-holding company Acacia Research Corp. filed a lawsuit against several major insurance companies this week, accusing the companies of infringing its patent for multi-dimensional barcode technology.
Investigations into several questionable practices in the insurance industry continue to lead to an ever-widening net of litigation, with Ohio-based Chubb Corp. as the latest insurance provider to become the target of a suit.
A proposed settlement agreement in the reorganization proceedings of flatware manufacturer Oneida Ltd. may result in a $56.2 million unsecured claim for federal pension insurer Pension Benefit Guaranty Corp. if a federal judge approves the deal.
As Bawag PSK Group moves toward a settlement with creditors of Refco Inc., the embattled Austrian bank received a $1.13 billion boost from the Austrian government, major banks and insurers Tuesday to help Bawag cover the cost of the settlement.
Marking the latest development in New York Attorney General Eliot Spitzer’s crusade against corruption in the insurance industry, Ace Ltd. has agreed to settle a bid-rigging investigation by New York, Connecticut and Illinois for $80 million.
The Department of Justice may want to turn a regulatory eye toward the health insurance industry, according to a study released Monday by the American Medical Association.
Because the bulk of expected witnesses in the General Reinsurance and American International Group Inc. scandal reside in the Connecticut area, U.S. District Court Judge Gerald Brice Lee has agreed to move the fraud trial of the three former executives to Connecticut from Virginia.
Over the past three years, heightened corporate governance has become imperative for businesses worldwide, with companies beefing up internal controls not only in response to regulation but also to insure investor confidence, according to a soon-to-be released report by Institutional Shareholder Services.
Gilbert Heintz & Randolph LLP doesn’t deserve to be paid for its work in Congoleum Corp.'s asbestos-related bankruptcy case, but it won’t be put under a microscope either, a federal judge ruled on Wednesday.
In a coup for the law firm Pillsbury Winthrop Shaw Pittman LLP, the senior vice president and general counsel to American International Group will leave the insurance giant to expand the firm’s regulatory practice for financial services clients.
Gilbert Heintz & Randolph LLP, a former insurance counsel for Congoleum Corp. is appealing a bankruptcy court order that voided $13 million in attorney fees due to an alleged conflict of interest in the flooring company's asbestos-related Chapter 11 case.