Insurance

  • 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.

  • May 18, 2006

    Panel To Review Repeal Of Insurer Antitrust Exemption

    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.

  • May 18, 2006

    UnitedHealth Accused Of Conspiracy Over Medicare

    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.

  • May 15, 2006

    Tower Retrieves $5.5 Million From Kemper Insurance

    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.

  • May 10, 2006

    Hartford Financial Reaches $20M Settlement With NY, CT

    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.

  • May 9, 2006

    Insurance Giants Face Acacia's Barcode Patents

    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.

  • May 8, 2006

    Ohio Attorney General Targets Insurer Chubb Corp.

    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.

  • May 8, 2006

    PBGC Stands To Recover $56.2M In Oneida Bankruptcy

    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.

  • May 2, 2006

    Bawag Gets Shot In The Arm For Refco Settlement

    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.

  • April 26, 2006

    Ace Shells Out $80M To End Bid-Rigging Probe

    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.

  • April 17, 2006

    AMA Cites Antitrust Worries In Health Care Industry

    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.

  • April 17, 2006

    AIG, General RE Trial Moves To Connecticut

    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.

  • April 17, 2006

    Report Shows Corporate Governance A Must

    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.

  • April 12, 2006

    Congoleum Insurers' Examiner Request Denied

    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.

  • April 11, 2006

    Pillsbury Winthrop Nabs AIG Attorney

    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.

  • April 11, 2006

    Congoleum Attorneys Appeal Disgorged Fees

    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.