On Friday, just days prior to receiving additional funds from the Troubled Assets Relief Program, American International Group Inc. sued the Internal Revenue Service, seeking to recover more than $306 million in taxes, penalties and interest payments incurred in 1997.
A judge has dismissed a class action brought by former and current employees of units of Cincinnati Bell Inc. who allege they should have been handed more than $20 million when an insurance company demutualized.
Former American International Group Inc. CEO Maurice “Hank” Greenberg on Monday filed suit against his former company, accusing the beleaguered insurance giant of securities fraud.
A coalition of 16 moderate “pro-growth” Democrats in the U.S. House of Representatives has released a plan for regulatory reform of the nation's financial services system, including oversight of the insurance industry, that has won the approval of at least one insurance trade group.
A federal judge has ruled that a class action against Allianz Life Insurance Co. of North America alleging that the company misrepresented its annuities to customers can go to trial, denying Allianz's motion to decertify the class and part of its motion for summary judgment.
The insurance industry now ranks investment performance, equities and capital availability as its top concerns for the coming years, according to a new survey – a stark reversal from 2007, when industry insiders listed over-regulation, natural disasters and climate change as the most worrisome risks.
A federal appellate court has affirmed the dismissal of a securities class action alleging that XL Capital Ltd. issued false and misleading statements about its failure to adequately reserve for losses in its reinsurance unit.
In a dispute over a steel worker's multimillion-dollar negligence award, National Union Fire Insurance Co. of Pittsburgh has asked a judge to rule that it is exempt from a bad faith claim filed by United States Fidelity and Guaranty Co., which claimed the other insurer squandered a chance to settle the negligence suit for a lower amount.
Refrigerator recycling company Jaco Environmental Inc. has asked a judge to grant partial summary judgment for breach of contract claims in a case it brought against American International Specialty Lines Insurance Co. to try to recoup defense costs in a rival's patent infringement suit.
A Pennsylvania lemon law firm has sued its insurer, Arch Insurance Co., alleging that Arch breached its duty to defend the firm against numerous bar investigations and disciplinary actions related to the conduct of a former attorney at the firm.
The Delaware Court of Chancery has thrown out all but one of the claims in a derivative suit accusing Citigroup Inc.'s board of directors of breaching its fiduciary duty by mismanaging the risks of the subprime lending market. The ruling is the first in Delaware to examine director and officer liability in a subprime case.
Lehman Brothers Holdings Inc. has asked a federal bankruptcy court to modify a stay in its Chapter 11 case so that its third-party insurers can cover defense costs for the investment bank’s current and former directors and officers who have been targeted in a string of lawsuits and investigations.
State Farm Fire and Casualty Co. has been hit with a putative class action by policyholders who claim the insurer overcharged them for homeowners insurance by failing to take into consideration changes to their fire protection classes.
As a pool of workers compensation insurers seeks to increase a $317 million settlement from American International Group Inc., a federal judge has allowed AIG to pursue its claims that other insurers also misrepresented their share of the higher-risk portion of the market but has dismissed the company's racketeering claims.
A federal court has rejected a bid by New York Life Insurance and Annuity Corp. to dismiss a proposed class action alleging the insurance giant misrepresented the terms of its life insurance policies.
National Fire Insurance Co. of Hartford and Valley Forge Insurance Co. have asked a federal court to rule that an American International Group Inc. unit that issued an umbrella policy to a condo developer can't shift the burden of defending the company in a negligence suit to them, because their policies only cover claims related to subcontractors.
Insurance company Chubb Corp. has reached a $240,000 settlement with Massachusetts Attorney General Martha Coakley over allegations that it improperly compensated William Gallagher Associates Insurance Brokers Inc. for steering business to Chubb.
A Mississippi state wind insurance pool has asked a federal judge to dismiss all claims against it in a suit filed by Biloxi minor league hockey team the Mississippi Sea Wolves alleging that insurers have acted in bad faith in denying coverage for equipment and other property damaged in Hurricane Katrina.
As part of an omnibus spending bill released Monday, Democrats in the U.S. House of Representatives proposed a six-month extension to the National Flood Insurance Program, but without making any changes to the program.
Australian insurer Vero Insurance Ltd. has won a bid to dismiss a declaratory judgment suit filed by U.K.-based Standard Bank PLC to compel coverage, upholding a clause in the bank's professional indemnity policy that requires disputes to be tried under Australian law.