In the latest chapter in the industrywide investigation into bid-rigging in the insurance industry, St. Paul Travelers Companies Inc. has agreed to cough up $77 million to settle with policyholders as well as authorities in New York, Connecticut and Illinois.
A former principal and a former trader at Suncoast Capital Group Ltd. have been found liable for violating securities laws in an alleged kickback scheme between the defendants and an employee of New York Life Insurance Company Inc.
Fairfax Financial Holdings has slapped a slew of hedge funds with a $5 billion dollar lawsuit for allegedly hatching a plot to manipulate the insurer's shares.
Nearly six years after slipping into insolvency, reinsurance underwriter Gordian Runoff (UK) Ltd. is seeking Chapter 15 recognition in a New York bankruptcy court in a bid to stave off claims by U.S. creditors.
A class action securities lawsuit alleging bid-rigging and price-fixing by insurance company Marsh & McLennan will head to court, after a judge ruled that the plaintiffs’ allegations warrant a jury trial.
German insurer Allianz AG has settled a lawsuit brought by shareholders who contested its merger with Italian insurer RAS Holding SpA and the company’s transformation into a European corporation.
A judge has struck down Maryland’s controversial “Wal-Mart law,” which required companies with more than 10,000 employees to spend at least 8% of their payroll on employee health insurance.
Determined to expand its presence in the U.S. health care insurance market, British insurer Beazley Group has tapped seasoned health care attorney Evan Smith from Sedgwick, Detert, Moran & Arnold to help accomplish its mission.
A week after emerging from Chapter 11, aerospace and automotive aluminum producer Kaiser Aluminum Corp. is continuing to tie up loose ends by asking the bankruptcy court to approve three more insurance agreements that will net $34.7 million.
Marking one of the first major insurance settlements in the aftermath of Hurricane Katrina, Tenet Healthcare Corporation announced it has settled its claims over damages and business lost as a result of the storm.
Insurance company Liberty Mutual Insurance Co. has once again found itself in hot water over alleged bid-rigging, this time as the subject of a suit filed by Illinois Attorney General Lisa Madigan.
As the drawn-out Roman Catholic Diocese of Spokane bankruptcy case heads into mediation, the diocese’s leader announced Thursday that agreements had been reached with two more insurance carriers on payments to help settle claims of sexual abuse, boosting the total amount to $19.5 million.
An insurer that allegedly helped embattled mortgage giant Fannie Mae reduce earnings volatility has become the latest target of Fannie’s investors, who have sued the company for its role in the massive fraud at the mortgage lender.
With the options backdating investigation prompting a wave of lawsuits, companies with directors' and officers' liability insurance are breathing a sigh of relief, knowing that their legal costs are covered. But the soaring costs of litigation and the high price of D&O policies have companies and insurers at odds over when and how insurance companies should foot the bill.
In what may be the largest “indirect profits” copyright infringement award in history, a federal jury has awarded a stunning $19 million to The Graham Company in a case involving a long-running infringement of two books written by the commercial insurance broker.
Beleaguered UnitedHealth Group Inc. received a rare piece of good news late last week, when a Florida district court dismissed a class action lawsuit brought by about 700,000 U.S. physicians who had accused the health insurer of unfairly cutting their reimbursements.
Unable to leave the courtroom behind, American International Group Inc. has been hit with a new lawsuit by its largest shareholder for allegedly mishandling a $1.6 billion settlement with federal regulators related to the insurance giant’s purported multi-million dollar accounting fraud.
A hospital group that operates 41 facilities has reached a settlement agreement in a class-action lawsuit that accused it of price-gouging hundreds of thousands of uninsured patients.
In the latest chapter in mutual fund industry’s market-timing problems, New Hampshire authorities accused two units of Dutch insurer ING Group this week of securities violations involving a state retirement plan.
Refusing to take no for an answer, government-backed insurer the Pension Benefit Guaranty Corp. has decided to appeal the bankruptcy court’s approval of Delta Air Lines Inc.’s new pilots’ contracts, maintaining that the agreement violates federal pension law.