Insurance

  • December 1, 2008

    Final OK Sought For $37.5M Scottish Re Award

    The lead plaintiff in a securities class action against a slew of defendants — among them Scottish Re Group Ltd., Ernst & Young LLP and Lehman Brothers Holdings Inc. — has moved for final approval of a $37.5 million settlement, including nearly $6 million in attorneys' fees.

  • November 26, 2008

    LandAmerica Ducks Into Ch. 11 To Sell Assets

    Real estate transaction company LandAmerica Financial Group Inc. and a subsidiary have filed for Chapter 11 to ease the proposed $298 million sale of their units to subsidiaries of rival Fidelity National Financial Inc.

  • November 25, 2008

    Insurance MDL Plaintiff Trims Antitrust Suit

    One of the plaintiffs involved in multidistrict litigation against numerous insurers and brokers has moved to drop several claims from its amended complaint, seeking to let Discover Reinsurance and others off the hook at least in part.

  • November 25, 2008

    Deloitte To Pay Pa. $40M In Reliance Insurance Deal

    Deloitte & Touche LLP has agreed to pay $40 million to Pennsylvania insurance authorities to settle litigation arising from audits the company performed for defunct insurance provider Reliance Insurance Co.

  • November 24, 2008

    DOJ OKs Deep-Pocketed Consortium Of Insurers

    A proposed consortium of commercial insurers that would pool their resources to offer coverage in excess of $250 million has been given the green light by the U.S. Department of Justice.

  • November 24, 2008

    Quigley Urges Court To Overrule Insurance Protests

    Pfizer Inc. is fighting back against insurance-related objections to the reorganization plan proposed by bankrupt subsidiary Quigley Co., urging the court to overlook the protests regarding how the now-defunct unit intends to take care of its asbestos liabilities.

  • November 21, 2008

    Thousands Of Plaintiffs Drop Allstate FLSA Claims

    Nearly 3,250 plaintiffs have voluntarily dropped out of multidistrict litigation accusing Allstate Insurance Co. of violating federal wage-and-hour laws, more than a year after a judge ruled that the company had properly classified three former employees in the suit as exempt from the overtime rules.

  • November 18, 2008

    3rd-Party Funding Fuels European Litigation Growth

    Third-party financing of litigation and an increasing acceptance of class action lawsuits in European courts have opened companies there up to litigation risks similar to those in the United States, a major British insurance firm reports.

  • November 18, 2008

    5th Circ. Rebuffs Insurers In Vioxx Settlement

    An appeals court has affirmed the denial of preliminary injunctions in a lawsuit brought by numerous insurance companies against the administrators of the $4.85 billion Vioxx settlement.

  • November 17, 2008

    2nd Circ. Revives Investors' Suit Against Hartford

    An appellate court has remanded a shareholder class action against insurer Hartford Financial Services Group Inc. over kickbacks it allegedly paid to insurance brokers, vacating an earlier decision by a district court to dismiss.

  • November 17, 2008

    H&R Block Loses Appeal Over Insurance Coverage

    An appeals court has ruled against H&R Block Inc. in a dispute over whether two of the company's insurers were obligated to cover class actions the tax preparation giant faced over its tax refund loan program.

  • November 14, 2008

    FDIC Floats Plan To Save Delinquent Mortgages

    The Federal Deposit Insurance Corp. has put forward a proposal for using federal bailout money to modify mortgages so that borrowers can avoid defaulting on them.

  • November 14, 2008

    2nd Circ. Remands MBIA Class Action Fraud Suit

    Investors will get another chance to bring a class action suit against bond insurer MBIA Inc. over alleged accounting misdeeds that allowed the company to avoid reporting a $170 million loss, a federal appeals court has ruled.

  • November 14, 2008

    Judge Allows Mediation For General Re In AIG Case

    Citing a want for mediation, a judge has stayed the claims against General Reinsurance Corp. and its former CEO and former senior vice president in a securities class action brought with regards to alleged bid-rigging scheme and the dissemination of false and misleading statements at American International Group Inc.

  • November 13, 2008

    WaMu Seeks $7.4M Transfer To Prop Up Subsidiary

    Washington Mutual Inc. is asking a federal bankruptcy judge to allow the bankrupt holding company to immediately transfer $7.4 million to subsidiary WM Mortgage Reinsurance Co. Inc. to shore up a capital deficiency in one of its trusts and preserve close to $400 million in value for creditors.

  • November 13, 2008

    Bear Stearns Settles CMO Suit For $27M

    Bear Stearns Cos. Inc., now part of JPMorgan Chase & Co., has agreed to pay $27 million to settle a lawsuit on behalf of now-defunct National Heritage Life Insurance Co. over fraud related to collateralized mortgage obligations.

  • November 11, 2008

    Ex-Marsh Exec Can't Solicit Clients For 1 Year: Judge

    In a boost to Marsh & McLennan Cos. Inc., a federal judge has slapped an injunction on a former insurance brokerage executive who jumped ship to become a consultant with major competitor Aon Risk Services Inc., prompting Marsh to sue him for breaching nonsolicitation and confidentiality agreements.

  • November 11, 2008

    Katz Inks Licensing Deals With 10 More Cos.

    Aetna Inc., Rite Aid Corp. and eight other companies have settled patent litigation with billionaire inventor Ronald A. Katz by purchasing licenses that cover the refilling of prescriptions and other customer service operations.

  • November 10, 2008

    21st Century Wins Partial Dismissal Of Suit

    A federal judge has partially dismissed a securities class action against 21st Century Holding Company, a publicly traded insurer whose earnings allegedly were knowingly misrepresented by the company's founder and officers in violation of federal securities laws.

  • November 7, 2008

    Court Grants WaMu's Request For Trade Restrictions

    Overriding objections from JPMorgan Chase & Co. and the Federal Deposit Insurance Corp., the judge overseeing Washington Mutual Inc.'s bankruptcy has approved WaMu's request to restrict equity trading of its stock in order to protect what could amount to billions of dollars in tax breaks.