Insurance

  • July 28, 2006

    Ex-Suncoast Chief Liable For Kickback Scheme

    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.

  • July 27, 2006

    Fairfax Hits Hedge Funds With $5B Suit

    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.

  • July 24, 2006

    Class Action Against Marsh & McLennan To Proceed

    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.

  • July 24, 2006

    Gordian Bids For Chapter 15 Recognition In U.S.

    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.

  • July 19, 2006

    Allianz Settles Shareholder Suits Over RAS Merger

    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.

  • July 19, 2006

    "Wal-Mart Law" Struck Down In Federal Court

    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.

  • July 18, 2006

    Beazley Scores U.S. Health Care Legal Veteran

    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.

  • July 12, 2006

    Three More Insurers Settle With Kaiser

    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.

  • July 7, 2006

    Tenet Settles One Year After Katrina

    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.

  • July 7, 2006

    Illinois Files Bid-Rigging Suit Against Liberty Mutual

    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.

  • July 7, 2006

    Spokane Diocese Reaches Deals With Insurers

    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.

  • July 6, 2006

    Fannie Mae Insurer Hit With Suit

    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.

  • June 29, 2006

    Options Probe Highlights D&O Insurance Issues

    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.

  • June 28, 2006

    Graham Co. Wins $19M In "Indirect Profits" Victory

    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.

  • June 20, 2006

    HMOs Win Dismissal Of Class Action

    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.

  • June 20, 2006

    AIG Smacked With Suit Over $1.6B Settlement

    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.

  • June 15, 2006

    Hospital Group Settles In Price-Gouging Lawsuit

    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.

  • June 9, 2006

    State Accuses ING Units Of Hiding Information

    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.

  • June 8, 2006

    PBGC Won’t Back Down From Delta Fight

    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.

  • August 4, 2006

    Monopsony Power Breeds Antitrust Concerns

    The health insurance industry is facing myriad issues due to increasingly concentrated markets. One of these issues, monopsony power, has some calling for increased antitrust regulation.