Insurance

  • August 12, 2008

    $84M SCOR Securities Deal Gets Tentative OK

    A federal judge gave preliminary approval on Monday to settlements totaling more than $84.6 million in a class action against Swiss insurance company SCOR Holding AG that arose after investors claimed the company's predecessor hid financial problems during a 2001 initial public offering.

  • August 11, 2008

    Health Net To Pay Up To $261M To Settle Suits

    After seven years of "extraordinarily contentious" litigation, a federal judge has signed off on a deal that will see Health Net Inc. forking over up to $261 million to settle three lawsuits that challenged the company's treatment of out-of-network claims submitted by insureds with point-of-service plans.

  • August 7, 2008

    Miss. AG Drops State Farm Katrina Case

    The Mississippi attorney general said Wednesday that he has settled his lawsuit against State Farm Insurance Co. because the insurer has fulfilled its promise to re-evaluate the claims of some policyholders who suffered property damage from Hurricane Katrina's storm surge.

  • August 7, 2008

    AG Says Contractor Health Coverage Mandate Legal

    Responding to a challenge from a Republican legislator, New Mexico Attorney General Gary King has said that an order from Gov. Bill Richardson that state contractors offer health insurance to their workers doesn't violate state law.

  • August 7, 2008

    N.J. Title Insurance Antitrust Suits Consolidated

    A federal judge on Tuesday lumped together a slew of antitrust class actions alleging that large title insurance companies who do business in New Jersey, along with a state rating bureau, conspired to fix prices in the Garden State's billion-dollar title insurance market.

  • August 6, 2008

    Prudential Financial Settles SEC Claims With No Fine

    Prudential Financial Inc. has agreed to settle a lawsuit filed by the U.S. Securities and Exchange Commission alleging the financial services firm improperly reported more than $200 million in income related to reinsurance contracts.

  • August 6, 2008

    Calif. Justice Joins Morrison & Foerster

    Recently retired California Appeals Court Justice Miriam Vogel has joined Morrison & Foerster LLP as senior of counsel in its Los Angeles office, where she will work with several practice groups, including employment and labor, insurance and banking.

  • August 1, 2008

    Senate Questions Proposed Pa. Health Merger

    A U.S. Senate subcommittee has revisited the proposed merger between two Pennsylvania-based health insurance companies that would create the third-largest health insurer in the nation.

  • August 1, 2008

    IndyMac Files For Chapter 7

    IndyMac Bancorp Inc. filed for Chapter 7 bankruptcy protection Thursday, weeks after being seized by the Federal Deposit Insurance Corp. after a run on the bank.

  • August 1, 2008

    Judge Denies Class Cert. In Katrina Reinsurance Case

    A federal judge has refused to certify a class of Mississippi state-mandated insurance program members in a suit against Allstate Insurance Co. and other major insurance providers that alleges the companies cost class members $525 million in damages after Hurricane Katrina when they failed to properly reinsure clients.

  • July 30, 2008

    Agents Stripped Of Class Status In Suit Vs. Insurer

    More than eight months after granting class certification to more than 2,400 insurance agents in a lawsuit against Bankers Life & Casualty Co., a federal judge has changed her mind, decertifying the group in an order Monday.

  • July 30, 2008

    Credit Agencies Lowered Bond Ratings: Conn. AG

    Connecticut’s attorney general has filed suit against three credit-rating agencies, saying they gave artificially low credit ratings to bonds issued by the state and its cities and municipalities, in the first court action stemming from an investigation into possible antitrust violations by the agencies and bond insurers.

  • July 29, 2008

    Investors, SCOR Settle Securities Case For $86.M

    U.S. investors have reached an $84.6 million settlement in a class action against Swiss insurance company SCOR Holding AG, resolving their claims that the company's predecessor hid financial woes from investors during an initial public offering.

  • July 24, 2008

    L.A. Sues Wall Street Banks, Bond Insurers

    Add Los Angeles to the growing list of states and municipalities suing major Wall Street investment banks, including Bank of America Inc. and UBS AG, on claims of bid-rigging and price-fixing in the municipal derivatives industry. The city has also filed suit against several bond insurers, claiming that they charged municipalities fraudulently high premiums.

  • July 23, 2008

    Amerigroup Settles Discrimination Suit For $234M

    Insurance company Amerigroup Corp. will pay $234 million including legal fees to settle a suit brought by a whistleblowing former vice president alleging the company systematically discriminated against pregnant women when signing up new clients.

  • July 23, 2008

    SEC, Insurance Co. Settle Options Backdating Suit

    The U.S. Securities and Exchange Commission has settled with HCC Insurance Holdings Inc. and two executives over options backdating that allegedly spared the company more than $26 million in compensation expenses.

  • July 21, 2008

    Court Rules Against Oil Co. In Storm Damage Spat

    A Texas appeals court, reversing a lower court's ruling, has found that the cost of certain repairs to an offshore oil platform that were required after 2002 tropical storms is not covered by the oil exploration company's insurance policy.

  • July 18, 2008

    FDIC Issues New Rules For Future Failed Banks

    In the wake of IndyMac Bank's collapse, the Federal Deposit Insurance Corp. is requiring that the U.S.' largest banks modify their deposit systems so that if they fail, the FDIC will be able to provide depositors with prompt access to funds and quickly calculate deposit insurance coverage.

  • July 17, 2008

    Suit Against Katrina Insurers To Go On

    A judge has denied a motion for summary judgment by five major insurance companies in a proposed class action alleging that the companies cost class members $525 million in damages after Hurricane Katrina when they failed to properly reinsure their clients.

  • July 16, 2008

    Mortgage Lender's Ansel Adams Sale Draws Scrutiny

    Fremont General Corp.'s sale of $4.6 million worth of pieces by photographic artist Ansel Adams has reportedly triggered a second look from California insurance regulators, who contend that the prints never belonged to the now-bankrupt mortgage lender.