Accused of improperly collecting funds, affiliates of an insurance company have been barred by a bankruptcy judge from drawing on credit owed by bankrupt Tower Automotive Inc.
In the latest development in New York Attorney General Eliot Spitzer’s crackdown on the insurance industry, one of the nation's largest financial services and insurance companies this week reached a $20 million settlement agreement with state authorities in New York and Connecticut over civil fraud charges.
A subsidiary of patent-holding company Acacia Research Corp. filed a lawsuit against several major insurance companies this week, accusing the companies of infringing its patent for multi-dimensional barcode technology.
Investigations into several questionable practices in the insurance industry continue to lead to an ever-widening net of litigation, with Ohio-based Chubb Corp. as the latest insurance provider to become the target of a suit.
A proposed settlement agreement in the reorganization proceedings of flatware manufacturer Oneida Ltd. may result in a $56.2 million unsecured claim for federal pension insurer Pension Benefit Guaranty Corp. if a federal judge approves the deal.
As Bawag PSK Group moves toward a settlement with creditors of Refco Inc., the embattled Austrian bank received a $1.13 billion boost from the Austrian government, major banks and insurers Tuesday to help Bawag cover the cost of the settlement.
Marking the latest development in New York Attorney General Eliot Spitzer’s crusade against corruption in the insurance industry, Ace Ltd. has agreed to settle a bid-rigging investigation by New York, Connecticut and Illinois for $80 million.
The Department of Justice may want to turn a regulatory eye toward the health insurance industry, according to a study released Monday by the American Medical Association.
Because the bulk of expected witnesses in the General Reinsurance and American International Group Inc. scandal reside in the Connecticut area, U.S. District Court Judge Gerald Brice Lee has agreed to move the fraud trial of the three former executives to Connecticut from Virginia.
Over the past three years, heightened corporate governance has become imperative for businesses worldwide, with companies beefing up internal controls not only in response to regulation but also to insure investor confidence, according to a soon-to-be released report by Institutional Shareholder Services.
Gilbert Heintz & Randolph LLP doesn’t deserve to be paid for its work in Congoleum Corp.'s asbestos-related bankruptcy case, but it won’t be put under a microscope either, a federal judge ruled on Wednesday.
Gilbert Heintz & Randolph LLP, a former insurance counsel for Congoleum Corp. is appealing a bankruptcy court order that voided $13 million in attorney fees due to an alleged conflict of interest in the flooring company's asbestos-related Chapter 11 case.
In a coup for the law firm Pillsbury Winthrop Shaw Pittman LLP, the senior vice president and general counsel to American International Group will leave the insurance giant to expand the firm’s regulatory practice for financial services clients.
A diverse group of plaintiffs, including Cingular Wireless, Tyson Foods Inc., and Unicom Corp., has filed a lawsuit against the biggest players in the insurance industry, accusing the companies of illegally conspiring to set prices.
In a much-needed boost to Congoleum Corp., a federal bankruptcy judge has approved the company’s $1.4-million settlement with Harper Insurance Ltd., aiding the floor manufacturer’s efforts to pay off thousands of claims over cancer-causing asbestos.
Already on the chopping block for accounting problems, American International Group Inc. has taken another hit, with the National Association of Securities Dealers this week imposing more than $1.1 million in fines on the insurance giant’s American General Securities Inc. unit for directed brokerage violations.
Beleaguered power producer Calpine Corp. has asked the bankruptcy court to authorize a $35-million payment to CPN Insurance Corp., fearing that its internal insurance company will slip into insolvency without the financial boost.
Facing at least five lawsuits by shareholders who accuse current and former executives of Collins & Aikman of fraud, the struggling parts supplier company received permission Thursday from a federal bankruptcy judge to dip into its company insurance policy to pay for defense costs.
A week after one of its units settled bid-rigging charges for $171.7 million, Zurich Financial Services, Switzerland’s largest insurer, agreed on Monday to pay $153 million to resolve similar allegations by New York, Connecticut and Illinois.
After drawn-out attempts to reduce a stiff jail sentence, a former financier convicted of stealing $200 million from insurance companies is once again facing nearly two decades in a federal prison.