Insurance

  • 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.

  • June 2, 2006

    Ex-Tyco CEO Demands Insurer Foot $17.8M Legal Bill

    Facing a whopping $17.8 million in legal fees, the infamous former chief executive officer of industrial conglomerate Tyco International Ltd. has asked a Manhattan court to compel a Bermuda insurer to turn over documents that might help determine who should pick up the massive tab.

  • May 31, 2006

    Quigley Claimants Win Right To Probe Insurance Pacts

    As a controversial reorganization plan hangs in the balance, a group of asbestos claimants have won bankruptcy court permission to examine the insurance policies held by defunct Quigley Co. Inc. and corporate parent Pfizer Inc., pushing back the unit’s Chapter 11 plan confirmation hearing indefinitely.

  • May 25, 2006

    PBGC Blasts Delta’s Proposed Pilot Contracts

    Strained to the breaking point, the Pension Benefit Guaranty Corp. has accused bankrupt Delta Airlines Inc. of violating federal pension law with its proposed new pilot contracts, an arrangement that could cost the government-backed insurer billions of dollars.

  • May 24, 2006

    Quigley Seeks Approval Of Trust For Asbestos Claims

    Despite opposition from insurance companies, Pfizer Inc.’s defunct unit Quigley Co. Inc. will ask a bankruptcy court to greenlight its reorganization plan that will establish a trust to pay asbestos-related injury claims to help siphon off the claims from Pfizer.

  • May 23, 2006

    Insurers Cut Rates To Settle Bid-Rigging Charges

    Two insurers have agreed to cut rates by 15% and reform several of their practices in order to settle charges of bid-rigging brought by New York State Attorney General Eliot Spitzer and the New York State Insurance Department.

  • May 18, 2006

    Panel To Review Repeal Of Insurer Antitrust Exemption

    In response to a proposed bill that would give insurers the option to waive their exemption from antitrust law, a Senate panel plans to evaluate the McCarran-Ferguson Act, which was passed more than 60 years ago.

  • May 18, 2006

    UnitedHealth Accused Of Conspiracy Over Medicare

    A pharmaceutical supplier has hit healthcare provider UnitedHealth Group Inc. with an antitrust lawsuit, accusing the company of depriving it of potential revenues by conspiring with another health insurance company in negotiations involving the Medicare program.

  • May 15, 2006

    Tower Retrieves $5.5 Million From Kemper Insurance

    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.

  • May 10, 2006

    Hartford Financial Reaches $20M Settlement With NY, CT

    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.

  • May 9, 2006

    Insurance Giants Face Acacia's Barcode Patents

    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.

  • May 8, 2006

    Ohio Attorney General Targets Insurer Chubb Corp.

    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.

  • May 8, 2006

    PBGC Stands To Recover $56.2M In Oneida Bankruptcy

    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.

  • May 2, 2006

    Bawag Gets Shot In The Arm For Refco Settlement

    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.