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.
The financier who engineered bankrupt Refco Inc.'s initial public offering in 2005 has accused Refco's creditors of unfairly trying to block him from using the commodity brokerage giant’s insurance policies to pay his legal costs.
The Zurich American Insurance Company agreed to shell out $171.7 million as part of a settlement deal with Texas and a host of other states, putting an end to charges that it engaged in commercial insurance bid-rigging and price-fixing.
Following in the footsteps of shareholders, the bondholders and insurers of Owens Corning have taken aim at the company’s proposed Chapter 11 reorganization plan.
Ready to resolve two class action lawsuits that sprang from its accounting scandal, telecommunications supplier Nortel Networks Corp. announced Friday that its insurers will pay $228.5 million toward the settlements, raising the overall settlement total up to $2.7 billion.
As the U.S. Department of Labor begins its investigation into Northwest Airlines’ pension plans, the controversy surrounding the bankrupt carrier’s alleged “systematic shortchanging” highlights a deeper problem: how to insure pension plans remain adequately funded in the face of financial difficulties.
Marsh & McLennan Cos., the globe’s biggest insurance brokerage, has reached a deal with California investigators concerning the company’s controversial commission practices and alleged fraudulent activity.
New York State Attorney General Eliot Spitzer is apparently close to wrapping up discussions with U.S. and foreign insurers and brokers who have come under scrutiny during a two-year fraud and bid-rigging investigation.
Congoleum Corp., the struggling flooring manufacturer, is hoping a bankruptcy court will sanction a huge insurance settlement designed to aid the company’s efforts to pay off the thousands of asbestos-related injury claims that drove the company to seek Chapter 11 protection.
The creditors committee of scandal-ridden Refco Inc. has asked a judge to reject a bid by former chief executive Phillip Bennett to pay for his own defense costs out of the pocket of the commodity broker's insurance company.
A state judge on Monday delayed for one week his ruling on whether to disregard government objections and release an internal report of accounting fraud at insurer American International Group Inc.
A class action suit filed against insurance broker Marsh & McLennan Co. has been tossed by a federal judge, who dismissed allegations that Marsh subsidiary Putnam Investments had engaged in improper market timing that inflated Marsh’s share price.
Congoleum Corp. intends to file a new reorganization plan on March 17 that will request a New Jersey state court to stop litigation against its insurance companies so that a vote can be made on the plan.