As an avalanche of scandals continues to bury the insurance industry, four former executives of insurance giants General Reinsurance and American International Group have pled not guilty to conspiracy, fraud and an array of other charges arising from their involvement in a scheme that allegedly inflated AIG’s revenues by $500 million.
In a big win for federal prosecutors, insurance giant American International Group has agreed to pay $1.64 billion to settle charges of bid rigging and accounting fraud.
In what may be the first ruling of its kind, a federal court has found that insurance policies by American Family Life Assurance Co. (Aflac) were copyrightable and needed injunctive protection from competitors trying to crack into the market for supplemental insurance.
Federal prosecutors and American International Group are expected to ink a $1.5 billion settlement this week, marking a distinct victory for New York Attorney General Eliot Spitzer and bringing an end to the investigation into an alleged multimillion dollar accounting fraud at the insurance giant.
Patent insurance isn’t right for everyone, and companies should carefully consider their options before they sign the dotted line on patent insurance contracts, experts caution.
Federal prosecutors have handed down indictments against three former executives of General Reinsurance, a subsidiary of Warren Buffett’s Berkshire Hathaway Group, and one former executive of insurance company American International Group for their involvement in a scheme that allegedly inflated AIG’s revenues by $500 million.
Insurance giant American International Group is headed back to court after filing a lawsuit against the former chief of one of its subsidiaries, alleging that the ex-CEO and several other former employees violated their noncompete agreements by starting their own private equity fund.
The battle between insurance giant American International Group and ex-chairman Maurice Greenberg is getting nastier by the day, with AIG accusing one of the former executive’s private firms of sealing secret pacts with Warren Buffett’s Berkshire Hathaway in a bid to hijack AIG’s business.
Maurice R. Greenberg, the former chief of insurance giant American International Group, has scored a small victory in his battle against New York Attorney General Eliot Spitzer, after a judge ruled that Greenberg has the right to see internal documents relating to accounting issues at the insurance company that eventually caused his departure.
The Securities and Exchange Commission’s probe into the lucrative reinsurance industry has expanded to include holding company Scottish Re Group Ltd. The firm said Monday it had been served with a subpoena related to an investigation launched by the regulatory agency earlier this year.
The Securities and Exchange Commission has reached a $25 million settlement with a company it probed for allegedly defrauding thousands of terminally ill patients by manipulating their life insurance policies.
A nationally-recognized tax attorney accused of patenting a tax avoidance scheme through inequitable conduct has been slapped once again with a preemptive lawsuit by a major insurance company.
New York state Attorney General Eliot L. Spitzer will not seek criminal charges against Maurice R. "Hank" Greenberg, the former head of insurance giant American International Group Inc., his office has confirmed.
Insurance company St. Paul Travelers Cos. has settled the numerous shareholder suits filed against the company over a drop in stock price caused by a $1.6 billion increase in claim reserves following the company’s merger last year.
The country’s fourth largest coal company and its insurer have settled a shareholder lawsuit, agreeing to change several company governance rules and pay a $2.5 million settlement to cover plaintiffs’ legal fees.
Unnamed employees at insurance giant American International Group Inc. (AIG) have received notices of an impending investigation from the Securities and Exchange Commission, according to the company’s chief executive officer Martin Sullivan.
A Pennsylvania attorney patented a tax avoidance scheme through inequitable conduct, according to insurance provider Travelers Life and Annuity Co., which filed a preemptive lawsuit the same day the patent was granted.
Bond insurer MBIA is close to reaching a settlement with federal authorities over allegations of improper accounting. The settlement is likely to set a precedent for future deals reached by other insurance firms in an industry that has recently been plagued by scandal.
In another reinsurance scandal exposed after the initiation of an industry wide probe, RenaissanceRe Holdings CEO James Stanard resigned after the Securities and Exchange Commission began an investigation of his company’s finances.
The closely watched trademark infringement litigation between car insurer Geico and search engine Google Inc. has been settled through a cryptic agreement, days after a district court judge’s 30-day stay of the trial expired.