Verizon Communications Inc. on Friday asked a Texas federal judge to dismiss again claims from a class of retirees who allege their savings were put at risk when the company transferred $7.4 billion in pension obligations to Prudential Insurance Co. of America.
Restaurants that tack a charge onto customer bills to cover Affordable Care Act costs may attract the media spotlight, but attorneys say businesses that participate in the growing trend are also inviting scrutiny from state consumer protection authorities already primed to crack down on bill-padding surcharges.
The owner of China’s Juneyao Airlines is in talks with Boeing and Airbus to clinch 20 planes in a deal could be worth nearly $2 billion, while the likes of Blackstone and Bain Capital are eyeing up Northwestern Mutual Life Insurance Co.’s $3 billion indexing and management firm.
Thousands of comments poured in by Friday’s deadline for public input on proposals to eliminate Medicare Part D protections that guarantee access to certain drugs, and federal regulators appeared to be on the ropes amid an onslaught of opposition.
A Georgia federal judge on Wednesday held for the second time that a 1989 federal law blocked him from deciding whether OneBeacon Midwest Insurance Co. owed coverage for the Federal Deposit Insurance Corp.'s claims that former directors and officers of a failed bank caused $15 million in losses.
A Florida appeals court recently ruled in Betzoldt v. Auto Club Group Insurance Company that Canadian insurers, despite only insuring Canadians, may still be sued for bad faith in Florida. Florida’s bad faith law is significantly more pro-policyholder than its Canadian equivalent, so insurers should be mindful of how the decision could expose them to bad faith jurisprudence, say attorneys at Wilson Elser Moskowitz Edelman & Dicker LLP.
The D.C. Circuit on Friday rejected the latest legal argument against the constitutionality of the Affordable Care Act’s individual mandate, saying Fifth Amendment protections against seizing private property aren’t violated just because some consumers pay insurance premiums that effectively subsidize other policyholders.
The Arizona House of Representatives on Thursday approved Republican legislation that would reduce the state tax that insurers pay on premiums they receive for life, vehicle, and property and casualty policies over the next three years.
A New York federal court on Friday approved a settlement in which JPMorgan Chase & Co. will pay $614 million to settle a False Claims Act suit alleging it defrauded the U.S. government into insuring flawed home loans as far back as 2002, with $64 million going to a whistleblower.
A Colorado federal judge on Thursday rejected arguments by Travelers Insurance Co. and several other insurers that a construction company’s suit for coverage of a $11.5 million property damage settlement should be governed by Utah law, finding that Colorado had a stronger interest in the case.
Several people have told me that they had a lot of trepidation when they found out they would be working for a woman. You need to be able to eliminate or address the conscious or unconscious bias colleagues may have about having a female boss, says Nancy Mitchell, chairwoman of Greenberg Traurig LLP's New York business reorganization and financial restructuring practice.
A male in-house counsel once told me I had not been "nice" to him when I approached him about a business opportunity and would therefore not get the business. To add insult to injury, one of my male partners told me I should be flattered by the interest paid to me by the in-house counsel, says Paulette Brown, chief diversity officer at Edwards Wildman Palmer LLP.
A shareholder suing health care giant Aetna Inc. for allegedly sending out false and misleading proxy statements in past years urged a New York federal judge Friday morning to delay the company’s upcoming annual shareholder meeting.
Cloud users must know how to use the cloud responsibly to prevent later difficulties with document production. When negotiating a cloud service agreement, users should look for certain services that will prove useful when responding to discovery requests, such as comprehensive search options, instant suspension of the auto-delete function, and preservation of metadata and embedded data, say attorneys with Sidley Austin LLP.
A committee of New Jersey federal judges convened Thursday to accept feedback from attorneys representing insurers and insured to discuss the best method of managing more than 600 flood cases filed by victims of Superstorm Sandy, with attorneys split on the best way of hastening the process.
A New York Supreme Court judge granted Aon Corp. a temporary restraining order Wednesday in Aon's lawsuit against fellow broker Alliant Insurance Services that alleges the rival resumed an employee raid despite a settlement, snagging 75 employees in four days last month.
Health insurers face fresh uncertainty about the profitability of policies sold in Affordable Care Act marketplaces after the Obama administration this week allowed renewals of noncompliant coverage for two extra years, but newly rejiggered financial backstops should guard against heavy losses, experts say.
In the largest pension swap to date, U.K. insurer Aviva PLC said Thursday that it had agreed to a record-setting longevity swap worth £5 billion (US$8.4 billion) for its defined-benefit staff pension scheme, transferring the risk of about 19,000 members to three reinsurers.
A Berkshire Hathaway Inc. subsidiary slapped Transatlantic Reinsurance Co. with an amended complaint in Nebraska federal court Thursday, resisting TransRe's efforts to pull it into a yearlong arbitration with Continental Insurance Co. based on its reinsurance agreement covering Continental's legacy asbestos and environmental liabilities.
American International Group Inc. on Thursday told a New York judge that it has no duty to defend Horace Mann School against sex abuse claims brought by former students following the publication of a New York Times article detailing years of misconduct, since the school refused to cooperate with the insurer.
A New York judge on Monday refused to allow Smith Mazure Director Wilkins Young & Yagerman PC to reargue its bid to dismiss a legal malpractice case brought against the firm by an insurer, finding that she had properly weighed the firm’s arguments the first time around.
As more and more Superstorm Sandy-related cases are filed, parties should look to a five-year-old New York Appeals Court case, Bi-Economy Mkt Inc. v. Harleysville Ins Co of New York — which permits insureds to recover consequential damages arising from an insurer’s bad faith breach of the policy if those damages were reasonably foreseeable and even if those damages exceed policy limits — for guidance, says Michael Richter of Joseph Hage Aaronson LLC.
A group of more than 500,000 restaurants on Thursday slammed the U.S. Department of the Treasury’s recently finalized reporting requirements related to the Affordable Care Act’s employer mandate, saying they are overly burdensome.
Three men who operate a New York City car wash empire have agreed to pay nearly $4 million back to 1,000 workers and to state agencies, after an investigation showed they underpaid workers and failed to carry enough workers' compensation insurance.
A key architect of the Affordable Care Act’s health insurance marketplaces will voluntarily leave his government post at month’s end when the inaugural open enrollment period comes to a close, the Obama administration said on Wednesday.