LexisNexis® Legal Newsroom
    Expert's Calculations Are Focus At Close Of MassMutual Trial

    MassMutual and a class of hundreds of term life insurance policyholders faced off over dividends during closing arguments in a California trial Friday, with the class claiming MassMutual was ignoring the policies’ profits, and MassMutual countering that the class was relying on a misleading manipulation of the numbers.

    Insurer's Liability For Fatal Train Crash Limited To $3.75M

    A Nebraska federal court Friday granted Colony National Insurance a partial summary judgment in its suit with Union Pacific over coverage for a fatal 2006 train crash the railroad blames on a brush-clearing contractor, finding the insurer owes at most $3.75 million of its $5 million policy limit.

    9th Circ. Flips ERISA Ruling To Favor Transamerica

    A Ninth Circuit panel ruled Friday that Transamerica was not a fiduciary to a class of investors when the company negotiated terms with their employers to manage their retirement plans, effectively dismissing claims that Transamerica violated ERISA by charging certain fees and revenue sharing with fund managers.

    Insurer Says Policy Won't Cover Claims Over $3B Verizon Deal

    U.S. Specialty Insurance Co. on Friday asked a federal judge to rule that it doesn’t have to defend IDT Corp. chairman Howard Jonas against a stockholders’ suit stemming from an IDT spinoff’s $3 billion wireless spectrum sale to Verizon, arguing that the spinoff isn’t covered by IDT’s policy.

    Ocwen Sues Insurer Over Coverage Of Investor Suit

    Mortgage servicer Ocwen Financial Corp. sued U.S. Specialty Insurance Co. in Florida federal court Thursday, saying the insurer is denying coverage for a 2017 shareholder suit by wrongly tying it to older claims against the company.

    Coverage For Cryptocurrencies Under Traditional Policies

    While newer forms of commercial crime policies specifically address cryptocurrency losses, there may be debate whether cryptocurrencies are "money," "securities" or "other property" under traditional crime forms. The argument will possibly focus on the "security" definition, say attorneys with Wiley Rein LLP.

    EX-BHS Owner Told To Pay £87K For Pensions Probe Failures

    The former owner of British Home Stores was ordered by a court to pay £87,170 ($121,800) on Friday for failing to turn over information to a U.K. watchdog as it investigated a multimillion-pound deficit at the now-defunct retailer.

    Cyber Incident Transparency Can Assist Cyber Insurance

    In a recent report, the Organisation for Economic Co-operation and Development considered whether cyber insurance can operate as a driving force in improving cyber risk management generally. Making detailed information on cyber incidents available would help cyber insurance function as a critical risk resilience tool, say Neil Warlow and Sarah Stephens of JLT Specialty Limited.

    Standard Life Dodges Solvency II With Insurance Biz Sale

    Standard Life Aberdeen prepared to wave goodbye to the insurance world on Friday as the firm announced it is selling its savings business for £3.2 billion ($4.5 billion) to concentrate on asset management and avoid onerous capital rules imposed on insurers.

    PRA To Review Insurers' Cyberrisk Plans Amid Payout Fears

    The U.K. Prudential Regulation Authority is to examine whether insurers are securing themselves against risk in cyber underwriting, a senior PRA official told Law360 on Friday, amid concerns that companies may have to make huge payouts after a catastrophic attack.

    Aviva Sells Spanish Ventures, Nets £150M For Capital Boost

    The U.K.’s largest insurer, Aviva PLC, announced on Friday that it has sold its entire shareholdings in two of its joint ventures in Spain, allowing it to boost its capital surplus by approximately £150 million ($209.5 million) and meet Solvency II requirements.

    Chuck-E-Cheese, Insurer Trade Blows In $5M Coverage Battle

    Chuck E. Cheese's owner CEC Entertainment Inc. on Wednesday urged a Texas federal judge to rule that Travelers must shell out more than $4.9 million to cover the pizza chain's costs to defend a shareholder suit stemming from its 2014 merger, while the insurer looked to stop the coverage bid in its tracks.

    Insurers Fire Back At Bank's Bid For 6th Circ. Revival

    Eight insurers have told the Sixth Circuit that not only did they rightfully refuse to pay $75 million toward a $212 million settlement First Horizon National Corp. reached with regulators, but that the appeals court should revive their bad faith and breach of settlement claims against the bank.

    Deals Rumor Mill: Phoenix, Telecom Italia, United Tech

    Phoenix Group is reportedly nearing a deal for Standard Life's insurance unit, F2i and Rai Way increased their bid for Telecom Italia's broadcasting business and United Technologies' CEO said the company will decide by the end of the year whether to split up.

    DOJ Fights Ex-State Street Exec's Bid To Sever New Charge

    The U.S. Department of Justice urged a Massachusetts federal court on Wednesday not to split a freshly filed charge against a former State Street executive into a separate trial, saying the new charge goes after the same scheme only targeting a different victim.

    Insurer Balks At Covering Warehouse Damaged By Pot Op

    Westfield Insurance Co. on Wednesday told the Sixth Circuit it shouldn’t have to pay for warehouses that were damaged when they were surreptitiously converted into marijuana growing operations, calling the property owner’s argument that the damages resulted from “vandalism” and therefore are covered “a legal and factual red herring.”

    Calif. Justices Take Up Actavis' Opioid Suit Coverage Bid

    California's highest court has agreed to review Actavis' challenge of a lower court's ruling that it isn't covered under a Travelers policy for lawsuits alleging its misleading marketing of painkillers has fueled the nation's opioid addiction problem and caused a spike in heroin use, according to a Wednesday docket entry.

    Insurance Coverage For Opioid Litigation And Investigations

    Several types of insurance policies can potentially cover costs of defense and ultimate liability for pharmaceutical manufacturers, wholesale distributors and retailers defending against opioid-related lawsuits, but policyholders must be wary of the potential issues that may arise, say Anna Engh and Cléa Liquard of Covington & Burling LLP.

    Appeals Court Spikes Insurer's Exclusion Clause Challenge

    The U.K. Court of Appeal on Thursday rejected an attempt by Acasta European Insurance Co. Ltd. to overturn a ruling that found the insurer must cough up £1.1 million ($1.5 million) to Nesbit Law Group LLP under a financial guarantee indemnity that underpinned loans provided to the personal injury law firm.

    Barclays’ Pension Plan Faces Skepticism As It Heads To Court

    When Barclays on Monday becomes the first British bank to reveal in court how it will comply with new ring-fencing regulations coming into force next year, pension lawyers will look to how the bench reacts to the lender's controversial plan to house its pension scheme in its newly separated investment banking arm.

    UK Lawmakers Call For Pensions Regulator Reforms

    A parliamentary committee called for regulatory reform while grilling executives of the British pensions regulator on Thursday for failing to see early signs of financial stress that led to the collapse of construction giant Carillion PLC under a £800 million ($1.1 billion) pension deficit.

    ESMA Weighs Revising Short-Selling Rules For MiFID II

    The European Securities and Markets Authority said on Thursday that MiFID II, a tough EU directive which came into effect in January, could force it to rewrite amendments that it introduced into the bloc’s Short Selling Regulation in December.

    Legislate For Cyberattack Disclosure, Lloyd's Chief Says

    Private companies could be compelled to hand over information to help the insurance industry in the aftermath of a cyberattack, the head of Lloyd’s of London told Law360 on Thursday.

    Help Insurers Access Cyberattack Data, OECD Urges Gov'ts

    Governments must help insurers gain access to information on cyberattacks to help them price risk for customers and determine their own exposure to a potential rush of claims, the deputy secretary-general of the Organisation for Economic Co-operation and Development indicated on Thursday.

    GoPro Harness Maker Loses Injunction Bid In Coverage Spat

    A New York federal judge has rejected a GoPro harness maker's bid for a preliminary injunction in a coverage suit over underlying intellectual property claims, saying Wednesday that its insurer has been generally cooperative and there's little danger of irreparable harm to the company.