An insurer for Goya Foods Inc. has sued a spice company in New Jersey state court for allegedly providing one of the food giant’s suppliers with cumin contaminated with peanut protein, which ultimately led to food products being recalled and $2.6 million in damage.
Europe's most influential financial firms and trade groups have said there is no need for bloc regulators to create new laws to deal with innovations such as blockchain and artificial intelligence, as more responses to a major consultation into the future of financial technology were published Thursday.
Policyholders and their counsel often see a coverage declination under a corrosion exclusion as an invitation to argue that some other cause was responsible for a loss even when corrosion plays a central role. However, many courts have rejected such attempts to read a corrosion exclusion out of its policy, say attorneys with Mound Cotton Wollan & Greengrass LLP.
A New Hampshire hospital doesn't have to pay deductibles to access coverage under a Steadfast Insurance Co. policy for lawsuits over a hepatitis C outbreak caused by a former medical technician's misconduct, the state high court ruled Thursday, finding that the policy is ambiguous and must be construed in the hospital's favor.
The Fifth Circuit on Wednesday affirmed part of a lower court’s ruling in a case on the aftermath of an accident in the Gulf of Mexico that damaged a mooring line on a Royal Dutch Shell PLC subsidiary's drilling unit, finding that two third-party companies are not required to indemnify the two companies found liable for the accident.
Just 4 percent of U.K. pension schemes have implemented an integrated risk management plan to reduce risk levels despite instructions from the Pensions Regulator last month to put enforceable contingency arrangements in place, Aon PLC said Thursday.
The U.K. government’s new legislative agenda has empowered officials to fix a “disastrous” change in February to the way courts calculate lump sum compensation for personal injury, the head of insurer Ageas UK said on Wednesday.
With the conclusion of this U.S. Supreme Court term just around the corner, the guessing game around Justice Anthony M. Kennedy’s possible retirement is reaching a crescendo. Yet the speculation does more than fuel bookmakers’ odds. It draws attention to his pivotal role as the court’s swing vote, says Nan Aron, president of Alliance for Justice.
The U.K.’s top insurance lobby group warned the government in May about the risk of flammable cladding on high-rise buildings, weeks before a fatal fire tore through a residential tower block in London, a spokesman said on Thursday.
The Massachusetts Supreme Judicial Court ruled Thursday that insurers don’t have to pay to prosecute their clients’ counterclaims under the duty to defend, even when the counterclaims are integral to a client’s case.
Senate Republicans on Thursday unveiled draft legislation to scrap much of the Affordable Care Act, setting the stage for another make-or-break vote on the GOP repeal effort.
After a major market contraction in the wake of the financial crisis, risk-pooling transactions show signs of gaining favor once more, says Daniel Budofsky of Pillsbury Winthrop Shaw Pittman LLP.
Britain’s new pension freedoms will be severely tested when nearly a million people become able to cash in their savings in five years and the true impact of a “no rules” retirement culture becomes clear, the U.K.’s biggest insurer said on Thursday.
Britain’s Financial Conduct Authority announced changes to its handbook on Thursday to comply with incoming European Union rules which will overhaul how key financial benchmarks are regulated, a major new reform intended to prevent manipulation.
The U.K.’s competition watchdog said on Thursday it has cleared plans by investment firm Standard Life PLC to buy Aberdeen Asset Management PLC, which would create Europe's second-largest such company, worth £11 billion ($13.9 billion).
A Republican bill in the U.S. Senate to repeal much of the Affordable Care Act would temporarily extend disputed cost-sharing reductions, sharply cut Medicaid and dial back premium assistance for private insurance, according to an outline of the legislation.
Justice Sonia Sotomayor discusses her views on writing dissents and the change she hopes they inspire in the law, in the second of two articles based on an exclusive interview with the 111th justice.
Two former SunEdison Inc. officers with pending whistleblower suits against the bankrupt solar energy giant and the lead plaintiffs in a Securities Act multidistrict litigation have asked the New York bankruptcy court overseeing the case for assurances that their suits won’t be affected by a recent $32 million settlement with unsecured creditors.
Genworth Financial Inc. has agreed to pay $20 million to settle claims from a class of investors that it concealed poor market conditions prior to its Australian insurance unit’s initial public offering, according to documents filed in New York federal court on Wednesday.
The District of Columbia and eight states that joined the U.S. Department of Justice’s fight against the now-failed merger of insurance giants Aetna Inc. and Humana Inc. urged a D.C. federal judge on Wednesday to approve the parties’ deal over the states’ attorneys’ fees and costs in the suit.
Early attention to the antitrust considerations of a given transaction can go a long way toward promoting the chances of a timely or early clearance. However, promoting a speedy and efficient review in the EU requires different procedures compared to when a U.S. filing is needed, say attorneys with Bryan Cave LLP.
The city of Phoenix urged the Ninth Circuit on Tuesday to reverse a decision that several units of The Hartford don't have to reimburse the city for nearly $1.5 million it shelled out to defend and settle a lawsuit over a pipe worker's asbestos-related death, saying a lower court misconstrued its policies and applied an improper allocation method.
The ousted CEO of a medical imaging company can’t seek coverage from the company’s insurer in a subsequent suit he brought against the company's board, a New Jersey appeals court ruled Wednesday, because coverage for that situation is explicitly barred by an “insured vs. insured” exclusion.
Liberty Insurance Underwriters Inc. asked a Virginia federal court on Tuesday to toss a suit brought by a restaurant company and the O'Hagan Meyer law firm accusing Liberty of promising to cover a separate suit against the company and then reneging on its promise, saying Liberty has already filed a similar suit in county court.
The British government appears to be reconsidering its plans to merge the Serious Fraud Office with the U.K.'s broader crime-fighting agencies after recent election losses, with the controversial proposal absent from the queen's speech outlining legislative priorities for the new Parliament on Wednesday.