Litigation

Latest Litigation Headlines

• Survey: Legal Malpractice Claims Spiking Due to Recession

  By Anya Khalamayzer, PropertyCasualty360.com  |  June 18, 2013

  Leading legal malpractice insurers experienced a deluge of claims in 2012, including those in excess of $50 million, made up of complex lawsuits that originated during the economic recession of 2007 to 2009.

• Bond Insurer Attorneys Barred from San Bernardino Bankruptcy

  By Tim Reid, Reuters  |  June 14, 2013

  The judge overseeing the bankruptcy of San Bernardino, California, on Thursday disqualified a law firm from representing a major bond insurer in the case, because she said some of its lawyers had "switched sides."

• Chubb, Other Insurers Must Face Suit over SEC, Bear Stearns Settlement Claims

  By Karen Freifeld, Reuters  |  June 12, 2013

  A subsidiary of Chubb Corp. and other insurers must defend themselves against a lawsuit for refusing to cover more than $200 million paid out by Bear Stearns over illegal mutual fund trading practices, New York's highest court ruled on Tuesday.

• P&C Carriers Lose Jobs in April; Agent & Broker 2013 Employment Slide Continues

  By Phil Gusman, PropertyCasualty360.com  |  June 11, 2013

  Property and casualty insurers shed 1,400 jobs in April compared to March, an unusual occurrence that bucks the recent trend of employment gains for April, according to Insurance Information Institute President Robert Hartwig.

• AIG Argues Against $8.5B Settlement with BofA

  By Karen Freifeld, Reuters  |  June 5, 2013

  AIG argued that a proposed $8.5 billion settlement between Bank of America and investors in Countrywide Financial mortgage-backed securities was not big enough.

• Mortgage Insurer Triad Guaranty Files for Chapter 11 Bankruptcy

  By Reuters  |  June 4, 2013

  Triad Guaranty Inc filed for Chapter 11 bankruptcy protection on Monday, court documents showed, after the U.S. mortgage insurer was hurt by higher insured losses on the back of weakness in the jobs and housing market.

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  $1B in Rebates Approved by Ohio Bureau of Workers' Compensation

  By Arthur D. Postal, PropertyCasualty360.com  |  May 31, 2013

  Directors of Ohio's Bureau of Workers Compensation unanimously approved Thursday a proposal to rebate $1 billion in workers compensation premiums to employers in the state.

• N.Y. DFS, Force-Placed Insurers Reach Agreement on Reforms

  By Arthur D. Postal, PropertyCasualty360.com  |  May 31, 2013

  All force-placed insurance firms doing business in New York have now agreed to put in place reforms that will substantively reduce cost of the coverage to homeowners.

• AIG Drops Lawsuit Versus N.Y. Fed Related to Bailout

  By Jonathan Stempel, Reuters  |  May 31, 2013

  AIG has agreed to end litigation against the Federal Reserve Bank of New York over whether the insurer could sue over losses on residential mortgage-backed securities.

• Ex-AIG Chief Greenberg Should Still Face Trial: N.Y. State Lawyer

  By Karen Freifeld, Reuters  |  May 29, 2013

  Hank Greenberg should still face trial over sham transactions he is accused of orchestrating while he was head of AIG, even though New York has dropped most of its claims against him, a state lawyer argued.

• Ex-AIG Chief Greenberg Seeks Dismissal of Case Against Him

  By Karen Freifeld, Reuters  |  May 28, 2013

  New York Attorney General Eric Schneiderman dropped damages claims in the case last month, but he is still trying to have Maurice "Hank" Greenberg banned from the securities industry and from being a director or officer of a public company.

• Wells Fargo, QBE Agree on $19.3M Force-Placed Settlement

  By Arthur D. Postal, PropertyCasualty360.com  |  May 17, 2013

  Wells Fargo and QBE have agreed to settle a lawsuit dealing with force-placed insurance policies in Florida involving 24,000 borrowers.

• Appeals Court: Medicare Secondary Payer Act Doesn't Preempt State Law

  By Arthur D. Postal, PropertyCasualty360.com  |  May 15, 2013

  Medicare does not preempt state workers compensation laws that establish rules dealing with the handling of medical claims, the 5th U.S. Circuit Court of Appeals has ruled.

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  MBIA and BofA: Justice for All?

  By Mark E. Ruquet, PropertyCasualty360.com  |  May 13, 2013

  It’s one of the peculiar realities of business: two parties can spend years aiming for one another’s jugular vein and end-up partnering when they find cooperation is in the best interest.

• MBIA Chief Talks Q1 Results with 'Newly Refreshed Level of Enthusiasm'

  By Mark E. Ruquet, PropertyCasualty360.com  |  May 10, 2013

  In its first earnings conference call since ending litigation with banks over the insuring of structured financial instruments this week, MBIA Inc. executives breathed a huge sigh of relief and spoke about a reinvigorated future for the guarantee insurer.

• MBIA Settles with Societe Generale for $350M

  By Karen Freifeld, Reuters  |  May 8, 2013

  MBIA Inc agreed to pay Societe Generale $350 million to settle litigation over the bond insurer's restructuring, according to a person familiar with the case.