Litigation

Latest Litigation Headlines

• 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.

• State Farm Seeks New Trial Against Rigsbys in Katrina-Related Whistleblower Case

  By Chad Hemenway, PropertyCasualty360.com  |  May 8, 2013

  State Farm is seeking a new trial with two sisters, independent adjusters, who accused the insurer of defrauding the federal government following 2005’s Hurricane Katrina.

• Goldman Sachs Must Face Fraud Claims from Insurer: N.Y. Court

  By Joseph Ax, Reuters  |  May 7, 2013

  Goldman Sachs Group Inc must face fraud claims brought by CIFG Assurance North America over insurance it provided for $275 million in mortgage-backed securities, a New York state appeals court ruled on Tuesday.

• AIG May Pursue Fraud Case Against BofA over Countrywide

  By Jonathan Stempel, Reuters  |  May 7, 2013

  American International Group Inc may pursue a lawsuit accusing Bank of America Corp's Countrywide unit of causing billions of dollars of losses by fraudulently inducing it to buy risky residential mortgage-backed securities.

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  W.R. Berkley Attorney: Limited Coverage Held by West Fertilizer ‘Irresponsible’

  By Chad Hemenway, PropertyCasualty360.com  |  May 7, 2013

  Paul A. Grinke, an attorney with McCathern in Dallas, predicts his clients and others involved in lawsuits against the West, Texas facility that exploded last month will "be left holding the bag."

• Assured Says to Be Paid $358M As It Settles UBS Suit

  By Reuters  |  May 6, 2013

  Bond insurer Assured Guaranty Ltd said UBS AG will pay it $358 million to settle a lawsuit that accused the bank of falsely representing the quality of the loans underlying $1.49 billion of mortgage-backed securities.

• MBIA, Bank of America Reach Legal Settlement: Sources

  By Karen Freifeld, Reuters  |  May 6, 2013

  Bond insurer MBIA Inc and Bank of America Corp have reached a settlement in an ongoing legal dispute, and BofA will pay MBIA $1.6 billion, sources familiar with the matter said on Monday.

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  Tragedy in Texas: Still More Questions than Answers

  By Bill Coffin  |  May 2, 2013

  So far, the fertilizer explosion in West, TX has more questions than answers. But that won't last forever.

• Sam Goldwyn Was Right

  By Barry Zalma  |  May 1, 2013

  Sam Goldwyn, one of the founders of Metro-Goldwyn-Meyer (MGM), was reported to have once said, “Your oral contract ain’t worth the paper it’s printed on.” It’s a lesson that should be hung on the wall of every insurance agent and broker. Although binders evidencing an insurance policy can be oral,...

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  News Corp, Shareholders Agree to Phone-Hacking Deal

  By Jennifer Saba and Tom Hals, Reuters  |  April 26, 2013

  The $139 million settlement, which will be paid by the liability insurance for the board members, is the largest cash settlement in such a derivative case, according to one of the plaintiff's attorneys.

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  New York Drops Damages Claim in Suit Against Ex-AIG Chief

  By Jessica Dye, Reuters  |  April 26, 2013

  New York's attorney general is dropping a claim for damages in a high-profile civil lawsuit accusing former AIG CEO Maurice "Hank" Greenberg, of defrauding investors.

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  American Family Counsel Named NCIGF Chair

  By Staff Writer  |  April 25, 2013

  The Board of Directors of the National Conference of Guaranty Funds has elected Brandon LaSalle of American Family Insurance as it new chairman.