Litigation

The majority of the American public is not overly supportive of legislation allowing policyholders to file first-party bad-faith lawsuits, the Insurance Research Council (IRC) said in a new report.

The pace of federal securities class action filings was slower in the 2010 first half than in 2009, with filings on track to decline for a second consecutive year, an economic consulting firm said.

Almost two years after Hurricane Ike nearly wiped out the town of Galveston, Texas, the Texas Windstorm Insurance Association has agreed to pay an estimated $189 million to policyholders whose homes were destroyed by the storm.

This fall, the pop culture poster child for greed, Gordon Gekko, returns in a sequel to the movie "Wall Street," called "Money Never Sleeps."

AIG agreed to pay $725 million to Ohio and Florida public pension plan funds in a securities class-action settlement to resolve bid-rigging allegations that the funds said had negatively impacted the company's value.

Policyholders suing American International Group (AIG) over allegedly excessive workers' compensation rates can continue to do so, the Supreme Court of South Carolina has ruled.

Despite substantial losses directors and officers and errors and omissions insurers experienced from the financial crisis, ratings actions have been negligible, Moody's Rating Service said.

A new report by Advisen Ltd. shows the 2010 second quarter saw a 30 percent jump in securities lawsuit filings compared to the first quarter.