Insurance

Wells Fargo & Co. agreed to pay $1 billion to settle a shareholder lawsuit that accused it of making misleading statements about its compliance with federal consent orders following the 2016 scandal involving the opening of unauthorized customer accounts. The …

Dutch medical devices maker Philips said on Tuesday that independent tests have shown that the use of its respiratory devices involved in a major global recall did not cause health risks for patients. Philips said “rigorous testing” by external parties …

The Philadelphia Inquirer experienced the most significant disruption to its operations in 27 years due to what the newspaper calls a cyberattack. The company was working to restore print operations after a cyber incursion that prevented the printing of the …

An owner of Broadway theaters and Pacific Indemnity Insurance Co. have voluntarily agreed to end their remaining litigation over COVID-19 coverage claims. Under the stipulation filed May 11, each party will bear its own attorneys’ fees and other costs. The …

The U.S. Environmental Protection Agency (EPA) recently announced a settlement with Evonik Corporation that will reduce emissions of ethylene oxide and other hazardous air pollutants by 5.6 tons per year from a facility in Reserve, St. John the Baptist Parish, …

Massachusetts Attorney General Andrea Joy Campbell’s office reports it has reached a $6.15 million settlement with CVS Pharmacy, Inc. to resolve allegations of overcharging for prescriptions for workers’ compensation patients. Officials allege that the pharmacy failed in some instances to …

Howden, the global insurance group, announces today that it will unify its structure under a single global executive, with insurance broking, reinsurance broking and underwriting reporting directly to CEO David Howden. The restructure will be effective Oct. 1, 2023 and …

Louisiana Commissioner Jim Donelon announced the Louisiana Department of Insurance (LDI) helped consumers collect over $92.3 million in payouts in addition to the original amounts offered by insurance companies in 2022. The additional money is the result of consumers filing …

Arthur J. Gallagher & Co. announced the acquisition of Perth, Western Australia-based Mavco Insurance Group. Terms of the transaction were not disclosed. Mavco is a general insurance broker and risk management firm serving corporate clients throughout Australia and internationally. Mavco’s …

FWD Group Holdings Ltd. is weighing a private funding round as the Asian insurer’s long-planned initial public offering is set to be delayed again amid weak market conditions, according to people familiar with the matter. Hong Kong billionaire Richard Li’s …