Insurance
Industry’s Blockchain Project, B3i, Has Become Insolvent and Ceased to Trade
The industry’s blockchain project, B3i, has ceased activities and filed for insolvency following unsuccessful funding rounds. “The directors, following consultation with the shareholders, have collectively concluded that there was not sufficient support to continue with the venture at this stage,” …
Read More Appeals Court Reverses Verdict Against Surgeon in Spinal Implant Kickback Case
A federal appellate court overturned a $5.5 million jury verdict against a Missouri orthopedic surgeon who is accused in a whistleblower lawsuit of taking kickbacks from a spinal implant distributor owned by his fiancee. A panel of the 8th Circuit …
Read More Detective: Alex Jones ‘Most Dangerous’ Type of Attack Denier
The detective who led the investigation into the 2012 Sandy Hook Elementary School attack testified Tuesday that there are three types of people who deny that it happened and harass the victims’ families: the mentally ill, those who believed bad …
Read More Tobacco Firms Sued for $133 Million in Missed Settlement Payouts
Philip Morris USA, R.J. Reynolds Tobacco Co. and more than a dozen other tobacco companies were sued by Iowa’s attorney general for allegedly failing to pay the state $133 million due under a 1998 settlement intended to avoid future health-related …
Read More Freight Broker Sues Liberty Mutual for ‘Excessive’ Work Comp Premiums
An Illinois freight broker has filed a lawsuit accusing Liberty Mutual of overcharging it by demanding payment of workers’ compensation premiums for independent contractors who are ineligible for benefits. Virnich Corp., which does business in West Chicago, says in a …
Read More Director of 9/11 Fund Picked to Estimate Cost of J&J Talc Claims
The lawyer who oversaw payments to victims of the Sept. 11 terrorist attacks will be appointed by a federal judge to estimate the total liability that Johnson & Johnson faces for claims that talc in its baby powder causes cancer. …
Read More State Farm Settles Alabama Class Action Charging it Underpaid Claims
Did State Farm Insurance employ a clever device to reduce its payout – sometimes to zero – on thousands of property claims in Alabama? The insurance company has denied underpaying claims and other wrongdoing, but has agreed to settle a …
Read More AM Best Removes Golden Bear in California from Under Review and Affirms Credit Ratings
AM Best removed from under review with negative implications and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of Golden Bear Insurance Co. headquartered in Stockton, California. The …
Read More Another One: American Traditions Stops New Business in Florida
Another property insurer has halted writing new policies in Florida. For homeowners, condominiums and rental properties, “new business will be paused temporarily until further notice,” American Traditions Insurance explained Thursday in a bulletin to agents around the state. “We will …
Read More U.S. Financial Stability Oversight Council to ID More Climate-Related Risks
The Financial Stability Oversight Council convened on Thursday to identify and address climate-related financial risk. The FOC last year published an extensive report on climate-related financial risk and issued dozens of best-practices recommendations to U.S. financial regulators to identify and …
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