INSURANCE NEWS
SVB Financial Sues FDIC to Recover $1.9B Seized in Bank Rescue
Bankrupt SVB Financial Group has sued the U.S. Federal Deposit Insurance Corp (FDIC) to recover the $1.93 billion that the regulator seized while it took over Silicon Valley Bank in March, a filing in a bankruptcy court on Sunday showed. …
‘Stoneos’ Cannabis Cookies Look Too Much Like Oreos, Says FTC
Six companies that make snacks with the active ingredient of cannabis have been sent cease and desist letters because the packaging looks too much like foods that kids love, including “Stoneos” that mimic Oreo cookies, the U.S. Federal Trade Commission …
Whiskey Fungus, Liability, Tax Breaks Killing the Buzz for Residents Near Distilleries
For decades, the whiskey and bourbon makers of Tennessee and Kentucky have been beloved in their communities. The distilleries where the liquor is manufactured and barrelhouses where it is aged have complemented the rural character of their neighborhoods, while providing …
California Utility Pays $22M to Settle Claims in 2016 Wildfire
Southern California Edison and two other companies have paid $22 million to settle U.S. government claims that they caused a 2016 wildfire that burned thousands of acres of national forest, it was announced. The money covers damage from the Rey …
Fiery Plane Crash in South Carolina Resort Town Killed All Five on Board
Five people are dead after a single-engine plane crashed in a South Carolina coastal resort town. Officials said the fiery wreck near a golf course in North Myrtle Beach on July 1 killed all four passengers and the pilot, The …
Allianz Replaces UnipolSAI in UniCredit’s Insurance Venture Incontra
UniCredit said on Friday it was ending a non-life insurance venture with UnipolSAI as it strengthened its relationship with Germany’s Allianz, a top shareholder and insurance partner. UniCredit said it would buy the 51% stake the Italian insurer owned in …
Comedian Sarah Silverman Sues Meta, OpenAI for Copyright Infringement
Comedian Sarah Silverman and two authors have filed copyright infringement lawsuits against Meta Platforms and OpenAI for allegedly using their content without permission to train artificial intelligence language models. The proposed class action lawsuits filed by Silverman, Richard Kadrey and …
EU Probes Novo Nordisk Drugs After Reports of Suicidal Thoughts
The European Medicines Agency (EMA) is probing Novo Nordisk’s diabetes drug Ozempic and weight-loss treatment Saxenda after Iceland’s health regulator flagged three cases of patients on the drugs thinking about suicide or self-harm. Shares of the Danish drugmaker fell about …
Suncor Reports Data Breach Affected Petro-Points Members’ Basic Contact Data
Canadian energy firm Suncor Energy on Thursday [July 6] said that due to a cyber security incident on June 21, unauthorized party obtained Petro-Points members’ basic contact information. “Based on our investigation to date, we determined that our IT network …
National Grid to Pay $5.3M to Settle Gloucester Environmental Damage Claims
National Grid agreed to pay $5.38 million to state and federal agencies to resolve claims over environmental damage caused by the defunct Gloucester Gas Light Company, officials said Friday. Hazardous chemicals released by the plant, which operated from 1854 to …
Slow-Moving Storm Puts New York City, East Coast Under Flood Threat
New York City and the eastern US braced Sunday for severe thunderstorms as a creeping weather front drags across the region and raises the risk of flooding from Vermont to North Carolina. The slow-moving line of showers was crossing the …
ECB Cyber Stress Test Won’t Deliver Direct Capital Hit to Banks
The European Central Bank’s cybersecurity stress test next year won’t have a direct impact on capital requirements, limiting the exercise’s potential repercussions for investor payouts. The test will be a learning experience for lenders and the supervisor, ECB officials said …