INSURANCE NEWS
Elizabeth Holmes Sentenced to More Than 11 Years in Prison for Theranos Fraud
A federal judge on Friday sentenced Theranos founder Elizabeth Holmes to 11 years and three months in prison for defrauding investors in her now-defunct blood-testing startup that was once valued at $9 billion. In San Jose, California, U.S. District Judge …
Pay Gap at Nike Persisted After Changes, Lawsuit Alleges
Female employees at Nike Inc. who came on board before the company revamped its hiring practices were still subject to pay gaps that totaled at least $11,000 annually compared with male employees, plaintiffs in a lawsuit allege in newly unsealed …
Towne Insurance Acquires Lockhart Agency in Charlotte
Towne Insurance Agency, with offices across Virginia and the Carolinas, has acquired Lockhart Insurance, expanding its footprint in the Charlotte area. Lockhart was founded in 1972 by Gregg Lockhart and has been a fixture in the Charlotte community for decades, …
Kreidler Issues $111K in Fines for Violations in October
Washington Insurance Commissioner Mike Kreidler issued fines in October totaling $111,000 against insurance companies, agents and brokers who violated state insurance regulations. Following are the companies, their location, the size of their fines, and the allegations against them. Insurance companies …
Massive Snowfall Buries Western and Northern New York
BUFFALO, N.Y. (AP) — A dangerous lake-effect snowstorm paralyzed parts of western and northern New York on Friday, dumping over 5 feet in some spots with more expected to fall through the night into Saturday. The storm was blamed for …
Lemonade Records Net Loss, Top and Bottom Line Growth
Insurtech Lemonade booked a third-quarter net loss of $91.4 million compared with a net loss of $66.4 million during the same quarter last year, but in a letter to shareholders, the company said both top and bottom lines came in …
Court Won’t Reconsider Block of Arkansas Trans Care Law
LITTLE ROCK, Ark. (AP) – A federal appeals court said Wednesday it won’t reconsider its ruling temporarily blocking Arkansas from enforcing its ban on gender-affirming care for children. The 8th U.S. Circuit Court of Appeals denied the state’s request for …
Texas Agency, Lawmakers Aim to Tighten Pollution From Concrete Plants
ARLINGTON — Deirdre Diamond is frustrated and concerned that another concrete batch plant is coming to her town. Gunter, located about 50 miles north of Dallas, already has 11 permitted concrete batch plants, according to Texans for Responsible Aggregate Mining, …
Indiana House Explosion Injures 3; Gas Leak Blamed in Blast
PRINCETON, Ind. (AP – A house explosion in southwestern Indiana that injured three people has been traced to a heater that began leaking natural gas during maintenance work, authorities said. Four people were inside the two-story home when it was …
Lawsuit Accuses Largest U.S. Meat Producers of Wage Fixing
Three meat plant workers have filed a federal lawsuit accusing 11 of the United States’ largest beef and pork producers of conspiring to depress wages and benefits. The lawsuit, filed in federal court in Denver on Friday, seeks class-action status …
California Paper Plant to Pay $385K Settlement Over Race Harassment Lawsuit
Paper manufacturers Packaging Corporation of America Central California Corrugated, LLC. (PCA) and Schwarz Partners LP will pay $385,000 and implement preventative measures to settle a racial harassment lawsuit seeking relief for two African American men who worked at a manufacturing …
Commercial P/C Rates Up for 20th Straight Quarter: CIAB
Third-quarter 2022 marked the 20th consecutive quarter of increased premiums for commercial property/casualty, according to the latest report from the Council of Insurance Agents and Brokers (CIAB). The average premium increase across all account sizes was was 8.1% in Q3 …