INSURANCE NEWS
FedEx Will Appeal $366 Million Jury Award in Worker’s Racial Bias Case
FedEx Corp. said it will challenge what may be the largest-ever jury verdict won by a worker suing over racial bias, $366 million awarded to a Black former saleswoman who claimed the company fired her after she complained about discrimination. …
Marsh Acquires Bradley Agency in Tennessee; Wright Flood Adds IAT Book of Business
Marsh McLennan Agency, a subsidiary of the global insurance broker Marsh, has acquired Bradley Insurance Agency, a commercial brokerage in Knoxville, Tennessee. The Bradley agency was founded in 1972 by Steve Bradley and was acquired by Kendall and Kevin Bradley …
Jury Sides With New Jersey Police in $10M Suit by Family of Man Who Died After Arrest
A federal court jury has decided that New Jersey police did not violate the civil rights of a man who died shortly after a physical altercation during his arrest 7 1/2 years ago. After a trial, jurors in federal court …
Clorox in California Recalls Cleaning Products
If you’re thinking of wiping down your kitchen with that bottle of Pine-Sol all-purpose cleaner under your sink, stop. It may contain bacteria that could cause serious illness in people with compromised immune systems. Oakland, California-based Clorox said it has …
More Recalls Announced – For Cars, Chicken, Cleaners and Medications
U.S. and international companies have issued more recalls, for food, medicine, cleaning products and automobiles – and more recalls could be on the way. Korean car manufacturer Hyundai this week announced it is recalling more than 44,000 2018 Sante Fe …
French Defense Group Thales Says Hackers Claim to Have Stolen Data
French defense and technology group Thales said on Tuesday the hacker group LockBit 3.0 claimed to have stolen some of its data and was threatening to publish it. Thales said the extortion and ransomware group had announced plans on the …
U.S. Banks Spent $1B on Ransomware Payments in 2021: Treasury Department
US financial institutions spent nearly $1.2 billion on likely ransomware-related payments last year, most commonly in response to breaches originating with Russian criminal groups, according to the Treasury Department. The payments more than doubled from 2020, underscoring the pernicious damage …
CVS, Walgreens and Walmart to Pay $13.8B to Settle U.S. Opioid Claims: Sources
CVS Health Corp, Walgreens Boots Alliance Inc. and Walmart Inc. have tentatively agreed to pay about $13.8 billion to resolve thousands of U.S. state and local government lawsuits accusing the chains of mishandling opioid painkillers, according to two people familiar …
Russia Says it Will Resume Participation in Ukraine Grain Deal
Russia said on Wednesday it would resume its participation in a deal to free up vital grain exports from war-torn Ukraine after suspending it over the weekend in a move that had threatened to exacerbate hunger across the world. The …
China’s Regulators Commit to Growth and Reforms, Seeking to Allay Foreign Concerns
China’s top financial regulators said on Wednesday that economic growth remains a priority and reforms and liberalization would continue, seeking to allay foreign investors’ fears that ideology could take precedence during President Xi Jinping’s third leadership term. Speaking at the …
People Moves: Chaucer Taps AXA XL’s Tuggey to Lead Cyber; LSM Appoints Chubb’s Vince for Broker Mgmt; QBE Int’l Names Stokoe, Fuller to Exec Board, Expanding Roles
This edition of International People Moves details appointments at Chaucer, Liberty Specialty Markets, and QBE International. A summary of these new hires follows here. Chaucer Names AXA XL’s Tuggey as Head of Cyber Chaucer, the global specialty re/insurance group, announced …
Hong Kong Scraps Market Trading as Storm Nalgae Draws Near
Hong Kong closed its $4 trillion stock market early as severe tropical storm Nalgae moved closer on a day when the city hosted a top-level summit for global bankers. Hong Kong Exchanges & Clearing Ltd. scrapped afternoon trading of stocks …