INSURANCE NEWS
China’s ByteDance Seeks $1.1M in Damages From Ex-Intern in AI Breach Case: Report
China’s ByteDance is suing a former intern for $1.1 million, alleging he deliberately attacked its artificial intelligence large language model training infrastructure, a case that has drawn widespread attention within China amid a heated AI race. The parent company of …
International Court Begins Hearings That May Shape Global Climate Litigation
The United Nations’ top court [this] week begins hearings on the legal obligation of countries to fight climate change and the consequences for states of contributing to global warming, the outcome of which could influence litigation worldwide. While the advisory …
Private Equity Tie-Ups With Insurers Create Risks, BOE Says
Private equity’s advance into the insurance sector exacerbates the risk of “fire sales” that disrupt the functioning of financial markets, the Bank of England warned. A growing number of PE firms in the US have acquired life insurers, while British …
Bank of England Finds Non-Bank Financial Firms Pose Wider Risks in Crisis Periods
Non-bank financial institutions such as hedge funds remain vulnerable to a sudden financial shock and would not all be able to access the funding they would need in such a crisis, the Bank of England said on Friday. Announcing the …
Zoom Offers $18 Million to Settle SEC Privacy Probe From 2020
Zoom Communications Inc. has offered $18 million to settle a four-year-old US Securities and Exchange Commission probe related to its privacy policies and communications. In the most recent quarter, the company recorded an $18 million expense for a “tentative settlement …
Microsoft Faces Wide-Ranging Antitrust Probe
The U.S. Federal Trade Commission has opened a broad antitrust investigation into Microsoft, including of its software licensing and cloud computing businesses, a source familiar with the matter said on Wednesday. The probe was approved by FTC Chair Lina Khan …
Best Agency to Work For – Southeast Silver Winner: Energy Insurance
The president of Energy Insurance Agency, an operation with a large presence in Kentucky, said it is “incredibly humbling” for the agency to again be named one of Insurance Journal’s Best Agencies to Work For in the Southeast. “This recognition …
Alleged Snowflake Hacker ‘Danger’ to the Public
The man accused of carrying out cyberattacks against dozens of Snowflake Inc. customers will face an extradition hearing later this year, after Canadian officials accused him of cybercrimes and being “a risk of danger to the public, police and himself.” …
Aspiring Alabama Country Singer/Claims Adjuster Charged After Violating Bond at CMA
An Alabama public adjuster known as an aspiring country music singer has been re-arrested after reportedly violating the terms of his bond from an arrest earlier this year. Austin Tanner, of Orange Beach, also appears to be part owner of …
Best Agency to Work For – East Silver Winner: Deland, Gibson
Investing in Employees Is a Priority at Deland, Gibson As Deland, Gibson Insurance Associates Inc. (DG) approaches its 125-year anniversary, the Massachusetts-based independent agency is expanding its footprint and revenue. DG is also continuing its tradition of treating employees right. …
Lawsuit Seeks OSHA Records on Deaths of 3 Amazon Workers
A worker activist has sued the Department of Labor (DOL) to force the release of records surrounding the deaths of three workers at New Jersey Amazon workplaces in 2022. The lawsuit says DOL’s Occupational Safety and Health Administration (OSHA), which …
Cyberattacks Cost UK Businesses £44 Billion During Past 5 Years, Howden Survey
Cyberattacks cost UK businesses approximately £44 billion (US$55.3 billion) in lost revenue over the past five years, according to research published by Howden, the London-based insurance intermediary group. Half of those businesses (52%), or 1.3 million private sector companies, have …