According to a court filing, AmTrust Financial Services Inc. has reached a $13 million class action settlement with investors, with a proposed one-third cut for their lawyers, putting an end to securities fraud litigation against the insurance company. The Thursday motion for preliminary approval of the settlement notes that lead counsel for the investor class… Continue reading AmTrust Settles Securities Fraud Suit for $13M
Author: Farkas Laura
West Virginia Officials to Appeal Opioid Lawsuit Decision that Favors Drug Distributors
Officials in a West Virginia county intend to appeal a federal judge’s decision in favor of three major U.S. drug distributors in a landmark lawsuit accusing them of causing a health crisis by distributing 81 million pills over an eight-year period. The Cabell County Commission unanimously voted Thursday to appeal the July 4 verdict, and… Continue reading West Virginia Officials to Appeal Opioid Lawsuit Decision that Favors Drug Distributors
New Cyber Panel Says Log4j Software Flaw ‘Endemic,” to be Exploited for Years to Come
According to President Joe Biden’s new cybersecurity panel, a computer vulnerability discovered last year in a widely used piece of software is a “endemic” problem that will pose security risks for a decade or more. The report released Thursday by the Cyber Safety Review Board said that while no major cyberattacks have been reported as… Continue reading New Cyber Panel Says Log4j Software Flaw ‘Endemic,” to be Exploited for Years to Come
NYC Homes with High Flood Risk to Receive Free Inflatable Dams
Homes in New York City at high risk of flooding will receive free inflatable dams under a new plan unveiled Thursday by Mayor Eric Adams. The plan, which is expected to cost taxpayers $2.5 million, aims to prepare city dwellers for extreme rainfall. It comes more than a month before the start of the 2022… Continue reading NYC Homes with High Flood Risk to Receive Free Inflatable Dams
Bailout Program for Failed Louisiana Insurers Wants $600M to Cover Losses
Faced with a massive and growing backlog of unpaid claims left by failed insurance companies, a state-chartered bailout program that ensures policyholders are not taken advantage of wants to borrow $600 million by selling bonds to banks and investors. The Louisiana Insurance Guaranty Association, or LIGA, will seek State Bond Commission approval for its plan… Continue reading Bailout Program for Failed Louisiana Insurers Wants $600M to Cover Losses
Elon Musk-Twitter Buy-Out Dispute Fast-Tracked for Initial Hearing on Tuesday
Attorneys for Twitter Inc. and tech mogul Elon Musk will clash in Delaware Chancery Court on Tuesday over expediting a suit to force Musk to honor his $44 billion agreement to buy the social media giant, despite his alleged exercise of a right to terminate on July 8. Chancellor Kathaleen St. Jude McCormick has scheduled… Continue reading Elon Musk-Twitter Buy-Out Dispute Fast-Tracked for Initial Hearing on Tuesday
MGA Market Grows Swiftly, Exceeds $70 Billion in Premium in 2021
According to a new Conning study, premiums sourced by Managing General Agents (MGAs), a key distribution channel for U.S. property-casualty insurers, increased significantly in 2021. Growth was significantly higher than the robust growth seen in the P&C market as a whole. Conning estimates that the total MGA market exceeded $70 billion in direct premiums written… Continue reading MGA Market Grows Swiftly, Exceeds $70 Billion in Premium in 2021
DOJ Is Expected to File Google Antitrust Lawsuit in Weeks
According to people familiar with the matter, the US Justice Department is likely to reject concessions offered by Alphabet Inc., paving the way for an antitrust lawsuit over Google’s dominance of the online advertising market. While Google has made at least one settlement offer to the Justice Department’s antitrust division to address its concerns, the… Continue reading DOJ Is Expected to File Google Antitrust Lawsuit in Weeks
Population Growth Drives Hurricane Loss Trends
Florida, South Carolina, Georgia, and Delaware saw population growth in the 2010s that dramatically expanded the property damage a hurricane could cause in those states, according to a new Insurance Information Institute (Triple-I) Issues Brief. “The 2022 Atlantic hurricane season is expected to be “well above average” in terms of the number of named storms,… Continue reading Population Growth Drives Hurricane Loss Trends
Judge Says She Is Unlikely to Block California City’s Gun Insurance Law
The city of San Jose in California passed the first-of-its-kind ordinance, which would require gun owners to obtain liability insurance covering losses and damages stemming from negligent or accidental use of their weapons, in January. The measure was to take effect in August, but the city earlier this month said it would postpone it until… Continue reading Judge Says She Is Unlikely to Block California City’s Gun Insurance Law