Meta Seeks Dismissal of Shareholder Suit Alleging Failure to Address Human Trafficking
Attorneys for Meta Platforms and several of its current and former leaders, including founder Mark Zuckerberg, are asking a Delaware judge to dismiss a shareholder lawsuit alleging the company has deliberately failed to protect users of its social media platforms …
US Treasury Drops Plan to Collect Insurer Data on Climate Risks
The US government is stepping away from its effort to collect data on home insurance prices and availability at the Zip code level as premiums soar and climate risks to property intensify. Instead, it will join in a collaborative effort …
Liberty Mutual Execs See Q4 Momentum as 2023 Income Falls
Although Liberty Mutual reported worse underwriting results and lower net income in 2023 compared to the prior year, executives pointed to the momentum of the final quarter as an indicator of what’s ahead. “We made solid progress toward our 95 …
Former AIG Execs Launch E&S Company Dellwood Group for Small/Middle Sized Risks
Two former executives with American International Group (AIG) have launched a nationwide excess and surplus lines (E&S) insurance holding company. Michael Price and Kean Driscoll announced the formation of Dellwood Insurance Group, which they said will be dedicated to property/casualty …
Justice Department to Offer More Rewards to Corporate Whistleblowers
The U.S. Justice Department is expanding its whistleblower program to coax more tipsters to disclose corporate misconduct by offering monetary rewards, Deputy Attorney General Lisa Monaco said on Thursday. The Justice Department is already authorized to dole out awards for …
Deadly Ship Attack Means Red Sea Voyages Need Re-Thinking, Union Says
A major transport union urged a full halt of merchant ships sailing through the Red Sea, adding to calls for vessels to reconsider the voyages after a Houthi militant attack killed three sailors. “We call on the industry to divert …
Insurer Ageas Recruits Extra Adviser as it Pursues Direct Line Bid
Belgian insurer Ageas has brought in an additional adviser as it presses ahead with a potential takeover offer for Britain’s Direct Line, three sources familiar with the matter told Reuters. Ageas has lined up Deutsche Bank to work alongside its …
Europe Faces 3C of Global Warming. Here’s How It Plans to Cope.
Europe will be 3C hotter even if the world succeeds in limiting global warming to 1.5C above pre-industrial levels, bringing with it the heightened peril of extreme weather and trillions of euros of damages to the economy. Such climactic hazards …
Missouri Man, Woman Sentenced in $1.1M Insurance Fraud Scheme
Two Columbia, Missouri residents were sentenced in federal court on March 6 for their roles in a $1.1 million insurance fraud scheme that involved false claims of injuries suffered in faked car accidents. Michael Lee Gene Stapleton, 37, and Latoya …
People Moves: Schauer Group Names Schauer Head of Employee Benefits Division
Schauer Group, headquartered in Canton, Ohio, named Vice President Alex Schauer head of its employee benefits division. Schauer, who is based out of the firm’s Cleveland office, has been with Schauer Group since 2014 and has worked with Schauer Group’s …
Financial Services Firms Should Be Banned From Misusing Gag Orders: UK Lawmakers
Finance firms in Britain should be banned from misusing non-disclosure agreements (NDAs) to silence victims of sexual harassment and abuse, lawmakers said on Friday, calling for an end to an era of impunity for predators and bullies. In a report …
$7.8M Court Order Blocks Ghost Gun Retailer From Selling Certain Parts in New York
A federal judge on Wednesday permanently banned a Florida gun retailer from selling or delivering certain gun parts in New York that officials say can be used to assemble untraceable ghost guns and sold without background checks. The court order …
Booming Stock Market Leads to Higher US Household Wealth
U.S. household wealth rose to a record of roughly $156.2 trillion at the end of 2023 thanks to a surging stock market that offset a drop in property market values, the Federal Reserve said on Thursday. Household net worth rose …
Pacificorp Ordered to Pay Oregon Wildfire Victims Another $42M
A jury in Oregon has ordered PacifiCorp to pay more than $42 million to 10 victims of devastating wildfires on Labor Day 2020 — the latest verdict in litigation that is expected to see the electric utility on the hook …
OSHA Seeks $551K Penalty for Frozen Food Manufacturer After Worker’s Amputation
A Robbinsville, New Jersey frozen food manufacturer with a history of violating federal safety and health standards was cited again by the Occupational Safety and Health Administration (OSHA), after a worker suffered an amputation last August. The agency determined the …
Connecticut State University Dormitory Fire Displaces 60 Students
A dormitory fire Monday at Central Connecticut State University is forcing 60 students into temporary housing, the university said. The started around 6 p.m. on the first floor of F. Don James Hall, the university said. Sprinklers helped prevent flames …
People Moves: Aon Names Ahmed and Von Obstfelder Risk Analytics Product Leaders; Tokio Marine N. America’s Angelson Named C-Level Leader for Global Insurance Group
Aon Names Ahmed and Von Obstfelder as Advanced Risk Analytics Product Leaders Aon plc, headquartered in London, named to new leaders in global and U.S. commercial risk. Aon named Arshi Ahmed global head of analytics for financial, professional and cyber …
Ball Is in Labor Board’s Court After Dartmouth Basketball Team Votes to Unionize
The Dartmouth men’s basketball team voted to unionize Tuesday in an unprecedented step toward forming the first labor union for college athletes and another blow to the NCAA’s deteriorating amateur business model. In an election supervised by the National Labor …
Washington Commissioner Fined Insurers and Producers $66K
Washington state Insurance Commissioner Mike Kreidler fined insurers and producers $66,328 in January and February. Kreidler’s fines in January included New York Life Insurance Co. to the tune of $46,328 for failing to ensure its producers were up to date …
Cannabis Sales Outlook Promising for Insuring Cannabis Specialists
A new report shows global legal cannabis spending grew to $36 billion in 2023, and more importantly, that languishing sales in longer-legal states may soon start to swing back up – two big, encouraging signs for insuring cannabis specialists. BDSA, …
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