ABA Journal

Insurance & Financial Services

60 ABA Journal Insurance & Financial Services articles.

GEICO can’t relitigate $5.2M award for car-sex STD after refusing to defend car owner, appeals court rules

GEICO had no right to relitigate a $5.2 million arbitration award to a woman who contracted a sexually transmitted disease in a car insured by the company, a Missouri appeals court has ruled.

Legal malpractice payouts reach ‘troubling new heights;’ 4 insurers contributed to claims above $300M, survey says

Legal malpractice insurers are reporting skyrocketing payouts of tens of millions of dollars, even as claims frequency remains relatively flat, according to a survey by insurance broker Ames & Gough.

New law toughens stock disclosure requirements for federal judges; separate ethics bill faces ‘steep climb’

President Joe Biden on Friday signed into law a bill that strengthens financial disclosure requirements for federal judges.

Judge holds Trump in contempt, fines him $10K per day in fight over business documents

A state court judge in New York City has held former President Donald Trump in civil contempt and ordered him to pay $10,000 per day until he turns over subpoenaed documents or takes other steps to show that they don't exist.

Restaurants can’t recover COVID-19 losses through ‘business interruption’ insurance, 2 top state courts rule

The top state courts in Iowa and Massachusetts have ruled that restaurants can’t recover COVID-19 shutdown losses from "business interruption" policies.

Judge won’t toss $13B suit against Baker Donelson and insurer for alleged spying on litigant

A state court judge in Georgia has refused to toss a $13 billion lawsuit alleging that Baker Donelsen and American Family Insurance conspired to spy on a litigant with illegally placed electronic devices.

SEC alleges Las Vegas lawyer shot by FBI was part of a $449M Ponzi scheme

The U.S. Securities and Exchange Commission alleges in a lawsuit that a Las Vegas lawyer and his law firm were involved in a $449 million Ponzi scheme that sold investments in fictitious insurance tort settlements.

Did lawyers for Barclays cause $600M error?

Barclays, a British bank, estimates that it will suffer a loss of nearly $600 million after it issued securities that exceeded the amount registered in the United States by about $15 billion.

Lawyer shot and injured by FBI agents admitted orchestrating $300M Ponzi scheme, prosecutor alleges

A lawyer shot and injured by FBI agents last week confessed to orchestrating a $300 million Ponzi scheme, a federal prosecutor told a judge. The lawyer has been charged with assault on a federal officer for allegedly waving a gun at three FBI agents.

Regulate cryptocurrencies and fintech products before it’s too late, urges author

Hilary J. Allen isn't sorry if you find her new book scary. In fact, she's hoping that Driverless Finance: Fintech's Impact on Financial Stability can spook enough people to create momentum for change.

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Elite universities violated antitrust law in financial aid collaboration, lawsuit claims

Nine elite universities sometimes consider applicants’ ability to pay tuition during the admissions process, which means that the schools should not be entitled to an antitrust exemption that allows them to collaborate on financial aid formulas, a federal lawsuit has alleged.

Federal judge says it’s ‘almost insane’ to assert wife’s stock holdings affected his decisions

Updated: A federal judge in Virginia said in a recusal hearing last week that it was “almost insane” to assert that his wife’s $22,000 holding in Amazon.com Inc. stock affected his decisions in a case involving the company.

Former legal chief at Farmers Insurance awarded $150M in punitive damages in firing suit

The former legal chief for Farmers Insurance was awarded $150 million in punitive damages Thursday in a wrongful termination lawsuit claiming that he was wrongly blamed for a sex-bias suit filed by female attorneys.

Ex-LeClairRyan general counsel gets prison time, while firm insurer agrees to pay $10M to bankruptcy trustee

The former general counsel of the defunct law firm LeClairRyan was sentenced to 44 months in prison in Richmond, Virginia, on Monday for lying to the U.S. Trustee Program while trying to thwart an investigation into his embezzlement of more than $4 million.

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