http://insurance.law360.com/ The Newswire for Legal Professionals Copyright 2009 Portfolio Media, Inc. en-US http://insurance.law360.com/images/headings/logo.gif http://insurance.law360.com/ http://insurance.law360.com/articles/135600 Concluding the largest credit default swap auction to date, credit derivatives traders on Friday reportedly set a value of 68.125 cents on the dollar for bankrupt commercial lender CIT Group Inc.’s defaulted bonds. http://insurance.law360.com/articles/135600 http://insurance.law360.com/articles/135390 A federal appeals court has vacated a $6.2 million jury verdict against Century Indemnity Co. in an environmental cleanup suit, ruling that the district court’s all-sums approach and jury instruction were not necessarily accurate in light of recent determinations by Massachusetts’ highest court. http://insurance.law360.com/articles/135390 http://insurance.law360.com/articles/135383 The highest court in West Virginia has overturned a $4.2 million jury verdict against Erie Indemnity Co., ruling that the decision by Erie and its subsidiaries to terminate a contract with Princeton Insurance Agency did not constitute restraint of trade under the Sherman Act. http://insurance.law360.com/articles/135383 http://insurance.law360.com/articles/135323 Trailer Bridge Inc. has accused Illinois National Insurance Co. of failing in its duty to defend the company in multidistrict litigation that alleges a conspiracy among shipping firms to eliminate competition in the market for freight services between the U.S. and Puerto Rico. http://insurance.law360.com/articles/135323 http://insurance.law360.com/articles/135334 Reversing a lower court, a federal appeals court has found that Admiral Insurance Co. must provide defense coverage to industrial boiler maker Wellons Inc. for damage caused by one of its oil heating systems that malfunctioned and led to the shutdown of a Martco Ltd. building product factory. http://insurance.law360.com/articles/135334 http://insurance.law360.com/articles/135407 A federal appeals court has affirmed a grant of summary judgment to Travelers Property Casualty Co. of America and Gulf Underwriters Insurance Group, ruling the insurers are not required to defend or indemnify a Seattle-based architectural firm over a 2000 parking garage collapse. http://insurance.law360.com/articles/135407 http://insurance.law360.com/articles/135438 A pipeline leak that poured 227 gallons of oil into the Gulf of Mexico, triggering a $3 million cleanup, is not covered by the insurance belonging to Jefferson Block 24 Oil & Gas LLC because the energy company did not specifically list the structure in its Mineral Management Service forms, the insurers have contended in a recent motion. http://insurance.law360.com/articles/135438 http://insurance.law360.com/articles/135340 A federal judge has remanded an insurance dispute between the liquidator of now-defunct Midland Insurance Co. and Serbia-based Dunav Re a.d.o. over around $3 million in disputed reinsurance coverage to state court. http://insurance.law360.com/articles/135340 http://insurance.law360.com/articles/135277 A New York state Supreme Court judge has dismissed criminal indictments against two former Marsh Inc. executives and a former Zurich American Insurance Co. executive accused of participating in a massive bid-rigging and price-fixing scheme. http://insurance.law360.com/articles/135277 http://insurance.law360.com/articles/135300 U.S. Senate Majority Leader Harry Reid of Nevada is pushing forward with plans for a vote this weekend that would allow the higher chamber of Congress to begin considering the Democrats' $848 billion proposed overhaul of the U.S. health care system. http://insurance.law360.com/articles/135300 http://insurance.law360.com/articles/135138 A federal appeals court has rendered a disputed lower court ruling in an insurance spat moot and unenforceable, citing a settlement between Olin Corp. and its insurers over $12 million spent cleaning up environmental contamination at two of the chemical producer's facilities near Niagara Falls, N.Y. http://insurance.law360.com/articles/135138 http://insurance.law360.com/articles/135135 A New Jersey state appeals court has reversed a ruling barring American International Group Inc. from compelling arbitration in an insurance contract dispute alleging bid-rigging from EPIX Holdings Corp., holding that AIG, while not a party to the contract, has standing to enforce its terms as parent company to one of the contractual parties. http://insurance.law360.com/articles/135135 http://insurance.law360.com/articles/135228 Clarification is imminent on a contested $50 million Lloyd's of London insurance policy issued to alleged Ponzi artist R. Allen Stanford and other executives at his Stanford International Bank and related entities, as the insurer has sued for declaratory relief in an effort to avoid funding the accused fraudsters' criminal defense. http://insurance.law360.com/articles/135228 http://insurance.law360.com/articles/135137 Willis Group Holdings Ltd. has struck a deal to shift a portion of its ownership stake in leading French insurance broker Gras Savoye & Cie to private equity firm Astorg Parters as part of a $700 million leveraged buyout transaction, giving Willis access to $160 million in cash and breathing room in its balance sheet. http://insurance.law360.com/articles/135137 http://insurance.law360.com/articles/135179 Conseco Inc. said on Thursday that it will offer up common stock worth roughly $230 million as the insurance company looks to pay down its debt in the wake of financial losses. http://insurance.law360.com/articles/135179 http://insurance.law360.com/articles/135187 Manulife Financial Corp., Canada's largest life insurer, has announced plans to sell up to CA$2.5 billion ($2.37 billion) in common shares to finance future acquisitions and beef up its capital to “fortress” levels. http://insurance.law360.com/articles/135187 http://insurance.law360.com/articles/135101 A federal judge has ordered the owners of the Cleveland Gladiators Arena Football League team to arbitrate claims in a related lawsuit against a unit of American International Group Inc. over premiums for a workers' compensation policy, finding that the issues fall within the scope of the arbitration agreement. http://insurance.law360.com/articles/135101 http://insurance.law360.com/articles/135119 More than a hundred Democratic members of the U.S. Senate and the House of Representatives called on the health insurance industry Wednesday to respond to allegations that insurers are planning steep premium rate hikes in 2010 in anticipation of health care reform legislation. http://insurance.law360.com/articles/135119 http://insurance.law360.com/articles/135005 A key U.S. House of Representatives committee on Wednesday approved a plan to break up financial institutions deemed a threat to the financial system as a whole, even those that are deemed to be healthy and well capitalized. http://insurance.law360.com/articles/135005 http://insurance.law360.com/articles/135029 A second former client has joined in a putative class action accusing Milberg LLP and other firms of negligence leading to the decertification and dismissal of a securities class action against a subsidiary of insurance giant American International Group Inc. http://insurance.law360.com/articles/135029