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EEOC charges City Colleges of Chicago with age discrimination

By: Judy Greenwald

Published July 31, 2014 - 4:20pm CST

The U.S. Equal Employment Opportunity Commission has filed an age discrimination lawsuit against a City Colleges of Chicago community college for allegedly failing to hire an adjunct professor for a full-time faculty position because of her age.

SEC awards $400K to whistleblower who first tried internal resolution

By: Judy Greenwald

Published July 31, 2014 - 3:35pm CST

The U.S. Securities and Exchange Commission has issued an award of more than $400,000 to a whistleblower who reported a fraud to the agency after the company failed to address the issue internally, the agency said Thursday.

Insurer not required to pay for Phoenix diocese's abuse settlements: Court

By: Judy Greenwald

Published July 31, 2014 - 3:30pm CST

A Fireman's Fund Insurance Co. unit is not obligated under terms of its excess insurance policies to indemnify the Roman Catholic diocese in Phoenix for settlements it reached in connection with priests' sexual abuse.

Irish gambling site reveals data breach

By: Judy Greenwald

Published July 31, 2014 - 3:00pm CST

An online Irish gambling website said Thursday that data on 649,055 of its customers was hacked in 2010, although no financial information or customer passwords were accessed in the hacking incident.

Target names outsider as CEO after data breach

Published July 31, 2014 - 2:38pm CST

(Reuters) — Beleaguered retailer Target Corp. named former PepsiCo and Wal-Mart executive Brian Cornell as CEO and chairman as it tries to regain customer confidence following a devastating data breach last year that hit earnings.

Commercial property/casualty rates remain soft in 2nd quarter: Survey

By: Matthew Lerner

Published July 31, 2014 - 2:24pm CST

Commercial property/casualty insurance pricing continued to soften during the second quarter, according to the Council of Insurance Agents & Brokers’ quarterly “Commercial Property/Casualty Market Index Survey,” the Council said Thursday.

Cigna to expand into new state exchanges despite early exchange financial losses

By: Melanie Evans, Modern Healthcare

Published July 31, 2014 - 2:06pm CST

Insurer Cigna Corp. plans to enter health insurance exchanges in Maryland, Georgia and Missouri next year, expanding its investment in the newly created markets despite losses seen in other exchange markets.

Single payment option available for Transitional Reinsurance Program fee: HHS

By: Jerry Geisel

Published July 31, 2014 - 1:41pm CST

Employers will have their choice to pay a controversial health care reform law fee in one payment or two installments, according to new guidance from the U.S. Department of Health and Human Services.

Census Bureau to release annual uninsured report in September

By: Jerry Geisel

Published July 31, 2014 - 12:20pm CST

The U.S. Census Bureau in mid-September will release its annual report on the number of people in the United States without health insurance.

Unum reports 10.9% profit for 2nd quarter

By: Stephanie Goldberg

Published July 31, 2014 - 12:11pm CST

Chattanooga, Tenn.-based Unum Group is reporting a second quarter net income of $242.5 million, up 10.9% from $218.6 million in the same period last year, the insurer said in its earnings statement Wednesday.

China diners test McDonald's, Yum says food scare hurts KFC, Pizza Hut sales

Published July 31, 2014 - 12:02pm CST

(Reuters) — A food safety scare in China is testing local consumers' loyalty to foreign fast-food brands, including McDonald's Corp. and Yum Brands Inc., which owns the KFC and Pizza Hut chains.

Hartford reports deeper second-quarter loss of $467M

By: Bill Kenealy

Published July 31, 2014 - 11:27am CST

The Hartford Financial Services Group Inc. on Wednesday reported a net loss of $467 million for the second quarter of 2014 compared with a net loss of $190 million in the second quarter last year.

U.S. government warns retailers about malicious software

Published July 31, 2014 - 11:07am CST

(Reuters) — The U.S. Department of Homeland Security warned retailers about a type of malicious software attacking point-of-sales systems, dubbed "Backoff," that it said is undetectable by most types of anti-virus software.

Hackers can tap USB devices in new attacks, researcher warns

Published July 31, 2014 - 10:35am CST

(Reuters) — USB devices such as keyboards, thumb-drives and mice can be used to hack into personal computers in a potential new class of attacks that evade all known security protections.

House approves resolution to sue Obama for ACA employer mandate delay

By: Jerry Geisel

Published July 31, 2014 - 10:13am CST

On a near-party-line vote, the House of Representatives on Wednesday approved a resolution authorizing the House leadership to sue President Barack Obama for regulatory action taken last year that delayed the health care reform law’s employer mandate by one year.

Workers comp rate decrease of 5.5% proposed for Illinois

By: Sheena Harrison

Published July 31, 2014 - 9:43am CST

The National Council on Compensation Insurance Inc. has proposed a 5.5% decrease in Illinois workers compensation advisory rates next year, Illinois Gov. Pat Quinn announced Wednesday.

Cigna second-quarter profit rises as premium revenue grows

Published July 31, 2014 - 9:10am CST

(Reuters) — U.S. health insurer Cigna Corp. on Thursday said second-quarter profit and revenue both rose as it took in more health care premiums and fees from more customers in its commercial business.

Reinsurer Scor sees profit rise 35% amid low disaster claims

Published July 31, 2014 - 9:01am CST

(Reuters) — French reinsurer Scor S.E. posted on Thursday a 35.4% increase in first-half net profit as its property/casualty business benefited from a low level of major catastrophes.

Federal Obamacare market still faces cost overruns, delays: Watchdog

Published July 31, 2014 - 8:12am CST

(Reuters) — Ten months after the botched rollout of, Obamacare's federal health insurance exchange is still dogged by cost overruns and technology delays that could hamper enrollment when it resumes in November, a U.S. watchdog said.

Endurance terminates takeover bid for Aspen Insurance

By: Matthew Lerner

Published July 30, 2014 - 3:47pm CST

Endurance Specialty Holdings Ltd. on Wednesday said it has terminated its offer to acquire Aspen Insurance Holdings Ltd. and will not be pursuing its board size increase and scheme of arrangement proposals.

House passes bills to strengthen U.S. cyber security efforts

By: Judy Greenwald

Published July 30, 2014 - 3:19pm CST

The House of Representatives has approved three bipartisan bills intended to strengthen efforts to combat cyber attacks on the critical infrastructure.

OFF BEAT: Hockey fans can add another icy risk to their pastime

Published July 30, 2014 - 2:50pm CST

A Los Angeles area couple claims the Los Angeles Kings are responsible for ruining their sex life, according to reports.

Case against Boeing for firing worker with migraines can proceed

By: Judy Greenwald

Published July 30, 2014 - 2:29pm CST

A federal court has refused to dismiss a Family Medical Leave Act violation claim by a Boeing Co. employee who was terminated after she attempted to take FMLA leave for her migraines, stating there is evidence the company discriminated against her.

Bank of America ordered to pay $1.27B for Countrywide fraud

Published July 30, 2014 - 2:24pm CST

(Reuters) — A federal judge on Wednesday ordered Bank of America Corp. to pay $1.27 billion of damages after a federal jury found the second-largest U.S. bank liable for fraud over defective mortgages sold by its Countrywide unit.

RenaissanceRe quarterly profit surges to $120.7M

By: Matthew Lerner

Published July 30, 2014 - 2:21pm CST

RenaissanceRe Holdings Ltd. posted second-quarter net income of $120.7 million, a nearly fivefold increase from $26.8 million in the prior-year quarter as revenue and investment income jumped and net claims and claims expenses fell.