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Most Recent Specialty Risks News

Abbott Labs' $84M insurance award in claims dispute over obesity drug upheld

By: Judy Greenwald

Published July 29, 2014 - 4:45pm CST

An Illinois appeals court has upheld an $84.5 million insurance award to drugmaker Abbott Laboratories in a breach-of-contract claim against several Lloyd’s of London syndicate underwriters.

Oil Insurance to increase per-occurrence limit to $400 million

By: Kate Shepherd

Published July 29, 2014 - 3:50pm CST

Oil Insurance Ltd. will increase its per-occurrence limit from $300 million to $400 million and its event aggregation limit from $900 million to $1.2 billion, the insurer said Tuesday.

Israel's Iron Dome makers hit by hackers: Report

Published July 29, 2014 - 3:23pm CST

(Reuters) — Three Israeli defense contractors behind the Iron Dome missile shield and related systems were themselves robbed of hundreds of documents by hackers linked to the Chinese government starting in 2011, according to an independent U.S. security researcher.

OFF BEAT: Artists alliance sings blues over built-in car audio recorders

Published July 29, 2014 - 2:56pm CST

The Alliance of Artists and Recording Companies Inc. says it’s being taken for a ride by American automobile manufacturers.

Pet food company settles EEOC pregnancy discrimination suit for $30,000

By: Judy Greenwald

Published July 29, 2014 - 2:54pm CST

A pet food manufacturer that fired a lab technician an hour after learning she was pregnant, citing safety concerns for both mother and baby, has agreed to settle a U.S. Equal Employment Opportunity Commission pregnancy discrimination case for $30,000.

Product liability case against Smith & Wesson reinstated on appeal

By: Judy Greenwald

Published July 29, 2014 - 2:04pm CST

A federal court should have admitted a plaintiff expert’s testimony, even though it contradicted the plaintiff’s own testimony regarding the circumstances of his accident, says a federal appeals court.

Allied World North America offers architects and engineers liability insurance

By: Kate Shepherd

Published July 29, 2014 - 1:25pm CST

Allied World North America, a unit of Allied World Assurance Co. Holdings A.G., has launched architects and engineers professional liability insurance coverage for the U.S. market.

Canada accuses Chinese of trying to hack government network

Published July 29, 2014 - 11:58am CST

(Reuters) — Canada on Tuesday took the unusual step of singling out Chinese hackers for attacking a key computer network and lodged a protest with Beijing, raising tensions at a time when Ottawa wants to boost oil sales to China.

Smith & Wesson settles charges of bribing foreign officials for $2M

By: Judy Greenwald

Published July 28, 2014 - 2:39pm CST

Gunmaker Smith & Wesson Holding Corp. has agreed to pay $2 million to settle U.S. Securities and Exchange Commission charges that it violated the Foreign Corrupt Practices Act by bribing foreign officials in several countries, the agency said Monday.

Microsoft targeted in apparent Chinese antitrust probe

Published July 28, 2014 - 2:17pm CST

(Reuters) — Microsoft Corp. appears to be the latest U.S. company targeted by China for antitrust investigation as government officials paid sudden visits to the software firm's Chinese offices on Monday.

EEOC sues employer for demanding health care details for worker absences

By: Judy Greenwald

Published July 28, 2014 - 2:03pm CST

The EEOC has filed suit against a construction equipment supplier, charging that it violated the Americans with Disabilities Act by improperly demanding disability-related information from its workers.

Lloyds Bank fined $370M for rigging Libor interest rates

Published July 28, 2014 - 10:51am CST

(Reuters) — Britain's Lloyds Banking Group P.L.C. has agreed to pay fines totaling $370 million to U.S. and British authorities investigating its part in a global interest rate rigging scandal and manipulating fees for a U.K. government lending plan.

OFF BEAT: Dog slips disc in tall grass, owner wants vet bill reimbursed

Published July 28, 2014 - 10:25am CST

The legal arena can be a dog-eat-dog world, but one pet owner from England is taking on her local council to seek compensation for injuries her dog sustained while undertaking that most clichéd of dog activities: chasing a cat.

Evidence of racial discrimination in Cablevision case overlooked: Appeals court

By: Judy Greenwald

Published July 25, 2014 - 2:29pm CST

A federal court overlooked evidence when it dismissed the racial discrimination and retaliation claims of a fired African-American area operations manager at Cablevision Systems Corp., a U.S. appeals court ruled Friday in reinstating the charges.

Seattle man gets 1½ years for Microsoft insider trades

Published July 25, 2014 - 2:22pm CST

(Reuters) — An online stock trader who profited from inside information passed to him by a former Microsoft Corp. finance employee was sentenced to 1½ years in prison in Seattle on Friday.

OFF BEAT: Apparel maker has ‘Duck Dynasty’ camo in its sights

Published July 25, 2014 - 1:46pm CST

A Florida apparel manufacturer is taking aim at a line of camouflaged T-shirts from the once-popular reality TV series “Duck Dynasty.”

Ex-BizJet CEO pleads guilty in Latin American bribe scandal

By: Judy Greenwald

Published July 25, 2014 - 1:24pm CST

The former president and CEO of Oklahoma City-based BizJet International Sales & Support Inc. has pleaded guilty for his participation in a scheme to pay bribes to Mexican and Panamanian government officials.

Insurance specialist law firm Kaufman Dolowich & Voluck adds partners

By: Kate Shepherd

Published July 25, 2014 - 11:18am CST

Insurance specialist law firm Kaufman Dolowich & Voluck L.L.P., based in Woodbury, New York, on Thursday said it has added two partners to its staff.

Citigroup unit pays record penalty to settle SEC charges

Published July 25, 2014 - 10:57am CST

(Reuters) — A business unit of Citigroup will pay $5 million to settle civil charges that one of its private trading venues violated federal law by failing to protect its clients' confidential trading data, U.S. regulators said Friday.

European Central Bank reports data breach of public website

By: Judy Greenwald

Published July 24, 2014 - 3:33pm CST

The European Central Bank on Thursday reported a breach of its public website, saying it learned about the event after getting an anonymous email seeking financial compensation for the stolen data.

Court reinstates former Indiana prison counselor's sex discrimination case

By: Judy Greenwald

Published July 24, 2014 - 2:23pm CST

An appeals court has reinstated sex discrimination and hostile work environment claims filed by a former Indiana prison substance abuse counselor, who was fired because she had an affair with a co-worker.

Unpaid intern doesn't count as employee in retaliation case: Wis. high court

By: Stephanie Goldberg

Published July 24, 2014 - 12:43pm CST

An unpaid psychologist intern is not considered an employee and therefore not entitled to protections under Wisconsin's anti-retaliation law for health care workers, the Wisconsin Supreme Court ruled Tuesday.

Reported data breaches running 20.5% higher than in 2013: Report

By: Judy Greenwald

Published July 24, 2014 - 12:37pm CST

The number of data breaches so far this year, at 411, is a 20.5% increase over the same time period last year, says the Identity Theft Resource Center, in a report issued Wednesday.

Morgan Stanley to pay $275M penalty for misleading RMBS investors

Published July 24, 2014 - 11:45am CST

(Reuters) — The U.S. Securities and Exchange Commission said on Thursday it had charged Morgan Stanley with misleading investors about two mortgage-backed securities it issued before the 2008 financial crisis, and that the bank would pay $275 million to settle the case, according to a press release.

Standard & Poor's may face SEC charges over ratings

Published July 24, 2014 - 10:59am CST

(Reuters) — The parent of Standard & Poor’s, which is defending against a $5 billion lawsuit by the federal government over its credit ratings, said on Wednesday it may soon also face U.S. Securities and Exchange Commission charges over another set of ratings.