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PricewaterhouseCoopers must face $1B lawsuit over MF Global advice

Published August 27, 2014 - 2:30pm CST

(Reuters) — A federal judge on Wednesday ordered PricewaterhouseCoopers L.L.P. to face a $1 billion lawsuit claiming that its bad accounting advice was cause of the 2011 bankruptcy of MF Global Holdings Ltd.

OFF BEAT: Puppet maker says CBS violated copyright on gassy stuffed hippo

Published August 27, 2014 - 1:36pm CST

There are some phrases one simply never expects to encounter in a professional context — and until now, “the farting hippo” was certainly among them.

Malaysia police arrest 42 foreigners after riot at export factory

Published August 27, 2014 - 10:38am CST

(Reuters) — Malaysian police have arrested 42 men after a riot by up to 1,000 mostly Nepalese workers sparked fires and destroyed parts of an electronics export factory, highlighting accusations of poor conditions.

GM ignition-switch fund receives claims for more than 100 deaths

Published August 27, 2014 - 10:19am CST

(Reuters) — A program to compensate victims of crashes linked to a faulty ignition switch in General Motors Co. vehicles has received claims for 107 deaths as of Tuesday, according to a spokeswoman for the lawyer overseeing the program.

RBS mortgage fine deals blow to boss McEwan

Published August 27, 2014 - 10:09am CST

(Reuters) — Britain's financial regulator has fined Royal Bank of Scotland for selling mortgages without checking if customers could afford them, undermining Chief Executive Ross McEwan's efforts.

Ariel co-CEO Milligan to retire after sale of Ariel Re

By: Sarah Veysey

Published August 27, 2014 - 10:07am CST

Tom Milligan, co-CEO of Ariel Holdings Ltd., will retire upon completion of the sale of Ariel's reinsurance operations, Ariel Re, to Sao Paulo-based investment bank Banco BTG Pactual S.A.

Munich Re to expand Australian insurance business through Calliden deal

By: Sarah Veysey

Published August 27, 2014 - 10:06am CST

Munich Reinsurance Co. plans to expand its specialty, middle-market and small commercial insurance business in Australia in a three-way deal with a broker network and insurance group.

Vermont residents spend less on health care, but clouds are looming

By: Melanie Evans, Modern Healthcare

Published August 27, 2014 - 8:49am CST

With Vermont's ambitions for universal health care by 2017, reports say privately insured patients spent less time hospitalized and used more generic drugs than the average U.S. patient, in lieu of health reform.

Global insured losses from disasters reach $21B in first half: Swiss Re

By: Sarah Veysey

Published August 27, 2014 - 8:44am CST

Worldwide insured losses from disasters totaled about $21 billion in the first half of 2014, down from $25 billion in the comparable period last year and lower than the 10-year average for first-half losses.

Philip Morris ordered to defend fraud suit over U.S. military vendors

Published August 26, 2014 - 4:46pm CST

(Reuters) — A U.S. appeals court on Tuesday revived a lawsuit against Philip Morris USA Inc. that claims the tobacco company defrauded the federal government by failing to sell cigarettes at the lowest price.

U.S. loses bid to dismiss ex-AIG CEO's $25B lawsuit over bailout

Published August 26, 2014 - 4:35pm CST

(Reuters) — A federal judge has rejected the United States' bid to dismiss a more than $25 billion lawsuit filed by Maurice R. Greenberg, the former chief executive of American International Group Inc. to be run by Connecticut exchange leader

By: Darius Tahir, Modern Healthcare

Published August 26, 2014 - 3:57pm CST

The leader of one of the most successful state-based insurance exchanges will head to Washington to become CEO of the federal marketplace. The CMS named Connecticut's Kevin Counihan to the newly created post on Tuesday.

Retrofit bulks up corporate weight-loss effort with BSwift

By: John Pletz, Crain's Chicago Businsess

Published August 26, 2014 - 3:07pm CST

Chicago's Retrofit Inc., a tech-enabled weight-loss startup backed by J.B. Pritzker, Larry Levy and Jai Shekhawat, is teaming with BSwift, a Chicago-based health insurance services company.

Growing earnings, workforce pushed comp costs up 6.9% in 2012: Report

By: Sheena Harrison

Published August 26, 2014 - 12:37pm CST

Workers compensation costs paid by employers rose 6.9% to $83.2 billion year-over-year in 2012, driven largely by an increase in worker numbers and earnings.

NCCI proposes 2.5% workers comp rate decrease for Florida in 2015

By: Stephanie Goldberg

Published August 26, 2014 - 12:25pm CST

The National Council on Compensation Insurance Inc. has proposed a statewide workers compensation rate decrease in Florida for the first time in four years, the Florida Office of Insurance Regulation said.

U.S. inspector wanted reactor shut on quake fears: Report

Published August 26, 2014 - 11:03am CST

(Reuters) — A federal nuclear inspector urged U.S. regulators to shut down a California nuclear power plant until tests showed its reactors could withstand quake shocks.

Global reinsurers' underwriting profits down in first half of 2014: Fitch

By: Sarah Veysey

Published August 26, 2014 - 9:35am CST

The underwriting profits posted by global reinsurers fell in the first half of 2014 compared with the first six months of 2013, although the sector remained profitable.

OFF BEAT: Traffic hackers get the green light

Published August 26, 2014 - 8:48am CST

Whether hackers are looking to shave time off their commutes or pull off a gold heist like Michael Caine's character in 1969's “The Italian Job” (or Mark Wahlberg's character in the 2003 remake), authorities can add “tampering with traffic lights” to the growing list of cyber risks.

Pension contribution changes part of Philadelphia's deal with union

By: James Comtois, Pensions & Investments

Published August 25, 2014 - 4:23pm CST

Philadelphia reached a tentative seven-year contract agreement with the representatives from the city's largest municipal workers' union, AFSCME District Council 33.

U.S. property/casualty reinsurer net premiums double in 2014 first half: RAA

By: Matthew Lerner

Published August 25, 2014 - 3:44pm CST

A survey of 18 U.S. property/casualty reinsurers by the Reinsurance Association of America showed net written premiums among the group more than doubled to $28.4 billion.

OFF BEAT: $26M deal lets L.A.'s garbage men nap through lunch

Published August 25, 2014 - 2:37pm CST

It was a little known fact that Los Angeles had banned garbage truck drivers from taking naps on their lunch breaks, but now the drivers will be free to sleep since the Los Angeles City Council approved a $26 million legal settlement to end a class action lawsuit over the ban, the Los Angeles Times reported.

Judge casts doubt on Hewlett-Packard shareholder settlement in Autonomy lawsuit

Published August 25, 2014 - 1:15pm CST

(Reuters) — A U.S. judge cast doubt on Monday over a proposed agreement struck between Hewlett-Packard Co. and plaintiff shareholders to settle a lawsuit over the computing giant's botched acquisition of Autonomy P.L.C.

CMS to launch Medicare set-aside calculator for prescription drug costs

By: Sheena Harrison

Published August 25, 2014 - 12:43pm CST

Online tool would allow workers compensation claim payers to determine how much money should be allocated for prescription drugs in Medicare set-aside accounts.

Heinz recall brings food tracking issue to the fore in China

Published August 25, 2014 - 12:04pm CST

(Reuters) — The entanglement of H.J. Heinz Co. in China's latest food scare highlights a key concern for international and local firms.

Insured losses from Napa earthquake could reach $1B: Eqecat

By: Matthew Lerner

Published August 25, 2014 - 10:45am CST

Sunday's magnitude-6.0 earthquake centered near Napa, California, may have caused between $500 million and $1 billion in insured losses, catastrophe modeling firm Eqecat Inc. said Monday.

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