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Total cost of risk for companies rises in 2013: RIMS survey

By: Bill Kenealy

Published July 28, 2014 - 2:43pm CST

The average total cost of risk for companies rose for third straight year in 2013, analysis released Monday by the Risk & Insurance Management Society Inc. and Advisen Ltd. finds.

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.

U.S. group overhauls China business in meat safety scandal

Published July 28, 2014 - 10:53am CST

(Reuters) — A leading U.S. meat supplier said on Monday that a Chinese unit at the center of a food safety scandal had issues that were “absolutely inconsistent” with the group's high standards.

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.

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.”

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.

Chubb net income falls to $499M in second quarter

By: Mark A. Hofmann

Published July 24, 2014 - 3:55pm CST

Chubb Corp.’s net income for the 2014 second quarter decreased to $499 million, a 13.8% decrease from the same period last year, the insurer announced Thursday.

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.

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.

McDonald's feels 'bit deceived' by audit results from China plant

Published July 24, 2014 - 11:20am CST

(Reuters) — McDonald’s Corp. Chief Executive Don Thompson said the company feels “a bit deceived” by the audit it received for China supplier Shanghai Husi Food Co Ltd., which was shut down after a television report showed workers mishandling meat and mixing fresh meat with product past its expiration date.

Greenbrier says rapid phase-out of older oil-by-rail tank cars doable

Published July 24, 2014 - 10:02am CST

(Reuters) — A top U.S. railcar maker, The Greenbrier Companies Inc., said on Wednesday a two-year timeline to retire older railcars that carry dangerous flammable liquids, including North Dakota Bakken crude, is “aggressive” but can be done.

GM recalls 717,950 vehicles in U.S., not for ignition switches

Published July 23, 2014 - 2:46pm CST

(Reuters) — General Motors Co. on Wednesday announced six recalls covering 717,950 vehicles in the United States for varying reasons, although none were related to ignition switch issues.

Facebook's Zuckerberg to testify at N.Y. forgery trial: Prosecutors

Published July 23, 2014 - 2:46pm CST

(Reuters) — The government will call Mark Zuckerberg to testify against an upstate New York man accused of trying to cheat the billionaire founder of Facebook Inc. out of half his stake in the social media company, a federal prosecutor said on Tuesday.

Yum China severs ties with owner of plant in meat scandal

Published July 23, 2014 - 2:41pm CST

(Reuters) — Yum Brands Inc.'s China division has stopped buying from OSI China after Shanghai police detained five people connected to the meat supplier's factory at the center of a new food safety scandal, Yum said Wednesday.

Federal exchange premium subsidies still available while lawsuits proceed

By: Matt Dunning

Published July 23, 2014 - 2:32pm CST

The Obama administration has said it will continue providing premium subsidies for health care plans purchased through federally run public exchanges, pending a final resolution of two lawsuits seeking to limit their availability.

Goodwill unit settles charges it retaliated against worker who testified in suit

By: Judy Greenwald

Published July 23, 2014 - 1:28pm CST

Goodwill Industries of Southwest Oklahoma & North Texas Inc. has agreed to pay $100,000 to settle a U.S. Equal Employment Opportunity Commission lawsuit in which it was charged with retaliating against an employee who had testified on another worker's behalf in a sex and age discrimination lawsuit, the agency said.

Ascent Underwriting increases limits on medical billings liability coverage

By: Kate Shepherd

Published July 23, 2014 - 1:15pm CST

Specialist managing general agent Ascent Underwriting L.L.P. on Wednesday said it has increased the limits on its CyberPro medical billings errors and omissions product up to $5 million.

Hacking experts build device to protect cars from cyber attacks

Published July 23, 2014 - 10:35am CST

(Reuters) — Two security experts who a year ago exposed methods for hacking the Toyota Prius and Ford Escape say they have developed technology that would keep automobiles safe from cyber attacks.

Harley-Davidson, a U.S. icon, highlights offshoring's perils

Published July 22, 2014 - 3:20pm CST

(Reuters) — U.S. motorcycle maker Harley-Davidson Inc. came late to the offshoring game.

Guide covers noncompete and trade secrets laws for all 50 states

By: Judy Greenwald

Published July 22, 2014 - 2:10pm CST

Chicago-based law firm Seyfarth Shaw has released a guide to the 50 states’ noncompete and trade secrets laws.

China food scandal spreads, drags in Starbucks, Burger King and McNuggets in Japan

Published July 22, 2014 - 10:33am CST

(Reuters) — The latest food scandal in China is spreading fast, dragging in U.S. coffee chain Starbucks, Burger King Worldwide Inc. and others, as well as McDonald's products as far away as Japan.

Travelers ordered to pay over $500M in asbestos case

Published July 22, 2014 - 10:22am CST

(Reuters) — A federal appeals court on Tuesday said Travelers Cos. should pay more than $500 million to satisfy asbestos-related claims stemming from its coverage of policyholder Johns-Manville Corp.

Alabama health system, doctors group settle whistleblower kickback case for $24.5M

By: Judy Greenwald

Published July 21, 2014 - 3:54pm CST

An Alabama health system and a physicians group have reached a $24.5 million settlement of a whistleblower lawsuit, in which they were charged with violating the False Claims Act by paying or receiving kickbacks in connection with claims to the Medicare program, the Department of Justice said Monday.

Both House, Senate TRIA bills, place more liability on insurers: Report

By: Rodd Zolkos

Published July 21, 2014 - 3:13pm CST

While bills introduced in the U.S. Senate and House of Representatives to extend the federal terrorism backstop mark progress towards that goal, both would raise the insurance industry’s liability following a terrorist attack.

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