Archive for July 2024

Boeing Co. agreed to plead guilty to criminal conspiracy to defraud the US after the Justice Department concluded the planemaker failed to adhere to an earlier settlement stemming from two fatal crashes of its 737 Max jetliner. Under the agreement … Source: Claims Journal

It’s no surprise that a recent survey we conducted shows 25% of small businesses don’t feel secure in their understanding of workers’ compensation coverage and regulations. With many still feeling the talent shortage impact from the pandemic, they don’t often … Source: Claims Journal

Insurer GEICO has agreed to pay $6 million to settle claims by auto damage claims adjusters who allege the insurer failed to pay them for all hours they worked “off-the-clock.” The settlement affects 806 adjusters countrywide who worked for GEICO … Source: Claims Journal

Insurable losses from Hurricane Beryl across Jamaica and the Cayman Islands will be between $400 million and $700 million, while estimated insurable losses in Mexico’s Yucatan Peninsula are also less than $1 billion, according to catastrophe modeler CoreLogic. CoreLogic’s estimated … Source: Claims Journal

The amount of cryptocurrency stolen in hacks globally more than doubled in the first six months of 2024 from a year earlier, driven by a small number of large attacks and rising crypto prices, blockchain researchers TRM Labs said on … Source: Claims Journal

Progressive Insurance has agreed to a $48 million settlement with a class of 93,000 New York policyholders who claim the insurer underpaid their total loss claims on their vehicles. The $48 million represents approximately 54% of the compensatory damages alleged … Source: Claims Journal

General Motors will pay a $145.8 million penalty and forfeit credits worth hundreds of millions of dollars after a U.S. government investigation found excess emissions from approximately 5.9 million GM vehicles, government agencies said on Wednesday. The Environmental Protection Agency … Source: Claims Journal

Discover Financial Services, the credit-card firm that agreed to be acquired by Capital One Financial Corp., said it reached an agreement to resolve class-action litigation for overcharging merchants. The lender, which acknowledged the lapses last year, expects that the $1.2 … Source: Claims Journal

Walmart must face a lawsuit claiming it often charges higher prices at the register than it posts on store shelves, costing consumers hundreds of millions of dollars a year, a federal appeals court ruled on Wednesday. Reversing a lower court … Source: Claims Journal

Weather-related catastrophes are increasing in frequency and intensity, and billion-dollar disasters are becoming the norm. The U.S. averages about 10 disasters costing more than $1 billion each year. Investing in resilience and preparedness won’t prevent these losses, but they can … Source: Claims Journal