Archive for September 2024

As social inflation continues to exert pressure on the insurance industry, this is not only a financial issue, but one with far-reaching impacts on insurers, beneficiaries, and society at large. Rising litigation costs, evolving societal expectations, and increasingly complex claims … Source: Claims Journal

The head of the Federal Aviation Administration told a U.S. House subcommittee on Tuesday that safety culture improvements at Boeing may take three to five years to complete. “It is not a six-month program – it is a three-year to … Source: Claims Journal

The U.S. Department of Justice sued Visa for alleged antitrust violations on Tuesday, accusing one of the world’s largest payment networks of suppressing competition by threatening merchants with high fees and paying off potential rivals. Visa processes more than 60% … Source: Claims Journal

Elon Musk lost a legal fight over unpaid severance to a former Twitter employee who was laid off when he took over the social media platform in 2022, according to a memo obtained by Bloomberg News. The resolution of the … Source: Claims Journal

The soaring cost and difficulty of insuring against climate risks may force people to relocate, the head of Canada’s main financial regulator warned. Rising damages from extreme weather don’t seem to be a regulatory problem, but rather a cost problem, … Source: Claims Journal

Toyota has been sued in a proposed U.S. class action accusing the Japanese automaker of emissions cheating in nine engines for its forklift trucks. A complaint was filed by forklift purchasers on Sunday night in San Francisco federal court against … Source: Claims Journal

Municipal bond funds that lost more than $200 million after a sprawling Arizona sports complex collapsed into bankruptcy sued the investment bank that underwrote the debt for the project and the father-and-son team that developed and managed it. The Vanguard … Source: Claims Journal

California and several environmental groups sued Exxon Mobil on Monday and accused the oil giant of engaging in a decades-long campaign that helped fuel global plastic waste pollution. Speaking at an event during Climate Week in New York City, California … Source: Claims Journal

Purdue Pharma LP said its making progress in settlement talks with members of the Sackler family who own the company and won another extension of a breathing spell that’s shielded the family from civil lawsuits for years. Judge Sean Lane … Source: Claims Journal

A hacker responsible for a cybercrime campaign that impacted up to 165 companies this summer is still at large and recently broke into a “handful” of new organizations, according to a cybersecurity specialist at Alphabet Inc.’s Google. The attacker, who … Source: Claims Journal