Posts by Y@DminG
JPMorgan Drops Suit Against Tesla Over Musk Tweet, Warrants
JPMorgan Chase & Co. agreed to drop a lawsuit it filed against Tesla Inc. three years ago seeking $162 million tied to stock warrant transactions. The move to end the litigation was announced Friday in a one-page court filing by … Source: Claims Journal
Read MoreAM Best Says Outlook for U.S. Commercial Insurance Segment ‘Stable’ as Profits Stay Strong
AM Best is maintaining its stable market segment outlook on the U.S. commercial lines insurance sector for 2025, due partly to its persistently strong underwriting performance and improved investment returns, which have bolstered operating profitability. Reserve adequacy in the commercial … Source: Claims Journal
Read MoreBritish Columbia Can Mount Opioid Class Action, Canada’s Top Court Says
The province of British Columbia can bring a class action lawsuit against pharmaceutical companies for opioid harms on behalf of multiple governments across Canada, the country’s Supreme Court ruled on Friday. In 2018, BC sued more than 40 drug manufacturers, … Source: Claims Journal
Read MoreInsurer Says Pollution Exclusion Sinks Coverage for Pool Chemical Injuries
A commercial general liability policy with a pollution exclusion does not protect a Virginia homeowners association from lawsuits filed by swimmers alleging they were injured by chemicals discharged into the community pool. That is the argument made by Philadelphia Indemnity … Source: Claims Journal
Read MoreHowden Survey Shows Cyberattacks Cost UK Businesses $55.3B During Past 5 Years
Cyberattacks cost U.K. businesses approximately £44 billion (US$55.3 billion) in lost revenue over the past five years, according to research published by Howden, the London-based insurance intermediary group. Half of those businesses (52%), or 1.3 million private sector companies, have … Source: Claims Journal
Read MoreMoody’s: Rising Flood Risks Posing Greater Challenges for Eastern and Southern US
Flood risk is rising across the Eastern and Southern states from extreme rainfall, hurricanes, and sea level rise, according to a new report by Moody’s Ratings. The increasing flooding hazard poses “significant credit challenges” that include rising property insurance rates, … Source: Claims Journal
Read MoreUS Auto Sales Set to Rise in November Amid Steeper Discounts, Report Shows
New vehicle sales in the U.S. are projected to have risen 6.7% in November from a year earlier, driven by higher discounts to clear elevated inventory, according to a joint report by industry consultants J.D. Power and GlobalData last week. … Source: Claims Journal
Read MoreZoom Offers $18 Million to Settle SEC Privacy Probe From 2020
Zoom Communications Inc. has offered $18 million to settle a four-year-old U.S. Securities and Exchange Commission probe related to its privacy policies and communications. In the most recent quarter, the company recorded an $18 million expense for a “tentative settlement … Source: Claims Journal
Read MoreSupreme Court Seeks US Views in $1 Billion Music Copyright Case
The U.S. Supreme Court sought the federal government’s views in a billion-dollar copyright clash between the music industry and internet provider Cox Communications Inc. Entertainment companies including units of Sony Group Corp., Warner Music Group Corp. and Universal Music Group … Source: Claims Journal
Read MoreAfter Tens of Billions in Insured Losses, Record-Breaking Hurricane Season Ends
The 2024 Atlantic hurricane season ends Nov. 30 after 18 named storms including the earliest Category 5 storm on record, and possibly one of the costliest hurricanes to the insurance industry. Of the 18 named storms, 11 were hurricanes and … Source: Claims Journal
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