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Results: 1-10 of 16

Court denies dismissal of putative class action alleging kickbacks accepted by lender via its captive reinsurer

  • Jorden Burt LLP
  • -
  • USA
  • -
  • September 27 2012

A breach of contract claim survived dismissal in a potential class action lawsuit by homeowners against a mortgage lender for alleged kickbacks obtained when the lender required the homeowners to pay for force-placed insurance (FPI) on mortgaged properties

Court holds Hezbollah liable to insurers for $9 billion for claims paid resulting from September 11 terrorist attacks

  • Jorden Burt LLP
  • -
  • USA
  • -
  • June 14 2012

A federal district court has held that Hezbollah is liable for over $9 billion in damages on subrogation claims brought by insurers under the “business or property” provisions of the Anti-Terrorism Act

Seventh Circuit affirms “clear trend” against RESPA Section 8 class actions

  • Jorden Burt LLP
  • -
  • USA
  • -
  • June 4 2012

Perhaps signaling an increased unwillingness of courts to certify putative class actions premised on alleged violations of Section 8 of the Real Estate Settlement Procedures Act (RESPA), the Seventh Circuit Court of Appeals affirmed the district court’s denial of class certification where plaintiffs alleged a title insurer made illegal kickbacks to real estate attorney title agents in violation of both RESPA (12 U.S.C. 2607) and the Illinois Consumer Fraud Act

Appellate division holds that triable issues exist in New York AG’s case against former AIG executives concerning Gen Re finite reinsurance transaction

  • Jorden Burt LLP
  • -
  • USA
  • -
  • May 16 2012

After settling with AIG for $1 billion, the New York Attorney General remains in pursuit of two former AIG executivesformer CEO Maurice “Hank” Greenberg and former CFO Howard Smithin connection with their alleged roles in a finite reinsurance transaction between AIG and Gen Re and a transaction between AIG and Capco Reinsurance Company, an offshore shell company that AIG allegedly used to disguise unfavorable loss ratios from the investing public

US court rules Syrian defendants sponsored terrorism

  • Jorden Burt LLP
  • -
  • USA
  • -
  • September 21 2011

The US District Court for the District of Columbia recently held an evidentiary hearing on two actions initiated by Lloyd’s against the Syrian Arab Republic, the Syrian Air Force Intelligence Agency, and Syria’s Director of Military Intelligence (the claims against the named Libyan defendants having been dismissed pursuant to the enactment of the Libya Claims Resolution Act

UK FSA assesses Willis Limited largest bribery fine ever

  • Jorden Burt LLP
  • -
  • USA
  • -
  • August 22 2011

The UK Financial Services Authority handed down its largest ever fine relating to bribery in late July

Retrocessionaire bound by unwritten agreement

  • Jorden Burt LLP
  • -
  • USA
  • -
  • May 17 2011

When IRC Re Limited "at the 11th hour" denied the existence of a written reinsurance agreement and refused to pay its share of the liabilities arising from the underlying insurance program, Trenwick America Reinsurance sued IRC Re, its CEO, and IRC Re's affiliate responsible for managing the underlying insurance program for breach of contract, fraud, and bad faith

Securities fraud accounting rule class action against reinsurer dismissed

  • Jorden Burt LLP
  • -
  • USA
  • -
  • December 2 2010

A federal district court dismissed a securities fraud class action against Swiss Re brought by a pension fund on behalf of all purchasers of Swiss Re's shares

Second Circuit reverses in favor of AIG on fraud claims, finding AXA ignored “storm warnings”

  • Jorden Burt LLP
  • -
  • USA
  • -
  • August 30 2010

The Second Circuit Court reversed a $34.3 million judgment rendered after a jury verdict against AIG on fraudulent inducement claims asserted by AXA arising from reinsurance facilities the parties entered into in or about 1998

Sovereign immunity bars lawsuit alleging international reinsurance fraud

  • Jorden Burt LLP
  • -
  • Indonesia, USA
  • -
  • April 7 2010

The Second Circuit affirmed the dismissal of a lawsuit alleging that the Republic of Indonesia and its state-owned social security insurer, P.T. Jamsostek, negligently supervised Jamsostek employees who perpetrated an international commercial reinsurance fraud scheme against plaintiff Anglo-Iberia Underwriting Management Company