Ernst & Young LLP has been sued for $900 million by the liquidators of a fund that once funneled money to the now-imprisoned swindler Bernard Madoff. The lawsuit, filed on behalf of M-Invest Ltd, accused Ernst & Young of negligence, …
After decades in relative obscurity, a U.S. legal doctrine that holds corporate officers liable for company wrongdoing is finding its way back into some high-profile healthcare prosecutions. The “responsible corporate officer” doctrine allows for prison terms of up to one …
BP Plc accused Halliburton Co. of destroying evidence that the oilfield services company did inadequate cement work on the Gulf of Mexico oil well that blew out last year, and asked a federal judge to punish Halliburton. The accusation, in …
A new sigma report, “Product innovation in non-life insurance,” from Swiss Re underscores the conclusion that there’s “much more to innovation in non-life insurance than people think.” In effect the report stresses that, “although a changing environment continuously forces the …
Swiss Re has estimated its claims costs from severe flooding in Thailand at $600 million, after intense rainfall caused hundreds of deaths and floods affecting approximately 1500 industrial facilities. “The estimate is net of retrocession and before tax, said the …
RSA announced the appointment of Steve Slingsby as Global Program Director for Global Specialty Lines (GSL). He will work closely with the specialty lines teams, supporting the running of the GSL business. Paul Donaldson, RSA Group Broker Relationship and Sales …
An independent panel urged legal action against executives who covered up a $1.7 billion accounting scandal at Japan’s Olympus Corp, and said others who knew about it should be replaced. But its findings failed to satisfy the ex-CEO who blew …
An outing of luxury sportscar enthusiasts in Japan ended in an expensive freeway pileup -smashing a stunning eight Ferraris, a Lamborghini and two Mercedes – likely worth more than $1 million together. Police say they believe the accident Sunday was …
The threat of cyberattacks on the U.S. power grid should be dealt with by a single federal agency, not the welter of groups now charged with the electric system’s security, researchers at the Massachusetts Institute of Technology reported Monday. While …
After coming out of this year’s spring flooding with damage limited mostly to Utah farmlands, state and county officials are beginning preparations for next year with a wary eye toward the state’s reservoirs. Reservoirs already are nearly full and could …
