Legal

Arch Insurance and US Specialty Insurance Company are seeking a judgment from the court of New Jersey to confirm they do not have to pay out for historic multi-million-dollar shareholder actions against pharmaceutical giant Pfizer.

Canadian pharmaceutical company Valeant is suing its insurers as it seeks to claw back more than $325mn in costs, as well as unspecified damages, arising from class actions following its attempted acquisition of drug firm Allergan.

MetLife and the US Financial Stability Oversight Council formally sought to end the big life insurer’s status as a systemically important financial institution yesterday, which would leave New Jersey’s Prudential Financial as the last insurer under Federal Reserve oversight as a Sifi.

Marsh is taking trademark infringement action against Marshmallow, in an attempt to skewer the start-up over its choice of name, the InsurTech said.

California wildfire victims may get more time to sue their insurers and be able to force their carriers to be more flexible in applying benefits to help them recover if legislative proposals put forward today win passage.

Bermuda-headquartered insurer Hiscox has brought an action in a US district court in Illinois to avoid paying further legal defence costs for a company alleged to have sold human body parts for profit

Industry association Insurance Europe has warned that European Commission efforts to overhaul 2013 rules for group litigation could be detrimental to insurers.

California regulators have put Wells Fargo on notice that it may lose its insurance licences following an investigation that began last year into whistleblower allegations that bank representatives had improperly signed up customers for coverage they did not want

Underwriters face the prospect of mounting data protection-related liability claims following a landmark UK High Court judgment against Morrisons, experts have said.

Patriot National, the insurance services outsourcer majority owned by former CEO Steven Mariano, plans to seek Chapter 11 bankruptcy protection as part of a deal to be acquired by its secured lenders.

Guarantee Insurance controlling shareholder and former Patriot National CEO Steven Mariano received transfers from Guarantee for no clear business purpose, weakening the carrier's financial position, a Florida accountant has alleged.

A US unit of global insurer QBE must pay a $750,000 fine to New York State after regulators said the carrier failed to follow rules covering certain types of group policies it sold to dozens of post-secondary schools.