Two Travelers units filed a declaratory action in June to avoid covering a 2017 shareholder suit against Blue Bell Creameries, filed in the wake of a listeria contamination. The two units — Discover Property & Casualty Insurance Co. and Travelers Indemnity Co. of Connecticut — cite exclusions in the ice cream maker’s commercial general liability policy in their bid for summary judgment. Read more
The Diocese of Rochester has asked a New York bankruptcy judge to overrule objections filed by the Official Committee of Unsecured Creditors to a $35 million settlement with one of its insurers. The settlement would provide coverage for claims that the Diocese failed to prevent sexual abuse. The Diocese says this deal is an important first step in their Chapter 11 reorganization plan, while the Committee has called it “low value” and unacceptable.
Concerns regarding regulations and compliance that are in need of individuals with more experience than founders and employees of the lead venture capital investors have startup companies preparing to go public regularly adding high-powered, independent directors to their boards.
Mutual Insurance Co. is asking a New York federal judge to throw out a suit brought by Time Inc. demanding $6.9 million in indemnification of settlement and defense costs for class actions accusing the magazine company of deceptive marketing. Mutual claims that Time’s “intentional” unfair business practice is not covered by its policy. Read more