News & Analysis as of

RICO Insurance Industry

Marshall Dennehey

New Jersey Court Reviews No-fault Law’s Language and Finds That There Was Nothing Preventing an Arbitrator From Hearing Common Law...

Marshall Dennehey on

GEICO, et al. v. Caring Pain Management PC, et al., Case No. 2:22-cv-05017(BRM)(JSA) 2023 WL 3749984 (U.S.D.C. District of New Jersey May 31, 2023) - The defendants (a series of medical providers) filed a motion to dismiss,...more

Alston & Bird

Class Action & MDL Roundup – Winter 2021

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Welcome back to the Class Action & MDL Roundup! Our winter edition covers notable class actions from the fourth quarter of 2020. In this edition, we find a common theme among COVID-19 class actions, the Tampa 2 defends...more

Cozen O'Connor

Court Dismisses Claims Alleging Undisclosed Deductions from Structured Settlement Funds

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The latest attempt to hold casualty carriers and annuity issuers liable for allegedly failing to disclose deductions from the amounts used to purchase structured settlement annuities for plaintiffs’ benefit has been dismissed...more

Maynard Nexsen

Interesting and Useful Cases in Torts and Insurance - February and early March in the Fourth Circuit Court of Appeals

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Nexsen Pruet attorney Marc Manos, a member of the SC Bar Torts and Insurance Practice Section Council, sheds light on a few recent cases from the Fourth Circuit Court of Appeals, focused in the area of Torts & Insurance. ...more

Carlton Fields

California Federal Court Remands Fraud Claims In Workers’ Compensation Reinsurance Action To State Court

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In a March 15, 2018 order, noting that only state law claims remained in the case, a California federal court remanded to state court a lawsuit against an insurance company and its affiliates, which alleged that they...more

Carlton Fields

CAFA’s Local Controversy Exception Requires Class Claims Against Local Defendant

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As we previously reported, in September 2017, a federal district court in Louisiana dismissed with prejudice as time-barred putative class action RICO and state racketeering claims related to alleged wrongful conduct by an...more

Carlton Fields

Based on Principles of Fairness, Court Dismisses Putative Class Action RICO Claims Asserted Years After Initiation of Suit

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In Robertson v. SunLife Financial, a federal district court in Louisiana dismissed with prejudice as time-barred an amended putative class action complaint alleging RICO and state racketeering claims related to alleged...more

Carlton Fields

Summary Judgment for Insurer in Annuity Sales Practices Action

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On March 31, in Chambers v. N. American Co. for Life & Health Ins., an action alleging RICO violations and other claims in the sales of deferred annuities to seniors, the Southern District of Iowa granted the insurer’s motion...more

Carlton Fields

Eighth Circuit Affirms Dismissal of RICO Claim in So-Called Shadow Insurance Suit

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In Ludwick v. Harbinger Group, the U.S. Court of Appeals for the Eighth Circuit affirmed the dismissal under the McCarran-Ferguson Act of a federal RICO claim against Fidelity & Guaranty (and its owner and several affiliates)...more

Carlton Fields

McCarran-Ferguson Act Prohibits Pursuit Of RICO Claims Against Insurer

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A Plaintiff annuity holder was prohibited from pursuing her federal racketeering claims against an insurance company and its affiliates, as doing so would impair state regulation of insurance business, contrary to the...more

Cozen O'Connor

Virginia Court Dismisses RICO Claim Against WYO Flood Insurer and Its Adjusters

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The preemptive effect of the National Flood Insurance Program (NFIP) on overlapping claims asserted by policyholders based on federal and state common law theories of liability is well established. “Numerous courts have held...more

Carlton Fields

What’s Your Game Plan? Offensive or Defensive: Playing to Your Strengths [Expect Focus – October 2016]

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- AXA Prevails at First Post-Jones v. Harris Excessive Fee Trial - Potential Secondary Effects of Regulatory Examinations: Evidentiary Issues and Preclusion in Parallel Litigation - On The Horizon: Global...more

Carlton Fields

Recent Insurer Victories in Indexed Annuity Class Actions

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Recent federal court decisions effectively terminated two class action lawsuits challenging indexed annuity sales, seemingly ending an extended wave of class litigation in the federal courts against multiple insurers...more

Cadwalader, Wickersham & Taft LLP

Important Court Decision For No-Fault Insurers -- Federal Court Rejects Argument To Limit Insurers’ Right To Seek Judicial Relief...

We are pleased to inform you of a very favorable recent caselaw development in the no-fault insurance area, in which our firm played a significant role. Specifically, on March 24, 2016, in the case of Liberty Mutual Fire...more

Carlton Fields

Federal Court Finds That The Mccarran Ferguson Act Bars Plaintiff’s RICO Claims Arising From Certain Reinsurance Transactions

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In a putative class action seeking damages for alleged violations of the Racketeer Influenced and Corrupt Organizations Act (“RICO”) arising from certain reinsurance transactions, the United States District Court for the...more

WilmerHale

Life and Annuity Series: Captive Reinsurance Class Actions

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There have been several new class actions filed recently challenging “shadow insurance” transactions between life insurance companies and their “captive reinsurers.” Three of those class actions are in federal court in New...more

Carlton Fields

Court Denies Motion To Dismiss By Bank And Its Affiliated Reinsurer In RICO Suit

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This dispute involves class action claims under RICO, claims for unjust enrichment and allegations that Bank of America and its affiliate reinsurer engaged in a conspiracy to defraud home mortgage borrowers into funding sham...more

BakerHostetler

Texas Hospital Strikes Back at Aetna

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On February 23, 2015, Aetna filed suit in Texas federal court against Robert A. Behar, M.D. and North Cypress Medical Center (North Cypress), alleging that Dr. Behar, the CEO of North Cypress, offered impermissible ownership...more

WilmerHale

Life and Annuity Series: Annuity Cases—Good 9th Circuit Decision

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The August 2015 decision from the 9th Circuit, titled Eller v. Equitrust Life Ins. Co, provides helpful precedent for the defense of annuity sales practice cases. Plaintiff Eller brought a RICO class action alleging,...more

Carlton Fields

Statutory Accounting Fraud Under RICO

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Echoing New York’s regulatory criticism concerning the use of captive reinsurers and similar allegations in recent class actions filed against several New York life insurers, an annuity contract owner has filed a putative...more

Carlton Fields

Ninth Circuit Finds Bonus Indexed Annuity Delivers Exactly What was Promised

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Observing that it "delivered precisely what it promised," the Ninth Circuit Court of Appeals recently affirmed summary judgment for an insurer in a case alleging violations of the Racketeer Influenced and Corrupt...more

Burr & Forman

Dodd-Frank News: April 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

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The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Eversheds Sutherland (US) LLP

Ninth Circuit Rejects Challenge to Bonus Annuity

The U.S. Court of Appeals for the Ninth Circuit has affirmed summary judgment for the insurer in a putative RICO class action relating to a bonus indexed annuity. Rejecting the plaintiff’s claims, the court held that the...more

Orrick - Finance 20/20

Court Grants in Part and Denies in Part JPMorgan’s Motion to Dismiss RMBS Action

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On October 16, Judge Susan J. Dlott of the United States District Court for the Southern District of Ohio granted in part and denied in part several JPMorgan entities’ motion to dismiss a complaint filed by several Western &...more

Pullman & Comley, LLC

Court Rejects Workers Comp Insurer’s Challenge to Big Pharma

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Pharmaceutical manufacturers that promote off-label uses for prescription drugs have become litigation targets for third-party payors—especially after Kaiser received a nine-figure RICO award last year against the...more

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