FedEx Express will pay $280,000 and furnish other relief to settle a disability discrimination lawsuit brought by the Equal Employment Opportunity Commission (EEOC), the federal agency announced. In the lawsuit, the EEOC charged that in February 2023, FedEx failed to accommodate several dispatchers’ requests to continue working from home and demanded the dispatchers’ return to its downtown Manhattan office, effectively forcing at least one into retirement. The employee, and other disabled dispatchers, previously performed dispatcher duties remotely and successfully for nearly three years. According to the suit, FedEx denied continued telework based on an alleged operational need to have all…
Author: Awais
Sullivan & Cromwell, a premier Wall Street law firm, apologized to a federal judge for submitting a court filing with inaccurate citations and other errors generated by artificial intelligence. In a letter dated April 18, Andrew Dietderich, co-head of the firm’s global restructuring group, said the errors included AI “hallucinations” – instances in which AI makes up case citations, misquotes the law or generates non-existent legal sources. The mistakes were caught by law firm Boies Schiller Flexner, Dietderich said in the letter to Martin Glenn, chief judge of the U.S. Bankruptcy Court in Manhattan. “I apologize on behalf of our…
PricewaterhouseCoopers LLP agreed to pay HK$1.3 billion ($166 million) in fines and compensation to settle investigations into its auditing work for the collapsed property giant China Evergrande Group. Hong Kong’s Accounting and Financial Reporting Council also imposed a six-month suspension on the firm, barring it from accepting or performing audit work for new listed clients. The watchdog also levied a HK$300 million fine. In a parallel agreement with the Securities and Futures Commission, PwC HK committed to paying HK$1 billion into a fund dedicated to compensating eligible independent minority shareholders of Evergrande. The SFC said that the agreement resolves the…
A team of former Credit Suisse bankers is preparing to launch a fund they say will offer double-digit returns in exchange for taking on some of the insurance risk tied to data centers. Euler ILS Partners, an alternative investor formed through a 2024 management buyout of Credit Suisse Insurance Linked Strategies Ltd., is in the process of teaming up with an insurance company to underwrite specialist policies, Chief Investment Officer Niklaus Hilti told Bloomberg. Euler, which has already received initial signs of interest from investors, is targeting about $1 billion in capital for the co-investment, institutional fund, he said. It…
London-listed specialty insurer Beazley said on Wednesday shareholders approved Swiss group Zurich Insurance’s 8.1 billion pound ($10.94 billion) all-cash takeover, with 99.9% votes in favor at a meeting held earlier in the day. The acquisition, which follows a series of cyber-focused investments by Zurich, will help the Swiss insurer significantly expand its foothold in specialty insurance, encompassing areas such as cyber, marine, aviation, space and fine art. Days after Zurich struck the deal with Beazley, it also agreed to buy Generali’s Irish P&C operations for 337 million euros ($394.69 million). Last year, it acquired Canadian cyber insurtech Boxx Insurance, after…
Euler ILS Partners, the specialist Swiss insurance-linked securities (ILS) investment manager, sees a $1 billion fund opportunity based on quota share’s to support insurance risk transfer capacity for the data centre build-out, according to reporting from Bloomberg.The publisher has interviewed Niklaus Hilti, Chief Investment Officer of Euler ILS Partners and said the company is targeting launch of a fund dedicated to assuming risk from data centres, while the goal will be to deliver double-digit returns to investors. Hilti told Bloomberg that Euler ILS Partners is planning to partner with an insurer to underwrite the specialist policies covering elements of risk…
Energy prices, shipping costs and supply chains have all whipsawed since, feeding into inflation, credit conditions and business confidence. The Strait carries around a fifth of global oil consumption and roughly 20% of liquefied natural gas trade, figures cited by the US Energy Information Administration, which explains why the chokepoint’s closure has rippled so far beyond the region.
Eighty percent of insurance chief risk officers rank cyber among their top five risks, according to a new report from EY and the Institute of International Finance. That was up 14 percentage points year over year. The third annual EY–IIF global insurance CRO survey found that cybersecurity ranked well above strategic risk (44%), regulatory/compliance risk (41%), third-party risk (40%) and geopolitical/market risk (38%) when respondents were asked which risks will require the most attention from the CRO. One in four respondents said data privacy and protection—including regulatory compliance—was their organization’s most important aspect of cyber risk. This was followed by…
They include a new regional president and a new COO
Two bills that are getting bipartisan support aimed at reducing wildfire risk in California are quickly making their way through state Legislature. Senate Bill 894 and Senate Bill 1297, which both address wildfire risk reduction in the state, passed through their committees this week without opposition, and they are soon set to be heard in the Senate Appropriations Committee. Both bills were introduced by state Sen. Ben Allen, D-Pacific Palisades, who is one of 11 candidates for California Insurance Commissioner. Related: Public Interest Groups Backing California Homeowners Insurance Bills SB 894 addresses home hardening and defensible space improvements and would…
A California man pleaded guilty to a wrong-way crash that killed a sheriff’s recruit and injured more than two dozen other recruits. Nicholas Gutierrez, 25, pleaded guilty this week to a fatal wrong-way crash that resulted in the death of Los Angeles County Sheriff’s recruit Alejandro Martinez-Inzunza on November 2022 in Whittier. Gutierrez of Diamond Bar pleaded guilty to one felony count of vehicular manslaughter with gross negligence and nine felony counts of reckless driving on a highway causing a specified injury. He also admitted to the allegations. The court imposed a sentence of eight years in state prison, which…
Roblox Corp. has reached settlements with attorneys general in three states over child-safety protections. As part of the deals, the video game company pledged to curb dangerous interactions on its platform, according to statements from the offices of the attorneys general in West Virginia, Alabama and Nevada. A portion of the money from the settlements, which total $35.8 million, will go to safety education for children. “Roblox, for a long time, was not a safe place for kids,” West Virginia Attorney General JB McCuskey said in an interview. McCuskey said he and his team “were able to form a relationship…
Providing its annual report of hail-related claims, State Farm said that it paid out $5.6 billion nationally for such claims in 2025, and $1.4 billion in Texas alone. The giant insurer’s report on hail claims includes a list of the top 10 states based on payment dollars. Comparing the list to a similar list for 2024 reveals that State Farm’s payouts for Texas hail claims jumped more than 27% year-over-year, with the countrywide total growing about 12%. Rounding out the top three states, State Farm paid 10% more claim dollars for hail-related damage in 2025 than 2024 for the state…
Bobbie Goldie to Oversee Nationwide’s Private Company Management Liability, Cyber Liability Teams Bobbie Goldie Nationwide is tapping insurance industry veteran Bobbie Goldie to oversee the insurance and financial services company’s private company management liability and cyber liability teams. She’ll assume that role on May 4 and report to Tom Iorio, Nationwide’s senior vice president of management liability and specialty. A distinguished insurance executive with more than 25 years of leadership experience across cyber, financial lines, property and casualty insurance, Bobbie is widely recognized for her expertise in cyber risk, underwriting strategy, and the development of innovative insurance solutions. Most recently…