Importers seeking their share of more than $130 billion in tariff refunds are flocking to a little-known U.S. trade court, which must now figure out how to deal with what is expected to be an explosion of cases. Multinationals such as FedEx and L’Oreal and hundreds of smaller companies have filed around 2,000 lawsuits at the U.S. Court of International Trade in Manhattan, seeking refunds for tariffs imposed last year by President Donald Trump, according to court records. The cases could be the tip of an iceberg — the tariffs that were ruled illegal by the Supreme Court on February…
Author: Awais
Why Fargo The choice of Fargo reflects a city in the midst of a significant building cycle. The $3.2 billion Fargo-Moorhead Diversion Project, a flood control megaproject, is in its final year of major construction, with the Metro Flood Diversion Authority budgeting $1 billion for the project in 2026 alone, the Fargo Forum has reported.
Florida-based King Risk Partners is continuing its expansion in the Northeast through the acquisition of PRL Associates, an insurance agency based in Endicott, New York. For more than 15 years, PRL Associates has provided personal and commercial insurance. John Lavo and Steve Carr are the owners of PRL Associates. In the announcement, they said that by joining King Risk Partners, their agency will be able to offer a broader range of coverages and additional support for clients, while “preserving the personal attention and responsiveness” their clients expect. Topics Mergers & Acquisitions New York Was this article valuable? Yes No Here…
A licensed insurance agent in California has been charged with insurance fraud and premium theft, which was discovered during an investigation following the death of a student athlete. Gonzalo Lorona, 58, of Oxnard, was charged with 37 felony counts, including insurance fraud and grand theft, following a California Department of Insurance investigation into allegations that he stole client premium payments and issued fraudulent insurance certificates leaving clients uninsured. The CDI investigation began their investigation after a soccer player died following a fight during a game. The Ventura County School District reportedly discovered the certificate provided by the local soccer league…
Insurance companies are canceling war risk coverage for vessels in the Middle East Gulf as the widening Iran conflict disrupts shipping, leaving tankers damaged or stranded and at least two people dead. Shipping through the Strait of Hormuz between Iran and Oman, which carries around one-fifth of oil consumed globally as well as large quantities of gas, has ground to a near halt after vessels in the area were hit as Iran retaliated against U.S. and Israeli strikes. One tanker in the region was ablaze on Monday, at least four others were damaged and about 150 ships were stranded. The…
As the U.S.-Israeli air war against Iran widened on Monday with no end in sight, focus shifted to the impact on airlines. Operations have been disrupted for a third day and revenue losses are not covered by insurers, analysts and insurance industry sources said. Travel stocks from Asia to New York tumbled, wiping billions off market value, as the conflict hit thousands of flights worldwide, shut key Middle Eastern hubs and sent oil prices surging. Read more: Travel Chaos Worsens as Iran Conflict Shuts Mideast Airports Here is how insurance industry experts and analysts view the event: Analysts at Jefferies…
Malaysia’s central bank has approved the start of talks for MNRB Holdings Bhd. to sell its Islamic insurance unit Takaful Ikhlas, according to people with knowledge of the matter. Kuala Lumpur-listed MNRB can open negotiations with Bank Kerjasama Rakyat Malaysia Bhd., Great Eastern Life Assurance Malaysia Bhd. and Takaful Malaysia, the people said, asking not to be identified because the process is private. Discussions are at an early stage and may not result in a transaction, the people said. A representative for MNRB said the company continuously reviews its strategic investments, without elaborating. Takaful Malaysia Chief Executive Officer Nor Azman…
A Delaware judge has ruled that insurers do not have a duty to defend Meta Platforms in the thousands of lawsuits that allege that its Facebook and Instagram platforms harm children. Superior Court Judge Sheldon K. Rennie ruled that Meta’s insurance companies are not obligated to provide its defense because the allegations against the company describe deliberate and intentional acts rather than accidents or occurrences that would trigger coverage under the commercial general liability policies. The judge also found that Meta would not be prejudiced by a Delaware coverage ruling at this time. The lawsuits against Meta have been consolidated…
The Association for Financial Markets in Europe (AFME) has published its response to the European Commission’s Climate Resilience Framework, calling for the use of insurance-linked securities (ILS) and catastrophe bonds as an effective way that insurers within the Union can access new capital to back climate-related policies.AFME is the European member of the Global Financial Markets Association (GFMA) a global alliance with the Securities Industry and Financial Markets Association (SIFMA) in the US, and the Asia Securities Industry and Financial Markets Association (ASIFMA) in Asia. The European Commission’s Climate Resilience Framework is set to be launched in Q4 2026. The…
Halle Parker, Verite News Tighter regulations and an influx of federal money in recent years have helped communities across the U.S. initiate efforts to clean up lead contamination in soil, drinking water, and older homes. But Congress and the Trump administration have partially rolled back those rules and resources, potentially making it more challenging for cash-strapped cities and towns to undertake sweeping lead remediation programs. That’s the case in New Orleans, where an investigation by Verite News found high lead levels in about half of the playgrounds on city property and found detectable levels of the toxic metal in most…
The 26 causes of action span federal RICO claims, Florida’s Deceptive and Unfair Trade Practices Act, common law fraud, and unjust enrichment. GEICO is seeking compensatory damages, treble damages under RICO, punitive damages, attorneys’ fees, and a court declaration that the clinic defendants have no right to payment on any pending bills. The total alleged damages exceed $2,891,000.00, broken down as $1,048,000.00 tied to Primera Health, $719,000.00 to Health Clinic Rehabilitation Center, $391,000.00 to Tampa Healthcare, $124,000.00 to Allure Med, and $609,000.00 to Blue Sea Rehabilitation Center.
According to J.B. Hunt’s filing, the underlying lawsuit in Arizona stems from an October 10, 2023 collision on a rural stretch of US Route 160. Plaintiffs there allege that a driver for Borderlanders, Inc., while hauling about 1,900 pounds of medical equipment, attempted to pass a recreational truck and trailer in a no‑passing zone and struck an oncoming family vehicle head‑on, killing two adults and injuring three children.
A California family is charged with insurance fraud in what authorities describe as a staged staging accident involving a Porsche. Pasadena residents Sarkis Dishchyan, 47, Ani Suzie Labbad, 47, and Violett Lara Labbad, 44, were arraigned on multiple counts of felony insurance fraud for allegedly staging a vehicle accident involving their Porsche Cayenne to collect nearly $39,000 in insurance payouts. A California Department of Insurance investigation was launched after a suspected fraudulent claim referral alleging an individual admitted to unwittingly being involved in a staged collision involving claimant Ani Labbad and her husband Dishchyan. The individual claimed that Dishchyan, whom…
Last month, New York City announced it would begin activating red light cameras at 50 new intersections each week for the next five weeks, reaching 600 intersections by the end of 2026. The New York City Department of Transportation (NYC DOT) reported that before the expansion currently underway, red light cameras were in place at just 150 intersections— the maximum previously allowed under state law. The state legislature authorized the city to expand the program to 600 intersections. “Red light running is one of the most dangerous behaviors on our city’s streets and puts all New Yorkers at risk. That…