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DETROIT?General Motors Corp. avoided further litigation late Tuesday when it agreed to settle for $37.5 million a class-action lawsuit filed by 401(k) plan participants who suffered huge losses after GM shares fell sharply. The suit, was filed in 2005 after Detroit-based GM?s shares plunged 75%,...
TRENTON, N.J.?Six health insurers that allegedly conspired with brokers to steer customers their way in return for hidden commissions did not violate the Employee Retirement Income Security Act, a New Jersey district court judge ruled Monday. Judge Garrett E. Brown Jr.?s dismissal of the ERISA...
WASHINGTON?In its first official guidance on the subject, the Internal Revenue Service has provided examples of situations in which employers can and cannot take tax deductions for premiums paid in cell captive insurance arrangements. In typical cell arrangements, which have proliferated in recent...
LINCOLNSHIRE, Ill.?Hewitt Associates Inc. is selling its Cyborg payroll and human resources software services unit to Vista Equity Partners L.L.C., a San Francisco-based private-equity firm. Hewitt paid $43 million in May 2003 to acquire Cyborg. The acquisition of Chicago-based Cyborg allowed...
The level of political economic risk decreased in 11 nations last year, but remained elevated in 25 of the world?s 50 largest economies, according to an analysis released Wednesday by Chicago-based Aon Corp.?s Aon Trade Credit Global unit. China, Russia and India were rated as being at medium...
WASHINGTON (Reuters)?Health insurers, which took a major role in Medicare under Republican President Bush, will likely remain a mainstay in the program for years to come, even if a Democrat wins the White House. More than 9 million of the 44 million individuals in Medicare, the federal insurance...
BRUSSELS, Belgium/LONDON (Reuters)?The European Commission raided some of the world's largest drugmakers on Wednesday, launching a broad investigation into whether they made illegal deals or abused patents to limit competition and harm consumers. Competition Commissioner Neelie Kroes said the...
TALLAHASSEE, Fla. (Reuters)?Florida's insurance commissioner said on Wednesday that he had suspended Allstate from writing auto insurance policies in the state because it had not complied with a subpoena to testify about its property insurance business. "We're going to hit them where it hurts,"...
LONDON?The U.K. government is to push ahead with plans to establish an expert panel that will advise senior ministers on how best to respond to public risk events such as food scares and transport accidents, as well as address public concerns over issues such as genetically modified foods. The...
LONDON?Industries that rely on the U.K.?s marine environment?such as ports, shipping and fisheries?are likely to experience a significant impact from climate change, according to a report published Wednesday. Climate models predict fewer Atlantic storms in the future, but there will...
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