Generali Chairman Faces Jail Threat
* Prosecutor seeks 8-yr sentence in Cirio collapse case * Geronzi’s lawyers say he acted correctly * To damage Generali intl image, not seen quitting -analyst * Shares down slightly after news, in line with sector ROME/MILAN, March 2 (Reuters) – Italian prosecutors in Rome asked on Wednesday for an eight-year jail sentence for Generali [...]
SEC Poised To Propose Bonus And Ratings Curbs
(Reuters) – Securities regulators were poised on Wednesday to propose a clampdown on bonus pay for Wall Street executives and to wean money market mutual funds off their reliance on credit ratings. In a packed agenda, the Securities and Exchange Commission was also expected to propose new governance rules for clearinghouses and to reopen the [...]
Neal, Gerber & Eisenberg LLP Acquires Powerful Insurance Litigation Team from Howrey
Industry-leading female partner to head firm’s Insurance Policyholder Practice CHICAGO–(BUSINESS WIRE)–A pair of high-profile insurance litigators from Howrey LLP joined Neal, Gerber & Eisenberg LLP on Tuesday as partners in the Insurance Policyholder Practice and Litigation groups. The hiring of Jill B. Berkeley, who will chair the Insurance Policyholder Practice Group, and Seth D. Lamden [...]
Allstate Sues Credit Suisse Over Mortgage Debt
(Reuters) – Allstate Corp (ALL.N) on Monday sued Credit Suisse Group AG (CSGN.VX), accusing the Swiss bank of causing losses by hiding the risks on $232 million of mortgage securities it bought. Allstate, the largest publicly traded U.S. home and auto insurer, has filed similar lawsuits against at least four other lenders: Bank of America [...]
EU Court Bans Insurers From Pricing On Gender
(Reuters) – Insurers must stop setting prices based on gender, an EU court ruled, in a move that could raise costs for women drivers, cut male pensions, and prompt more legal challenges to insurance pricing practices. “Taking the gender of the insured individual into account as a risk factor in insurance contracts constitutes discrimination,” the [...]
DTCC Receives SEC Approval for Transformational One-Pot Margining
Decision Opens Door for Launch of New York Portfolio Clearing NEW YORK–(BUSINESS WIRE)–The Depository Trust & Clearing Corporation (DTCC) announced today that the Securities and Exchange Commission (SEC) has approved the transformational “one-pot” cross-margining arrangement between fixed income positions cleared by DTCC’s Fixed Income Clearing Corporation (FICC) subsidiary, including U.S. Treasury, repurchase agreements, and interest [...]
US Presses Fight Over Lesbian Employee’s Benefits
* Decision comes days after gay marriage policy shift * Employee works for appeals court * Worker’s lawyer says gov’t stance is inconsistent SAN FRANCISCO, Feb 28 (Reuters) – The Obama administration will press ahead with its fight against one federal employee’s bid to obtain health insurance for her same-sex spouse, according to a government [...]
SEC Examining Pre-IPO Rule Upgrade
(Reuters) – U.S. securities regulators are exploring changes to the rules for trading in the stock of privately held companies, an area in the spotlight as Wall Street banks seek investors for stakes in the hottest Internet companies before they go public. “Generally we have been interested for some time, predating the more recent interest [...]
Reuters Summit-EU Watchdog- Insurer Rules Don’t Need Big Revamp
* Watchdog – See no big rule revamp needed after field test * Watchdog – Confident no need for industry to raise cash * Watchdog – Can’t exclude some insurers may need capital FRANKFURT, March 1 (Reuters) – The head of the EU’s powerful new insurance watchdog sees no need for a major revamp of [...]
Law Offices of Howard G. Smith Announces Investigation on Behalf of Investors of Gerova Financial Group Ltd.
BENSALEM, Pa.–(BUSINESS WIRE)–Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of purchasers of the securities of Gerova Financial Group Ltd. (“Gerova” or the “Company”) (NYSE:GFC) between January 7, 2010 and February 23, 2011, concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements [...]
