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The U.S. Supreme Court hears arguments on Monday in a closely watched case that could limit liability claims against drugmakers if one of their medicines causes harm. The case pits drug giant Wyeth against a musician who lost part of an arm after she was improperly injected with an anti-nausea drug made by the company. A Vermont jury awarded the woman, Diana Levine, $7 million in damages. Her attorneys argued that Wyeth should have given stronger warnings about the dangers of administering the drug in the way she received it. Wyeth says it acted properly by including the U.S. Food… Read More »Lawsuit Limits for Drugmakers

In response to global insurance industry software needs, Oracle has formed a new business unit, Oracle Insurance, and unveiled Oracle Application Integration Architecture (AIA) Foundation Pack for Insurance at the San Francisco Oracle OpenWorld. Oracle Insurance is designed to serve more than 2,000 insurance customers worldwide and help the insurance industry manage the entire software enterprise from technical infrastructure to core insurance processing, the company said.

Fitch Ratings has downgraded the long-term Issuer Default Ratings (IDRs) and Insurer Financial Strength (IFS) ratings of Liberty Mutual Group, Inc. (LMG) and Safeco Corp. (SAF) as follows: LMG–Long-term IDR to ‘BBB’ from ‘BBB+’; –IFS to ‘A-‘ from ‘A’. SAF–IDR to ‘BBB’ from ‘A+’; –IFS to ‘A-‘ from ‘AA’. The Rating Outlook is Negative. Fitch has also removed LMG’s and SAF’s ratings from Rating Watch Negative. “Fitch’s rating actions follows today’s close of LMG’s acquisition of SAF for $6.2 billion in cash,” said the bulletin. “The actions reflect Fitch’s concerns about the post-acquisition capitalization of LMG’s and SAF’s operating companies, integration and execution risk… Read More »Rating Roundup: Liberty/Safeco, CAPCO, Service

Health benefits continued to erode this year as employers tried to grapple with escalating expenses by cutting back coverage and shifting more of the cost burden to workers by raising premium contributions, deductibles and other out-of-pocket costs, according to the 2008 Kaiser Family Foundation/Health Research and Educational Trust survey. Deductibles in preferred provider plans grew by an average of $99 to $560, but perhaps more significant was the surge in the prevalence of high-deductible health plans. This year, 18% of workers are enrolled in plans with deductibles of $1,000 or more, up from 12% in 2007 and 10% in 2006,… Read More »Further Health Benefit Cuts Occurred in 2008

Recently we have attended Web Marketing expo in Moscone Center, after which we decided to have lunch at Metreon food court. I was really surprized looking at the receipt showing extra charge to recover health benefits expenses of the restaurant owner… Instead of publishing higher prices for that sheety food they show lower prices, but charge high dollar… Anyways, The Golden Gate Restaurant Assn. filed a petition Tuesday with the 9th U.S. Circuit Court of Appeals seeking a rehearing by the full court of last month’s decision by a three-judge panel that approved San Francisco’s health care spending mandate, said… Read More »Restaurant association appeals health mandate ruling

The rate of workplace injuries and illnesses in the private industry declined for the sixth straight year in 2007, the U.S. Department of Labor’s Bureau of Labor Statistics said Thursday. According to the BLS, the number of nonfatal workplace injuries and illnesses reported by the private industry employers declined from 4.4 cases per 100 workers in 2006 to 4.2 cases in 2007. Edwin Foulke, assistant secretary of Labor for Occupational Safety and Health, and Elaine Chao, secretary of Labor, said the decline was largely due to workplace safety education, training and enforcement of guidelines.

Property insurer Travelers Cos. Inc. told the U.S. Treasury on Tuesday it has no plans to seek federal financial assistance and slammed other insurers that are, saying aid should be saved for more “acute” circumstances.

A Burger King restaurant manager sexually assaulted in a racially motivated attack as she arrived at work is not eligible for workers compensation benefits, the Alabama Supreme Court ruled Thursday. The state high court agreed with a lower court ruling that the manager did not sustain a compensable injury because her injuries were caused by third parties intending to injure her for personal reasons and not because of her employment. The trial court also ruled that the attack was racially motivated. The incident occurred Aug. 11, 2002, when two men attacked the manager while she attempted to unlock the restaurant,… Read More »Court Ruling: Racial Attack Victim Not Eligible for Comp