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Four former top executives of Fannie Mae were sued on Monday, one day after the mortgage finance giant was seized by the U.S. government, in an investor lawsuit that claims the four lied about the company’s financial position and artificially inflated its share price. The lawsuit, filed in U.S. District Court for the Southern District of New York, seeks class action status for investors who bought Fannie Mae securities between Nov. 16, 2007, and Sept. 5, 2008, according to the complaint, filed by the law firm of Coughlin Stoia Geller Rudman & Robbins. Named as defendants are: Stephen Ashley, chairman;… Read More »Fannie Mae Investors Sue Former Execs

Darien, Ill.-based Insure.com, Inc. today announced that it has launched an upgraded version of its Car Crash Safety Ratings Tool, which is a free, online information tool that displays car-safety data from both the Insurance Institute for Highway Safety and the National Highway Traffic Safety Administration. The new Car Crash Safety Ratings Tool enables consumers to quickly research the safety of over 3,000 models from 1990 through 2009. This new tool is available now at http://www.insure.com/articles/interactivetools/carcrash/carcrash.jsp. Previously, consumers had to wade through different Web sites or publications in order fully research car-crash tests. “Insure.com’s car crash tool is one of the… Read More »New Upgraded, On-line Car Crash Safety Ratings Tool Unveiled

North Dakota Secretary of State Al Jaeger says a proposal to change how North Dakota’s workers compensation agency is run will be on the statewide ballot in November. Jaeger says he has reviewed petitions submitted by the measure’s supporters, and they contain enough valid signatures to be placed on the ballot. The proposal would put the governor in charge of appointing the director of Workforce Safety and Insurance. Now, an appointed board has the power.

Cargo theft accounts for up to $25 billion in direct merchandise losses each year, according to the National Cargo Security Council. With more than 675,000 registered interstate motor carriers moving 65 percent of the freight in the United States, the opportunity for theft is at an all time high. To combat the problem of cargo theft for its customers, Travelers Inland, in partnership with the National Insurance Crime Bureau (NICB), unveiled the Travelers Sting Trailer at the 2008 Chicago Midwest Cargo Theft Summit. The Travelers Sting Trailer was built to provide the required evidence to aid in successful apprehensions of… Read More »Travelers Unveils Sting Trailer to Combat Cargo Theft

The AIG Companies introduced Global Supply Secure, insurance that helps mitigate the financial impact of supply chain disruptions. Jointly developed with Marsh, Global Supply Secure will be underwritten domestically by Lexington Insurance Company, a unit of AIG Commercial Insurance, and overseas by American International Underwriters (AIU), AIG’s foreign general insurance operations. Global Supply Secure is enhanced contingent business interruption coverage (CBI) that responds to potentially disruptive events within an insured’s supply chain generally not included in a CBI cover, including: strike, political risks such as expropriation and imposition of import/export restrictions, insolvency of a named supplier, service interruption, government investigation,… Read More »AIG Cos. Introduces Global Supply Chain Distruption Coverage

California’s Division of Workers’ Compensation has adopted revised ethics regulations governing workers’ compensation judges. According to the DWC, the rules and regulations “are designed to enforce the highest ethical standards among workers’ compensation administrative law judges and to provide all parties with an independent, impartial investigation into allegations of ethics violations by workers’ compensation administrative law judges.” Among other things, the rules address gifts, travel, honoraria, disclosure obligations, grounds for disqualification, restrictions on investments, and investigations. For more information, visithttp://www.dir.ca.gov/dwc/DWCPropRegs/Ethics_Regulations/Ethics_RegsFinalCleanCopy.pdf.

A federal judge ruled that 14 workers who accused their former employer of wrongfully telling them they must resign or retire to access their 401(k) plan accounts are not owed any back pay or benefits. The ruling in Harris vs. Finch, Pruyn & Co. Inc. stems from a July 2005 complaint alleging several breaches of fiduciary duty by paper company Finch, Pruyn & Co. under the Employee Retirement Income Security Act of 1974 as well as reinstatement. The plaintiffs went on strike against Glens Falls, N.Y.-based employer from June 2001 through November 2001 and were not reinstated when the strike ended because… Read More »Workers Not Entitled to Back Pay Under ERISA

Nearly half of U.S. workers were absent from work at least once in the past six months, but a trend of greater concern was the number of ill or otherwise distracted workers going to work and not being able to perform up to expectations, according to a recent survey by CIGNA Corp. On average, surveyed individuals admitted to spending between two-and-a-half and five hours per week resolving personal issues at work, CIGNA found. Further, 61% of the respondents said they went to work even though they were sick or dealing with a family or personal issue that had negative effects… Read More »Employers Face Worker ‘Presenteeism’

A bill adopted by California legislators on Saturday would double workers compensation permanent disability benefits over three years. Senate Bill 1717, opposed by employers and sponsored by Sen. Don Perata, D-Oakland, would double benefit payments by increasing the number of weeks injured workers receive benefits. Gov. Arnold Schwarzenegger has not yet said whether he will sign or veto S.B. 1717, which is among several workers comp bills passed by legislators. S.B. 1115, for instance, would prohibit discrimination on the basis of race, religion, age, or gender when apportioning medical causation to determine an employer’s liability for permanent disability injuries. Employer… Read More »Calif. Bill Would Increase Comp Benefits