Posts by Y@DminG

Citigroup Inc. said US banks will be forced into a “dramatic shift” in how electronic payments are processed if New York state wins a lawsuit claiming the company doesn’t do enough to prevent online fraud. Lawyers for the company’s Citibank … Source: Claims Journal

FTX received court approval of its bankruptcy plan on Monday, which will allow it to fully repay customers using up to $16.5 billion in assets recovered since the once-leading crypto exchange collapsed. U.S. Bankruptcy Judge John Dorsey approved the wind-down … Source: Claims Journal

Another important modeler has rung in with insured loss estimates from the damages wrought by Hurricane Helene. Verisk estimates industry insured losses in U.S. for Hurricane Helene will range between $6 billion to $11 billion. Verisk’s estimates comes a day … Source: Claims Journal

For the second time in two weeks, Tampa General Hospital is getting ready to keep water at bay. Hurricane Milton is expected to make landfall Wednesday and will test the hospital’s flood barrier. It takes dozens of facilities workers to … Source: Claims Journal

TikTok faces new lawsuits filed by 13 U.S. states and the District of Columbia on Tuesday, accusing the popular social media platform of harming and failing to protect young people. The lawsuits filed separately in New York, California, the District … Source: Claims Journal

Milton is on track to deal a devastating blow to Florida’s vibrant Tampa Bay region, potentially delivering the first direct hit from a hurricane in a century just as residents and businesses were beginning to pick up the pieces from … Source: Claims Journal

Fred Durst, frontman of the rock band Limp Bizkit, sued Universal Music Group NV, the world’s largest record company, claiming he was cheated out of millions of dollars in royalties. The complaint filed Tuesday in federal court in Los Angeles … Source: Claims Journal

There is no federal law that requires the disclosure of litigation funding agreements in court cases, but some disturbing insight has been found in individual jurisdictions that have rules to increase transparency, according a panel on the topic at the … Source: Claims Journal

A once-wealthy JPMorgan Chase & Co. client whose portfolio crumbled as he slid into dementia lost a legal battle seeking to recoup his fortune from the bank. A federal judge in Boston threw out a lawsuit filed by Peter Doelger, … Source: Claims Journal

The insurance industry is facing a significant rise in roof-related claims. The combination of increasingly severe weather events, inflation-driven repair costs and the growing issue of roofing scams has created a perfect storm—one that is straining insurer portfolios and impacting … Source: Claims Journal