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Archive: May 2023

$10M Verdict for Family of Man Killed by California Officer
Insurance Journal | May 1, 2023
$10M Verdict for Family of Man Killed by California Officer
A federal jury has awarded $10 million to the family of a man fatally shot by a Southern California sheriff’s sergeant who was trying to arrest him for attempting to attack people with a club and baseball bat seven years …
Frustration Grows Over Wait on OxyContin Maker’s Settlement
Insurance Journal | May 1, 2023
Frustration Grows Over Wait on OxyContin Maker’s Settlement
More than a year after OxyContin maker Purdue Pharma reached a tentative settlement over the toll of opioids that was accepted nearly universally by the groups suing the company – including thousands of people injured by the drug – money …
Adidas Sued by Investors Over Broken Ye Partnership
Insurance Journal | May 1, 2023
Adidas Sued by Investors Over Broken Ye Partnership
Adidas AG was sued by investors who claim the German sports giant knew about risks of its partnership with the rapper known as Ye long before his anti-Semitic comments were made public. Adidas in October cut ties with Ye, formerly …
Banking System ‘Remains Sound’ After First Republic Resolution: U.S. Treasury
Insurance Journal | May 1, 2023
Banking System ‘Remains Sound’ After First Republic Resolution: U.S. Treasury
The U.S. Treasury Department is encouraged that First Republic Bank was resolved with the least cost to the Deposit Insurance Fund, and believes the U.S. banking system remains sound and resilient, a Treasury spokesperson said early Monday. U.S. regulators on …
OSHA Says Amazon Failed to Provide Injured Workers With Adequate Medical Care
Insurance Journal | May 1, 2023
OSHA Says Amazon Failed to Provide Injured Workers With Adequate Medical Care
The Occupational Safety and Health Administration (OSHA) reports it has found that giant online retailer Amazon failed to provide adequate medical treatment for traumatic and chronic injuries at a fulfillment center in Castleton, New York. OSHA alleged that at least …
Toyota-Subsidiary Daihatsu Rigged Safety Tests for 88,000 Cars
Insurance Journal | May 1, 2023
Toyota-Subsidiary Daihatsu Rigged Safety Tests for 88,000 Cars
Toyota Motor Corp. affiliate Daihatsu rigged part of the door in side-collision safety tests carried out for some 88,000 small cars, most of which were sold under the Toyota brand, the companies said on Friday. They said the door trim …
Epstein Victim Suing JPMorgan Seeks Class-Action Status
Insurance Journal | May 1, 2023
Epstein Victim Suing JPMorgan Seeks Class-Action Status
A victim of Jeffrey Epstein asked a judge to let her represent more than 100 other women in a lawsuit alleging that JPMorgan Chase & Co. facilitated their abuse by the late financier. A second victim filed an almost identical …
Executive Bonuses in Crosshairs in New CO2 Proposal: ESG Regulation
Insurance Journal | May 1, 2023
Executive Bonuses in Crosshairs in New CO2 Proposal: ESG Regulation
Executives will face bonus cuts if the companies they run fail to hit climate transition targets, under a new European Union proposal that greatly expands the range of levers regulators can draw on to meet terms of the Paris Agreement. …
Maine asks railroad to fix roads, culverts after derailment
Insurance Journal | May 1, 2023
Maine asks railroad to fix roads, culverts after derailment
Maine environmental regulators have asked a railroad cleaning up a freight train derailment site to repair forest management roads and culverts damaged by heavy equipment and that led to the discharge of sediment into area waters. State Department of Environmental …
Ex-CFO Gets 3 Years Prison for Stealing From SPACs to Trade Meme Stocks, Crypto
Insurance Journal | May 1, 2023
Ex-CFO Gets 3 Years Prison for Stealing From SPACs to Trade Meme Stocks, Crypto
A former chief financial officer of multiple special purpose acquisition companies (SPACs) was sentenced to three years in prison for embezzling more than $5 million from them, and losing almost all of it trading meme stocks and cryptocurrencies. Cooper Morgenthau, …