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Archive: May 2023

First Republic Regulators Rush to Fix Crisis as Banks Make Bids
Insurance Journal | May 1, 2023
First Republic Regulators Rush to Fix Crisis as Banks Make Bids
US regulators were rushing to resolve the First Republic Bank crisis Sunday after a midday deadline passed for submitting final bids to take over the struggling lender. The Federal Deposit Insurance Corp. had asked banks including JPMorgan Chase & Co., …
Fed Report on SVB Collapse Could Buoy Shareholder Lawsuits
Insurance Journal | May 1, 2023
Fed Report on SVB Collapse Could Buoy Shareholder Lawsuits
A scathing Federal Reserve report on the collapse of Silicon Valley Bank released on Friday could be a boon to shareholders suing the defunct lender’s executives for allegedly hiding risks that led to its stunning downfall, legal experts said. The …
Georgia Sheriff’s Chief of Staff Charged with Insurance Fraud in ‘Hit-and-Run’ Claim
Insurance Journal | May 1, 2023
Georgia Sheriff’s Chief of Staff Charged with Insurance Fraud in ‘Hit-and-Run’ Claim
The chief of staff for an Atlanta-area sheriff has been charged with insurance fraud after an investigation found that he had lied about the circumstances of an accident. Braxton Tyree Cotton, 41, a major in the Cobb County Sheriff’s Office, …
TN Volkswagen Plant Shut Down After Three Workers Hit by Vehicle Outside
Insurance Journal | May 1, 2023
TN Volkswagen Plant Shut Down After Three Workers Hit by Vehicle Outside
Management shut down production Saturday at a Volkswagen plant in Tennessee after three workers were struck by a vehicle on a walkway just outside the plant, authorities said. One person was killed, a second was critically injured and a third …
Mississippi Tire Plant Partly Covered, Will Reopen in June After Tornado
Insurance Journal | May 1, 2023
Mississippi Tire Plant Partly Covered, Will Reopen in June After Tornado
A northeast Mississippi tire plant that was damaged by an April tornado is expected to restart production in June. Goodyear Tire & Rubber Co. said this week that it was likely to take several months for its Cooper Tire plant …
South Florida Jury Awards Woman $5.5M from Mold, Water Damage in Condo
Insurance Journal | May 1, 2023
South Florida Jury Awards Woman $5.5M from Mold, Water Damage in Condo
A south Florida jury has awarded $5.5 million to a woman who sued her condominium association after years of water infiltration and mold that the woman blamed for the death of her longtime domestic partner in 2021. The Broward County …