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The insurance industry is engaged in a legal battle against new protections for retirement savers, which would require advisers to recommend what is best for the saver and avoid excessive charges. The rule is expected to significantly reduce commissions on annuities, which have become increasingly popular but often come with high fees. The insurance industry argues that the rule would limit consumer choice and access to retirement financial guidance. Annuity sales have been booming, but concerns have been raised about whether people are receiving the best advice, as financial advisers receive upfront commissions for selling annuities. The industry is currently winning the battle against the new protections, with a dozen industry groups suing the government. The rule is forecast to save retirement investors around $3.25 billion a year in reduced commissions on rollovers into fixed indexed annuities alone. [Extracted from the article]

The legal battle over who will pay for the damage and loss from the collapse of the Francis Scott Key Bridge in Baltimore is expected to begin soon. The owner of the cargo ship that caused the collapse is likely to invoke a law from the 19th century that limits the liability of ship owners. While the legal fight could last for a decade, insurance payouts for most claims, including the bridge's reconstruction, will likely be made sooner. The bridge is covered by Maryland's insurance policy, which pays up to $350 million for property damage and business interruption. Other claims, such as those by the families of the victims, may take longer to resolve. The incident will have a significant impact on the marine insurance market, which is already dealing with increased costs from recent attacks in the Red Sea. The insured losses from the bridge collapse could range from $2 billion to $4 billion. [Extracted from the article]

The article discusses the ongoing battle between insurers and owners of foreign-owned planes that were seized by Russia during the start of the Ukraine war. Insurers argue that the owners should have taken more action to prevent the seizure and that the U.S.'s support for Ukraine means it is effectively at war with Russia, which would void some claims. The dispute involves billions of dollars, over 400 planes, and hundreds of millions in legal costs, and it is expected to impact coverage for future conflicts. The article also explores questions about the possibility of returning the planes to their owners and the condition of the jets. [Extracted from the article]

Insurance companies like Travelers, Allstate, and Progressive are experiencing record profits and soaring stock prices due to steep rate increases. These rate hikes have led to higher revenue for insurers, while inflationary pressures on repair and replacement costs have eased. However, policyholders are facing higher prices, reduced coverage, and limited options for insurance. Insurers are still pushing for price increases, and rates are expected to continue climbing. While the industry's financial situation has improved, analysts caution that this outperformance may not be sustainable in the long term. [Extracted from the article]

The insurance industry is facing significant challenges as a result of huge losses from national disasters, leading to higher prices and limited coverage options for consumers. Insurers have been hit hard by catastrophic damage from storms and wildfires, as well as inflation and the effects of climate change. As a result, homeowners and drivers are experiencing rising premiums, reduced coverage, and fewer choices of insurers. Some areas are even experiencing insurance deserts, where regular home insurance policies are no longer available. The industry is under pressure to adapt to these changes and find solutions for consumers. [Extracted from the article]

Global ring used 'Zeus' malicious software US prosecutors yesterday charged 70 people allegedly involved in a global cybercrime scheme that used malicious software to steal more than $3m from dozens [...]

$12m stolen from bank accounts Scores of arrests in US and Britain US and UK authorities have taken action against scores of people allegedly involved in a global cybercrime scheme [...]

US business groups sued the Securities and Ex-change Commission yesterday in a bid to overturn a contentious rule that will make it easier for dissident shareholders to nominate their own [...]

ABB is facing criminal charges and has agreed to a $39.3m settlement of a civil case in relation to the alleged payments of bribes and kickbacks in Mexico and Iraq. [...]

US justice official bemoans ruling New legislation is needed to 'fill the void' in prosecuting corporate and public corruption created by a recent Supreme Court ruling that is having a [...]

general financial A Beverly Hills investment manager facing a civil lawsuit and criminal investigation over his ties to Bernard Madoff, the multi-billion dollar fraudster, has died. Stanley Chais, 84, died [...]

banks Sheila Bair, chairman of the Federal Deposit Insurance Corporation, has warned US banks to end their 'push back' against government pressure to draw up living wills that would make [...]

The US Securities and Ex-change Commission came under fire over its handling of the alleged $7bn Stanford fraud, with a federal watchdog revealing that he had spoken to criminal authorities [...]

general financial LAWYERED BY DAVID HOOPER AT RPC. MUST KEEP CUBAN QUOTE AT ENDMark Cuban, the billionaire entrepreneur, should face insider trading allegations, an appeals court said yesterday, in a [...]

Proposals to eliminate extremely high or low 'stub quote' share price quotations, blamed for exacerbating the impact of the May 6 flash crash, have been drawn up by the leading [...]

Travel & leisure Sportingbet, the online gaming and sports betting group, has agreed to forfeit $33m ([pounds sterling]21m) under an agreement with US authorities to avoid being prosecuted for past [...]

A deal between the UK and US financial regulators, designed to enhance co-operation on investigations, was signed yesterday. The memorandum of understanding between the Financial Services Authority of the UK [...]

Plans to force US companies to disclose potential losses from any class action lawsuits that could have a severe impact are provoking a backlash, spearheaded by more than 140 of [...]

Proposals to target 'window dressing' by banks that temporarily lower their debt before publicly disclosing their finances have been approved by the US Securities and Exchange Commission. The federal regulator's [...]

The influential body that sets US accounting rules has chosen an internal candidate to fill the board vacancy created by last month's unexpected early retirement of its chairman. Russell Golden, [...]

Mobile & telecoms News analysis Thumbs up for chief after difficult week, write Gerrit Wiesmann and Neil MacDonald Deutsche Telekom signalled on Friday that it would negotiate a new five-year [...]

PwC is to unveil a multimillion-dollar global rebranding effort, replacing its unwieldy 22-letter moniker with a simple 'pwc' logo. 'We've taken a lot of kidding for having the longest name [...]

Insurers are facing uncertainty created by sweeping definitions in the Wall Street reform act, which leave open the possibility that their products will be covered by the new swaps regime. [...]

GENERAL FINANCIAL News analysis The topic of who will police the sector is an emotive one, write Jean Eaglesham and Aline van Duyn It's 'an outrageous, extremely aggressive, empire-building power [...]

Case centres on legal doctrine of equal fault Big Four accountants may see more lawsuits The legal liability of auditors for detecting corporate fraud is set to be tested in [...]

LAWYERED by RPCA former senior executive at IBM was sentenced to six months in prison after pleading guilty to charges arising from the Galleon hedge fund insider trading probe. Robert [...]

Liability over fraud cases questioned The legal liability of auditors for detecting corporate fraud is set to be tested in a New York court, potentially increasing the Big Four accountants' [...]

Spoofing, layering and front-running. These strategies for market manipulation may be long-established - but the May 6 'flash crash' has given a fresh sense of urgency to US regulators' efforts [...]

US regulators are to fine a high-frequency trading firm, signalling sharper scrutiny of this type of trading, amid a broader crackdown on market abuse following the May 6 'flash crash'. [...]

New York adviser pleads guilty Kenneth Starr, a former Manhattan financial adviser to the rich and famous, yesterday pleaded guilty to defrauding his clients out of up to $50m. Mr [...]

A top federal prosecutor in New York will today declare another front in the war on Wall Street fraud, focusing new resources on civil litigation to complement existing criminal actions. [...]

A wide-ranging shake-up of the rules governing equity markets, including tougher controls on high-frequency traders, is being weighed by the Securities and Exchange Commission in the wake of the May [...]

A wide-ranging overhaul of the rules governing equity markets, including tougher controls on high-frequency traders, is being weighed by the Securities and Exchange Commission in the wake of the May [...]

Accounting rules give leeway for discretion Citigroup is at the centre of a dispute among analysts and accounting experts over whether it should set aside funds to cover $50bn ([pounds [...]

News analysis Six in race for NY attorney-general job are all courting consumers, write Jean Eaglesham and Justin Baer One of the six people battling to become the next 'sheriff [...]

GENERAL FINANCIAL Practice has come under scrutiny Regulators probing the causes of the May 6 flash crash have concluded that quote-stuffing - placing and then almost immediately cancelling large numbers [...]

Attorney-general race wide open Financial sector supports Dinallo Wall Street is backing its former scourge in the race for one of the most powerful financial law enforcement jobs in the [...]

Business groups have appealed to the Supreme Court to overturn a US court ruling on risk disclosures it fears will increase companies' liability under securities laws and 'open the floodgates' [...]