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Purdue Pharma Squares Off With DOJ Over $6 Billion OxyContin Deal

A $6 billion deal hangs in the balance as OxyContin maker Purdue Pharma LP and its wealthy owners square off against the U.S. Justice Department over the firm’s opioid lawsuit settlement. The sides will meet in a New York courtroom …

Musk Loses Bid to End SEC Agreement on Oversight of Tesla Tweets

A U.S. judge slammed Elon Musk for trying to escape a settlement with regulators requiring oversight of his Tesla Inc. tweets, saying the billionaire was “bemoaning” the 2018 deal now that he felt Tesla was “invincible.” The April 27 ruling …

TPA’s Quick Denials of First Responders’ Workers’ Comp Claims Draw Penalty

A workers’ compensation insurer must pay $100,000 under an agreement with Vermont state regulators because its claims administrator gave short shrift to claims for post-traumatic stress disorder and other occupational diseases. Acadia Insurance Co. on April 18 reached an agreement …

SEC Sues Brazilian Miner Vale Over ‘False and Misleading’ Claims About Safety of Dams

The U.S. Securities and Exchange Commission (SEC) on Thursday sued Brazilian miner Vale for allegedly making false and misleading disclosures about the safety of its dams ahead of a 2019 disaster that killed 270 people. Beginning in 2016, Vale manipulated …

Update: Generali’s CEO Survives Leadership Challenge, but Rebels Take Board Seats

Philippe Donnet kept his job as chief executive of Italian insurer Generali on Friday, surviving a challenge from rebel domestic investors who retained board seats and vowed to keep up the pressure for reform. The vote at the company’s annual …

Is AXIS Selling Its Reinsurance Business? Some Say: Where There’s Smoke, There’s Fire

AXIS Capital Holding’s chief executive officer would not comment on reports that the company is looking to sell its reinsurance unit. But a market commentary from Wells Fargo Securities said: “Where there’s smoke, there’s fire.” During a first quarter earnings …

People Moves: AXA Reappoints Buberl as CEO; Gosset-Grainville Named Chair

Thomas Buberl has been reappointed as AXA’s chief executive officer, while Antoine Gosset-Grainville has been name chairman of the board of directors, succeeding Denis Duverne, who has retired. Burberl first became CEO and a director of AXA in September 2016. …

Markets/Coverages: QBE N.A. Starts Specialty Casualty; Ryan Specialty, Harleysville Team Up; Coalition, Vantage Capacity Partners; Joyn Expands Offerings

QBE North America launches Specialty Casualty business QBE North America today announced the launch of a Specialty Casualty business as part of its strategy to invest in areas where the insurer can offer distinct advantages to business customers. Offerings will …

Russia May Be Forced to Cannibalize Half Its Planes for Spare Parts: Kommersant

Russia may be forced to ground between half and two-thirds of its commercial aircraft by 2025 in order to cannibalize them for spare parts, Kommersant newspaper reported, citing an unidentified person at the Transport Ministry. In the ministry’s base case, …

EasyJet Cancels Leases on Russia-Owned Jets in Rare Sanctions Anomaly

EasyJet Plc terminated rental contracts on six Airbus SE jets owned by a Russian state leasing company in a rare example of sanctions depriving a European carrier of aircraft. EasyJet canceled the leases on the A319 narrowbodies owned by a …

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