Vermont’s $182.9 Million Judgment on Behalf of Claimants and Creditors of Ambassador Insurance Co. Upheld on Appeal

first_imgVermont’s $182.9 Million Judgment on Behalf of Claimants and Creditors of Ambassador Insurance Co. Upheld on AppealMontpelier, Vermont –(September 10, 2008) The U.S. Third Circuit Court of Appeals issued an opinion yesterday upholding a judgment of $182.9 million against PriceWaterhouseCoopers in favor of the courtappointed Receiver for Ambassador Insurance Co., Paulette J. Thabault, Commissioner of the Vermont Department of Banking, Insurance, Securities and Health Care Administration (BISHCA). Ambassador Insurance Co. (a Vermont domiciled surplus lines insurance company with headquarters in New Jersey) was seized in 1983 and placed into court-supervised rehabilitation and subsequent liquidation as a result of its insolvency. Since that time, the principal obligation of the Commissioner as Receiver has been to collect and distribute assets under court supervision in order to pay the rightful claims of persons insured and owed money by Ambassador.In the accounting malpractice lawsuit filed in 1985 against PriceWaterhouseCoopers, Ambassador’s outside accountants were charged with negligence in connection with audits of Ambassador’s financial statements that served to conceal from regulators the insurance company’s financial weakness and near insolvency. A nine week trial in federal court in Newark, NJ, resulted in a jury verdict against Defendants PriceWaterhouseCoopers and the estate of Arnold Chait, Ambassador’s former President.Yesterday’s opinion upholds the 2005 verdict and PriceWaterhouseCooper’s obligation to pay all of the resultant damages, and confirms judgment for the full $182.9 million. Commissioner Thabault is pleased with the result and considers the outcome to be another success for state-based regulation of insurance companies, noting that Ambassador policyholders and claimants will finally have the opportunity to receive the insurance proceeds they were due under Ambassador insurance policies as a result of these proceedings. “It’s been a lengthy process, to say the least, and I am gratified that the Court upheld the jury verdict and the District Court judgment,” Thabault said. “As a Department, we’re committed to protecting the interests of policyholders, and pleased that the years of work in connection with these receivership proceedings should allow us to make full payment to all policyholders,” Thabault said.last_img read more

Plans on hold for Annie Power after the brilliant mare suffers a setback

first_img However, owner Rich Ricci says that race is now off the agenda, with a decision on whether she will be aimed at the World Hurdle or the Mares’ Hurdle at the 2016 Cheltenham Festival also undecided at this stage. He said: “She is fine. She has just had a niggling setback and she will probably not run until Cheltenham. “We won’t take any chances with her as she is too valuable and is my pet. We will do the right thing by her. “She will be back in work at the end of December then we will step her back up and get her ready for Cheltenham. “We will make a decision which race she goes for in February as there is no rush.” Annie Power is unlikely to return to action before the Cheltenham Festival after suffering a setback. The Willie Mullins-trained seven-year-old has won 12 of 14 racecourse outings with her only defeats coming when second to More Of That in the 2014 World Hurdle and when crashing out at the last with the OLBG Mares’ Hurdle at her mercy at this year’s Festival. Annie Power bounced back from that fall with a wide-margin Punchestown win back in May and she had been in the frame to return in the Hatton’s Grace Hurdle at Fairyhouse later this month. center_img Press Associationlast_img read more

Christian Benteke strikes as Liverpool defeat high-flying Leicester

first_img Claudio Ranieri’s side, who failed to score for the first time this season, have profited from a killer counter-attacking game but were nullified until the final quarter, by which time the hosts had already edged ahead. The 63rd-minute goal came from two players who were far from their best – Benteke started on the bench and benefited from a first-half injury to Divock Origi while Roberto Firmino looked lost for long periods before providing the chance for Benteke. It should have been the signal for Liverpool to press home their advantage but Anfield regressed to its anxious, nervous disposition as they dropped deeper and lost composure, even when Ranieri replaced leading scorer Jamie Vardy after a quiet afternoon by his standards. Substitute Nathan Dyer’s deflection was clawed away by Mignolet as the Reds continued to invite pressure on themselves, although Coutinho’s effort from distance which skimmed the top of the net or Firmino’s angled shot past the far post would have ended that. The game ended in farcical scenes as Schmeichel came up for a throw-in and Liverpool countered with Can releasing Benteke – in an offside position because of the absent goalkeeper but allowed to continue by a confused linesman – but the striker opted to pass to Alberto Moreno, who was also offside and missed the target anyway. TWEET OF THE MATCH @GaryLineker ” Huge shock on the cards at Anfield as Benteke gives Liverpool the lead against Leicester.” Leicester’s unbeaten run finally came to an end. PLAYER RATINGS LIVERPOOL Simon Mignolet: 6 Nathaniel Clyne: 6 Dejan Lovren: 6 Mamadou Sakho: 5 Alberto Moreno: 5 Emre Can: 5 Jordan Henderson: 7 Adam Lallana: 6 Roberto Firmino: 5 Philippe Coutinho: 6 Divock Origi: 7 Substitutes Christian Benteke 6 Lucas Leiva: 5 Joe Allen: 5 LEICESTER Kasper Schmeichel: 6 Danny Simpson: 6 Wes Morgan: 6 Robert Huth: 6 Christian Fuchs: 6 Riyad Mahrez: 5 Andy King: 5 N’Golo Kante: 7 Marc Albrighton: 6 Shinji Okazaki: 4 Jamie Vardy: 5 Substitutes: Andrej Kramaric: 5 Leonardo Ulloa: 5 Nathan Dyer: 5 STAR MAN Jordan Henderson – Liverpool’s captain was his usual bundle of energy and provided the driving force from a deeper midfield position than usual. MOMENT OF THE MATCH Benteke’s first-time sidefoot shot from 12 yards to break the deadlock having endured a difficult time after coming off the bench in the first half. VIEW FROM THE BENCH Jurgen Klopp was less animated than usual and looked to have made the right call in selecting Divock Origi ahead of Benteke until injury curtailed that plan. Claudio Ranieri, possibly mindful of the impending visit of Manchester City, substituted both in-form players Jamie Vardy and Riyad Mahrez while they were still looking for an equaliser. MOAN OF THE MATCH Linesman Stuart Burt got caught up in the added-time panic created by goalkeeper Kasper Schmeichel’s decision to go upfield in search of an equaliser and failed to flag for offside when Christian Benteke countered despite there being only one Leicester player in their half. WHO’S UP NEXT? Sunderland v Liverpool (Barclays Premier League, Wednesday December 30) Leicester v Manchester City (Barclays Premier League, Tuesday December 29) Press Association That will not have mattered to Jurgen Klopp after four matches without victory. Whether defeat, their first away from home since March, is the bursting of the Foxes’ bubble remains to be seen but with Manchester City up next at home this, as expected, will be the most testing period of their campaign. In an attempt to give his side a better chance of making – and taking – chances, Klopp left out defensive midfielder Lucas Leiva and paired Jordan Henderson and Emre Can in the centre with the attacking trio of Philippe Coutinho, Firmino and Adam Lallana supporting Origi. Liverpool’s lone striker justified his inclusion for 38 minutes, his movement and willingness to battle for the ball giving Wes Morgan and Robert Huth problems, before he was forced off with a hamstring problem. He drew Kasper Schmeichel into one save down at his near post, having done well to muscle Leicester captain Morgan off the ball. Coutinho was less threatening with three shots in the opening 15 minutes failing to trouble the goalkeeper, and Lallana wasted his one chance by drilling into the side-netting while Can at least made Schmeichel touch his low effort around the post. Liverpool’s dominance of possession saw much of the game played in Leicester’s final third as the Premier League leaders’ tried and trusted counter-attacking tactic limited them to fewer chances than usual, with their best chance coming when the in-form Riyad Mahrez’s dribble and fierce shot forced Simon Mignolet to tip over late in the half. That chance came when Benteke lost possession to the much less physically imposing N’Golo Kante and the dynamic certainly appeared to change when Origi’s replacement came off the bench. Benteke looked short of confidence, heading one inviting Henderson cross over on the hour, but reacted instinctively to sidefoot home Firmino’s cross after the Brazil international had worked himself some space on the left of Leicester’s penalty area having been fed by Can. Liverpool striker Christian Benteke’s first goal since the end of October inflicted Leicester’s first defeat in three months to open up a crack in their armour. last_img read more

Big changes to MLB rosters, trade deadline, All-Star voting to be announced, report says

first_imgThe Athletic reported earlier Wednesday that baseball would soon have just one trade deadline.The early start to labor talks is a product of players’ dissatisfaction with owners. They are peeved that the free-agent market has tightened over the past two offseasons, with smaller contracts overall and longer negotiation periods. They also want clubs to stop manipulating service-time rules to gain additional contractual control over top prospects and, potentially, reduce their earning potential.The current CBA is set to expire in December 2021. — Increasing active rosters from 25 players to 26 from Opening Day through Aug. 31, and reducing the roster maximum from 40 to 28 from Sept. 1 through the end of the regular season. Clubs will not be able to carry more than 13 pitchers on their rosters before Sept. 1, or more than 14 pitchers from Sept. 1 on.— Eliminating the Aug. 31 waiver trade deadline and employing just the current July 31 nonwaiver deadline.— Requiring pitchers to face a minimum of three batters.— Limiting the number of position players who also pitch and setting limits on when such “two-way players” can pitch.— Determining the All-Star Game starters through a one-day election. Fans would choose among the top three vote-getters at each position from earlier balloting.— Awarding a $1 million prize to the winner of the Home Run Derby.The roster and pitcher changes will take place in 2020; the trade deadline and All-Star changes will be implemented this year, sources told ESPN.MORE: Braves reportedly not ‘engaged’ on FAs Kimbrel, Keuchel Major league players and team owners have agreed to significant off-field rules changes and are planning to begin labor negotiations more than two years before the current collective bargaining agreement is set to expire, reported Wednesday.The most significant changes, which ESPN reported are expected to be announced Thursday, include:last_img read more