Former ITT Tech Employee Lawsuits

itt-tech
ITT Technical Institute suddenly shut down all of its campuses and online courses on September 6, 2016. By doing so, it puts approximately 8,000 employees out of work without warning. Those employees are fighting back. Former ITT Tech employee lawsuits have been filed in Delaware and Indiana. At least one of those lawsuits has requested class action certification. ITT...

QBE Expands Its Surety Capabilities with $73.5 Million Treasury Listing

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NEW YORK, Sept. 15, 2016 /PRNewswire/ — QBE North America today announced that the United States Department of Treasury approved QBE Insurance Corporation (QBEIC) as a Certified Company with an underwriting limitation (also referred to as a “Treasury Listing”) of $73.5 million per bond. This achievement builds upon a previously approved Treasury Listing for another QBE subsidiary, General Casualty...

ITT Educational Services Plunges to Record Low, Chubb Demands $19.8 M Collateral and Plans to Cancel All Surety Bonds

itt-tech
September 2, 2016 Clifton Ray – ITT Educational Services (NYSE:ESI) is down 13%, reaching a record week low earlier off a trading halt, after the company said in a SEC fling Chubb (CB) was demanding ITT to post collateral of $19.8 million in the form of an acceptable irrevocable letter of credit. Chubb also said it plans to issue...

Surety’s Indemnity Rights Eliminated by Subsequent Arbitration Agreement

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Most readers are familiar with the concept that performance bond sureties expect to recoup, from their principals, every dollar of cost incurred in responding to demands on the bond. And most readers are aware that the typical general indemnity agreement (GIA) gives the surety extensive rights, against the persons and companies signing on as indemnitors, to recover every dollar...

Dawn of the Bond – New NMLS Electronic Surety Bond

nmls
On September 12, 2016, the Nationwide Multistate Licensing System (“NMLS” or “the System”) will begin receiving and tracking Electronic Surety Bonds (“ESB”). In an unprecedented departure from the traditional uploading of a copy of a surety bond document to the applicant’s or licensee’s record followed by the delivery of the paper bond to the state, regulators in Idaho, Indiana,...

Potential Claims Against Mines Worry Financial Industry

Aug. 19 — The threat of third-party claims tied to the EPA’s looming financial assurance rule for hardrock mining is ginning up concerns among financial institutions, top surety backers and industry attorneys say. The new Superfund rule may allow states, tribes, the public and federal agencies other than the Environmental Protection Agency to make claims against hardrock mining financial...

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