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Lawsuit Claims Purdue Pharma Made Billions from Opioid Crisis, Putting Company and its Officers at Risk

From 2008 to 2016 the Sackler family, which controls Purdue Pharma, received more than $4 billion in profits by aggressively marketing and selling OxyContin, despite several lawsuits and full awareness of the drug’s highly addictive properties, according to a lawsuit filed by Massachusetts Attorney General Maura Healey on January 31. The lawsuit alleges members of…

Truck Driver’s $298.3 Million Powerball Jackpot Leads to Newfound Wealth, Risk

Truck driver David Johnson confirmed last week he is the sole winner of the December 26 New York Powerball drawing. The 56-year-old, who emigrated from Jamaica when he was 16, quit his job at Iberia Foods and plans to live on the estimated $114 million he will collect after taxes. Johnson’s plans also include buying…

Highway a Sweet Mess after 40,000 Pounds of Liquid Chocolate Spills from Tanker

Though the resulting aroma was sweet, the rollover accident that caused a tanker truck to spill 40,000 pounds of hot, liquid chocolate on an Arizona freeway was anything but. There were no injuries or other vehicles involved in the accident, but the insurance impact is likely significant. The accident appeared to have been caused by…

California Wildfires’ Impact Felt Throughout Insurance, Real Estate Markets

The impact of wildfires that raged across California the past two years will force one of the state’s largest utilities to file for bankruptcy protection later this month, but has also limited access to Homeowners Insurance policies statewide. Pacific Gas & Electric Corp. (PG&E), found at fault for some 2017 wildfires, now faces additional liabilities…

Car Subscription Services Designed for Evolving Consumer Needs

As the North American International Auto Show kicks off next week in Detroit, one of the more talked about trends in the automotive industry is the growth in interest and investment in vehicle subscription services. These services are considered the “Netflix model of vehicle ownership and usage:” consumers pay anywhere from a few hundred dollars…

Vulnerability of Cryptocurrencies a Threat to Businesses

Retailers are increasingly accepting cryptocurrencies as a form of payment for goods and services, but the volatile nature of the currency puts these businesses at risk. The fluctuating value of cryptocurrencies like bitcoin could lead to overnight double-digit increases or decreases in currency value. Bitcoin, the most popular and widely used type of cryptocurrency, saw…

Protecting Your High-Value Holiday Gifts From Theft, Damage

‘Tis the season of giving — and high-value gifts Consumers were projected to spend more than $720 billion over the holidays this year, according to the National Retail Federation. While the majority of that spending likely falls into the stocking stuffer category, The Robb Report listed a $6 million pair of pear-shaped Jacob & Co….

Insuring Santa Claus

From his bustling workshop to his nine loyal reindeer, Santa Claus operates one of the most complex enterprises in the world. That level of global intricacy requires an expert review of risk management strategies. “There are a number of insurance products that I would think Santa would have in place,” said Chris Zoidis, Corporate Executive…

California Utility Accused of Starting Deadly Camp Fire

Recent wildfires in California have resulted in a financial catastrophe that U.S. Interior Secretary Ryan Zinke estimated will cost billions of dollars. Now a lawsuit suggests that one of the state’s largest utilities may be responsible for starting the Camp Fire that killed 86 and displaced 50,000 from their homes in November because of a poorly…

Purdue Clock Nearly Crushing Workers Illustrates Crane Exposures

A bell tower clock face undergoing maintenance at Purdue University crashed to the ground last week, nearly hitting two workers on a cherry picker lift. Incredibly, no one was injured in the incident, which was captured on a video that went viral over the weekend. The contractor hired to perform the maintenance, Verdin Company, is…