New Citigroup gets off to shaky start

Article Abstract:

Citigroup, which was created with the merger of Citicorp. and Travelers Group, reported an estimated income in the third quarter of 1998 of about $700 million after a restructure charge, a drop from the $1.5-billion combined earnings of Citicorp. and Travelers in the same period in 1997. The new company likewise predicted a net loss of about $325 million in its 1998 third quarter earnings after a $700-million after tax losses related to Russia and global arbitrage. Despite the unprofitable start, Citigroup co-chairman Sanford Well remains confident that the company will ride through the cycle of economic crisis.

Comment:

Reports an estimated income in the third quarter of 1998 of about $700 mil after a restructure charge

Commercial Banks, Commercial Banking, Sales, profits & dividends, Citigroup Inc.

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Nationwide's bias damages $100M in Va

Article Abstract:

Nationwide Insurance of Columbus, OH, has been ordered by a jury in Richmond, VA, to pay $100 million in compensatory and punitive damages to Housing Opportunities Made Equal (HOME), a fair-housing group of Richmond for discriminatory practices. The group, which filed the complaint in October 1996, claimed that Nationwide offered higher coverage on homes in white neighborhoods while comparable homes in black neighborhoods were either offered less desirable coverage or were denied coverage. Nationwide refuted the redlining charges and reported that it would appeal the ruling.

Comment:

Is ordered to pay $100 mil in compensatory & punitive damages a fair-housing group of Richmond, VA, for discriminatory practices

Property & Liability Insurance, Property and casualty insurance, Nationwide Mutual Insurance Co.

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Maryland lawsuits take auto insurers to mat

Article Abstract:

All-State Insurance, State Farm Insurance Co and GEICO Corp, the country's biggest automobile insurers, have been sued separately for allegedly defrauding policyholders. The lawsuits, which were filed in Maryland on Aug 18, 1999, focused on personal injury protection claims and accused the firms of using computer programs, medical record reviewers and doctors to generate reports that resulted in lower claims. Complainants in each lawsuit are asking for $100 million in damages.

Auto Insurance, Automobile insurance, State Farm General Insurance Co.

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