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March 25, 2003 | From Bloomberg News
UnumProvident Corp. reduced its earnings for the last three years by $29.1 million to resolve a regulatory review of the disability insurer's junk-bond holdings. The restatement will increase 2002 profit by $34.2 million and cut 2001 and 2000 earnings by a total of $63.3 million. The restatement clears the way for the Securities and Exchange Commission to approve the company's request to sell shares and shore up its capital, analysts said.
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BUSINESS
October 4, 2005 | Peter G. Gosselin, Times Staff Writer
The nation's largest disability insurer will take a $75-million charge against profit to pay for a sweeping settlement with California insurance regulators and resume benefit payments to thousands of disgruntled customers in the state and elsewhere. The charge announced Monday by UnumProvident Corp. raised to more than $200 million the amount the Chattanooga, Tenn.
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BUSINESS
October 4, 2005 | Peter G. Gosselin, Times Staff Writer
The nation's largest disability insurer will take a $75-million charge against profit to pay for a sweeping settlement with California insurance regulators and resume benefit payments to thousands of disgruntled customers in the state and elsewhere. The charge announced Monday by UnumProvident Corp. raised to more than $200 million the amount the Chattanooga, Tenn.
BUSINESS
April 30, 2003 | From Bloomberg News
UnumProvident Corp., the largest U.S. disability insurer, must defend itself against a suit accusing the company of systematically denying claims for long-term disability insurance by people too sick or injured to work, a U.S. district judge in New York said. The Chattanooga, Tenn.-based company is accused in the class-action suit of violating its duty under federal insurance laws by paying bonuses to its workers based on the number of claims they deny. UnumProvident did not comment.
BUSINESS
April 30, 2003 | From Bloomberg News
UnumProvident Corp., the largest U.S. disability insurer, must defend itself against a suit accusing the company of systematically denying claims for long-term disability insurance by people too sick or injured to work, a U.S. district judge in New York said. The Chattanooga, Tenn.-based company is accused in the class-action suit of violating its duty under federal insurance laws by paying bonuses to its workers based on the number of claims they deny. UnumProvident did not comment.
BUSINESS
December 26, 2002 | James F. Peltz, Times Staff Writer
At first glance, giant disability insurer UnumProvident Corp. seems as solid as a rock. The company traces its roots back more than a century, and promotes itself as a reputable safety net for more than 25 million American workers. Its board includes two former U.S. senators. But the company is under attack in scores of lawsuits -- backed by statements from some former employees -- alleging that it has been canceling customers' legitimate benefits to shore up the bottom line.
BUSINESS
March 25, 2003 | From Bloomberg News
UnumProvident Corp. reduced its earnings for the last three years by $29.1 million to resolve a regulatory review of the disability insurer's junk-bond holdings. The restatement will increase 2002 profit by $34.2 million and cut 2001 and 2000 earnings by a total of $63.3 million. The restatement clears the way for the Securities and Exchange Commission to approve the company's request to sell shares and shore up its capital, analysts said.
BUSINESS
December 26, 2002 | James F. Peltz, Times Staff Writer
At first glance, giant disability insurer UnumProvident Corp. seems as solid as a rock. The company traces its roots back more than a century, and promotes itself as a reputable safety net for more than 25 million American workers. Its board includes two former U.S. senators. But the company is under attack in scores of lawsuits -- backed by statements from some former employees -- alleging that it has been canceling customers' legitimate benefits to shore up the bottom line.
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