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Some good news for airlines struggling with competition and high fuel prices is insurance premiums, which have fallen significantly this year and are unlikely to rebound much in 2008 despite a sharp jump in payouts.
Insurance broker Aon Corp. says airline insurance premiums dropped about 15 percent this year. At the same time, insurance payouts jumped 20 percent, meaning the average insurance policy will lose money this year for the first time since 2000.
Though that means insurers will try to hold the line on rates or even raise premiums as policies come up for renewal next year, analysts say tight competition makes big rate hikes unlikely.
Lawyers who won a class action suit against Tyco International Ltd. and PricewaterhouseCoopers LLP will earn almost half a billion dollars.
Their portion of the $3.2 billion settlement, the third-largest securities class action recovery in history, includes $464 million in fees and $29 million for expenses.
In the order issued Wednesday, U.S. District Judge Paul Barbadoro approved the three co-lead counsels’ request for legal fees totaling 14.5 percent of the multibillion dollar settlement, plus expenses, citing the lawyers’ success in winning the largest cash payment from a corporate defendant in the history of securities litigation.
