Tag Archives: Bankruptcy

Mafia primed to feast on Italy’s virus devastation

As Italy mourns thousands of coronavirus dead, and survivors brace for life in an economic wasteland, one rung of society looks to win big: organised crime.

“The Italian mafia can turn threats into opportunities,” top government anti-mafia investigator Giuseppe Governale told AFP.

Over 10,000 people have died in Italy of the flu-like disease, which has forced the country into a lockdown that is devastating the eurozone’s third largest economy.

From the historic Cosa Nostra in Sicily, to the immensely powerful ‘Ndrangheta in Calabria and trigger-happy Camorra in Naples, Italy’s mafias were “caught on the back foot (by the virus), but are now organising themselves,” Governale said.

The Economist Intelligence Unit said Thursday it expected Italy’s GDP to contract by a colossal seven percent for the year. Italian experts say some 65 percent of Italian small and medium businesses are at risk of bankruptcy.

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Duluth diocese sues insurers to cover abuse lawsuits

The Diocese of Duluth, which entered bankruptcy proceedings after a $4.9 million verdict in a child sexual abuse case, wants to ensure that its insurance companies help pay the bill.

The Duluth News-Tribune reports that the diocese is suing five insurance companiesLiberty Mutual Group, Catholic Mutual Relief Society of America, Fireman’s Fund Insurance Co., Church Mutual Insurance Co. and Continental Insurance Co. — to compel them to participate in a mediation process between the church and 125 people who have filed abuse claims.

The diocese filed for bankruptcy last December. It’s facing many claims apart from the already-announced $4.9 million verdict and has an annual budget of just $3.3 million.

The lawsuit against insurers is similar to one filed by the Archdiocese of St. Paul and Minneapolis, which is also in bankruptcy and sued its insurance companies in 2014, accusing them of improperly rejecting its claims to cover the cost of the church’s settlement with victims of clergy sex abuse.

Read Full Article – http://www.bizjournals.com/twincities/news/2016/07/05/duluth-diocese-sues-insurers-to-cover-abuse.html