Connect with us

Insurance

Menard Inc. in Michigan for Sued by EEOC for Sexual Harassment

Published

on

Menard Inc., which operates over 300 Menards home improvement stores in 14 states, has been sued by federal authorities on charges that it failed to act on multiple complaints of sexual harassment by an assistant manager at its facility in Wixom, Michigan.

The U.S. Equal Employment Opportunity Commission (EEOC) charged in its lawsuit that Menard violated federal law by subjecting female employees to sexual harassment.

According to the EEOC’s lawsuit, a hardware department manager received a complaint that his assistant manager was sending pornographic messages to a female subordinate. The female employee showed one of the messages to management and indicated she did not feel comfortable working alone with the assistant manager.

The department manager chose not to investigate the incident or reprimand the assistant manager, opting instead to tell the assistant manager “not to dip his pen in company ink.” The assistant manager continued to harass female employees, the EEOC said.

Close to a year later, a different female employee complained to the department manager about a pornographic message she had received from the assistant manager. The department manager failed again to act on the complaint and the assistant manager continued to harass female employees with additional pornographic messages and inappropriate physical contact.

Approximately a year and a half after the initial complaint, when another complaint was made to human resources and the assistant general manager, the assistant manager was finally investigated, admitted to the harassment, and was terminated.

The EEOC filed suit (Case No. 2:20-cv-11240) in U.S. District Court for the Eastern District of Michigan) after first attempting to reach a pre-litigation settlement through its conciliation process. The EEOC is seeking compensatory and punitive damages, as well as injunctive relief to prevent future harassment.

Source: EEOC

Was this article valuable?

Here are more articles you may enjoy.

– Insurance Journal

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Insurance

Brazil Reinsurer IRB Eyes Purchase of Foreign Competitors’ Portfolios: Sources

Published

on

By

Brazilian reinsurer IRB Brasil Resseguros SA is in advanced negotiations to buy rivals’ portfolios in Brazil and elsewhere in Latin America as foreign competitors scale back in the region, two sources close to the company told Reuters.

Any such acquisition would be a bold move for IRB given that the reinsurer revealed last week it was being inspected by the country’s insurance regulator for potential liquidity problems as it fell short of assets to cover technical provisions.

The inspection was the latest headwind to hit the insurer, which earlier this year replaced both its chief executive and chief financial officer after false reports that Berkshire Hathaway Inc’s had acquired a stake.

IRB shares have lost about 80% this year but the sources said it has maintained a cash position of around 4 billion reais, including liquid assets.

With the region’s economy side-swiped by the coronavirus-linked economic crisis, some global reinsurers are leaving or decreasing operations in Latin America to focus on their main markets in the United States and Europe, one source said, without revealing names.

“IRB is negotiating the purchase of portfolios and making alliances with more insurers,” another source said, requesting anonymity, because the matter is not public.

Although there are about a hundred reinsurers authorized to operate in Brazil, IRB holds a roughly 40% market share, with other top players including Munich Re, Swiss Re AG and Chubb Ltd.

In coming weeks, IRB will reveal more details on issues including technical provisions ahead of its first quarter results, scheduled for June 18, according to one of the sources.

IRB said in a statement that “it is constantly assessing possible operations in Brazil and abroad that are in line with its business strategy.”

Asked about potential disclosures about balance sheet-related issues, IRB said “it will timely communicate facts or decisions judged by companies that are of interest to its shareholders, customers and the market.”

(Por Aluísio Alves; editing by Nick Zieminski)

Related:

Was this article valuable?

Here are more articles you may enjoy.

– Insurance Journal

Continue Reading

Insurance

LP Insurance Services Adds Layne in Employee Benefits in Nevada

Published

on

By

LP Insurance Services LLC has named Chad Layne to the southern Nevada employee benefits sales team.

Layne has been a benefits insurance broker for more than 25 years. Most recently he was president of Layne Insurance Services. He began his insurance career with Sierra Health Services as a sales representative. He also worked for Brown & Brown Insurance.

Reno, Nev.-based LP Insurance Services is a risk management and commercial insurance brokerage firm specializing in property/casualty, surety, workers’ compensation, employee benefits, healthcare professionals, personal and risk management services.

Was this article valuable?

Here are more articles you may enjoy.

– Insurance Journal

Continue Reading

Insurance

SelectQuote Raises $350M in IPO; Shares Jump 40% in Market Debut

Published

on

By

Shares of SelectQuote Inc. jumped more than 40% in their stock market debut on Thursday, giving the insurance policy comparison website a market valuation of over $4 billion.

The company’s stellar offering is the latest sign of thawing in the initial public offering (IPO) market, which was shut to most companies when the coronavirus outbreak fueled weeks of stock market volatility in March and April.

In an interview with Reuters, SelectQuote Chief Executive Officer Timothy Danker said he was bullish on demand for the company’s core product in the backdrop of the COVID-19 pandemic that has forced more people to buy insurance online.

“Consumers don’t want folks in their house selling insurance, they’d rather do research online and connect telephonically and we view that as a trend moving forward,” Danker said.

SelectQuote allows customers to compare policies for life, auto and home insurance from providers including American International Group, Prudential Financial Inc and Liberty Mutual.

Its public offering comes at a time when only a handful of biotechnology and blank-check companies went ahead with IPOs during this period.

“These days, investors are more interested in boring CEOs and predictable profits.” said Erik Gordon, a professor at the University of Michigan’s Ross School of Business.

“Buyers remain wary, but SelectQuote is a rare IPO from a company that already is profitable instead of burning hundreds of millions hoping to someday turn a profit in an industry in which nobody has made a profit.” he added.

SelectQuote’s revenue jumped nearly 50% to $390.1 million for the nine months ended March 2020, while net income was up 2.4% to $61.1 million.

The company on Wednesday raised $360 million after it sold 18 million shares as planned, and existing shareholders sold 10.5 million shares.

The shares were priced at $20 each, above the marketed range of $17 to $19.

(Reporting by Abhishek Manikandan in Bengaluru; Editing by Sriraj Kalluvila, Anirban Sen and Anil D’Silva)

Was this article valuable?

Here are more articles you may enjoy.

– Insurance Journal

Continue Reading

Trending

%d bloggers like this: