INSURANCE

Garamendi Sues Former Executives of Insurance Firm: Insurance Commissioner John Garamendi sued three former officers and directors of failed First Capital Life Insurance Co., charging them with wasting the assets of the San Diego-based insurer through a series of transactions meant to enrich its parent firm. The suit, filed in Los Angeles Superior Court, accuses Robert Weingarten, Gerry R. Ginsberg and Philip A. Fitzpatrick of charging the insurer “exorbitant” fees for services by its parent firm; using junk bond purchases to provide First Capital Holdings with “secret profits at the expense of First Capital Life,” and directing the insurer’s $30-million purchase of a San Diego office complex in which the three held “an improper financial interest.”