STORY FROM: Reinsurance & Arbitration
Judge Dismisses Petition to Confirm Award in $1.7 Million Case
February 6, 2009
DETROIT - In a $1.7 million dispute involving asbestos and pollution losses, a Michigan federal judge dismissed for lack of jurisdiction a petition to confirm an arbitration award rendered in favor of a group of retrocessionaires. American Bankers Insurance Company of Florida v. National Casualty Co., No. 2:08-cv-13522 (E.D. Mich.).
In a Feb. 3 order, Judge Nancy G. Edmunds of the U.S. District Court for the Eastern District of Michigan ruled that diversity jurisdiction is lacking because the declaratory relief awarded by the arbitrators has no real monetary value.
American Bankers Insurance Company of Florida, Peerless Indemnity Insurance Co., ...