STORY FROM: Reinsurance & Arbitration
Federal Judge Dismisses Suit Against N.Y. Insurance Regulators
April 8, 2009
PHILADELPHIA - A suit brought by the former owner of an offshore reinsurer against New York insurance regulators in an effort to halt execution of a $20.5 million verdict has been dismissed by a Pennsylvania federal judge. DiLoreto v. Costigan, et al., No. 08-989 (E.D. Pa.).
Judge Ronald L. Buckwalter of the U.S. District Court for the Eastern District of Pennsylvania ruled that Jeanne and Richard Di Loreto failed to prove that the defendants had sufficient minimum contacts with the state of Pennsylvania. Di Loreto filed a notice of appeal on March 20.
Founded in 1965, Nassau Insurance Co. was ...