STORY FROM: Reinsurance & Arbitration

3rd Circuit Dismisses Guarantors' Appeal of $70 Million Order

PHILADELPHIA - A 3rd Circuit U.S. Court of Appeals panel has ruled that it lacks jurisdiction over an appeal brought by the guarantors of a reinsurance contract who were ordered to post $70 million in security in favor of Everest National Insurance Co. Everest National Insurance Co. v. Sutton, No. 08-4643 (3rd Cir.).

In an April 7 ruling, the appellate panel ruled that the lower court's interlocutory order is not "final" and therefore cannot be appealed.

Centrix Financial, a company owned by Robert Sutton, underwrote and serviced sub-prime automobile loans. Centrix originated the loans and place them with third-party lenders, ...

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