STORY FROM: Reinsurance & Arbitration
3rd Circuit Dismisses Guarantors' Appeal of $70 Million Order
April 9, 2009
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, ...