STORY FROM: Reinsurance & Arbitration

N.Y. Federal Judge Dismisses Counterclaims, Third-Party Claims in Reinsurance Fraud Action

NEW YORK — A New York federal judge has dismissed counterclaims and third-party claims asserted by the defendants in a lawsuit in which a reinsurer and its agent allege that they were bilked out of $9.3 million in fees and trust account funds in a reinsurance scheme.

Judge Colleen McMahon of the U.S. District Court for the Southern District of New York held that the third-party plaintiffs failed to show that the plaintiff and third-party defendants owed them a fiduciary duty and tortiously interfered with prospective business relations.

AmTrust’s Allegations

Under the “Safebuilt Reinsurance Program,” Safebuilt Insurance Services, an entity ...

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