STORY FROM: Reinsurance & Arbitration
N.Y. Federal Judge Dismisses Counterclaims, Third-Party Claims in Reinsurance Fraud Action
December 16, 2015
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.
Under the “Safebuilt Reinsurance Program,” Safebuilt Insurance Services, an entity ...
Associated Law Firms
Ohrenstein & Brown