STORY FROM: Reinsurance & Arbitration

NEM Re Urges N.Y. Federal Judge to Reconsider Dismissal, Citing ‘Excusable Neglect’

NEW YORK — NEM Re Receivables LLC is urging a New York federal judge to reconsider his dismissal of its action seeking $145,000 in reinsurance recoverables, asserting that its failure to comply with a filing deadline constitutes “excusable neglect” under Rule 60(b) and that it can present evidence that its claim was not untimely.

In its April 28 reply filed in the U.S. District Court for the Southern District of New York, NEM Re maintains that applying Rule 60(b) will allow the court to decide the issue on its merits, rather than by default.

Fortress Re Inc. managed a reinsurance ...

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