STORY FROM: Reinsurance & Arbitration
Lawsuit Accusing Golden Isles of Draining Assets to Escape Reinsurance Obligations Survives Dismissal Motion
August 22, 2016
ATLANTA — A Georgia federal judge has refused to dismiss a lawsuit accusing Golden Isles Reinsurance Co. of draining its assets through fraudulent cash transfers in order to escape its obligations under two reinsurance agreements, finding the majority of the claims were adequately pled.
In an Aug. 18 order, Judge Leigh Martin May of the U.S. District Court for the Northern District of Georgia also refused to dismiss claims against certain out-of-state individuals who received the cash transfers, finding those defendants had the requisite contacts with Georgia. The judge also allowed Canal to add as a defendant a previously unnamed ...
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