STORY FROM: Reinsurance & Arbitration
Lawsuit Accusing Berkshire Hathaway Members of Fraudulent Reinsurance Scheme to Proceed in N.Y. Federal Court
March 14, 2017
NEW YORK — A New York federal judge has allowed a lawsuit to proceed against members of the Berkshire Hathaway Group accused of carrying out a fraudulent workers’ compensation scheme involving a reinsurance participation agreement and a profit sharing contract.
On March 9, Judge John G. Koeltl of the U.S. District Court for the Southern District of New York found the plaintiffs adequately pled that the reinsurance and profit sharing contract is not actually a separate contract for reinsurance and profit sharing, but rather an illegal insurance contract that modified the material terms of their workers’ compensation policies.
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