STORY FROM: Reinsurance & Arbitration
N.Y. Judge Stays Enforcement Proceedings Pending NICO’s Review of Brazilian Lawsuit
July 7, 2017
NEW YORK — A New York federal judge has granted National Indemnity Co.’s request for a brief stay of a proceeding in which NICO seeks to enforce confirmation of an arbitration award that requires a reinsurer to cover an underlying $5 million settlement, explaining that the reinsurer has filed a lawsuit against it in Brazilian court.
Judge Naomi R. Buchwald of the U.S. District Court for the Southern District of New York granted NICO’s request on July 5, staying the action until July 14. In seeking the stay, NICO said it was served on June 28 with a 54-page complaint ...
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