STORY FROM: Reinsurance & Arbitration

Insurers Object to Magistrate's Recommendation that Claim for Reinsurance Payments be Denied

NEW YORK - A group of insurers have challenged a New York federal magistrate judge's recommended denial of their claims against the Islamic Republic of Iran for sums paid pursuant to reinsurance policies for damages arising from the Sept. 11, 2001, terrorist attacks.

In their Jan. 25 objection, the insurers argued that Magistrate Judge Sarah Netburn of the U.S. District Court for the Southern District of New York improperly ignored two previous rulings by the District Court holding that they are entitled to recover the reinsurance payments they made, plus prejudgment interest since Sept. 11, 2001.

Plaintiffs in the instant ...

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