STORY FROM: Reinsurance & Arbitration
Bank Seeks Documentation Supporting Insurer's Claimed Damages in Reinsurance Trust Case
June 7, 2018
COLUMBIA, S.C. — U.S. Bank National Association has asked a South Carolina federal judge to require an insurer to identify the documents it relied upon in computing its alleged damages arising from the bank’s purported mishandling of funds in a reinsurance trust account.
In a May 24 motion filed in the U.S. District Court for the District of South Carolina, the bank argues that Accident Insurance Company Inc. has refused the produce the documents used in setting its total alleged damages at $13,247,656.20.
“Without this information U.S. Bank cannot test, assess, or respond to Accident’s damages claim,” U.S. Bank maintains. ...
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