STORY FROM: Reinsurance & Arbitration

Reinsurers Oppose Recommended Dismissal of RICO Claims in Estate Battle

EL PASO, Texas — The owner of two offshore reinsurers engaged in a battle over the estate of a Texas car dealer has opposed a magistrate judge’s recommended dismissal of their RICO claims, arguing that they have adequately pled at least two predicate acts of mail and wire fraud.

In a July 9 opposition, the plaintiffs — Richard Poe II, Caribbean Reinsurance Ltd. and Archipelago Performance Ltd. — further argue that they have adequately alleged the existence of a RICO enterprise.

Dick Poe owned and managed several El Paso car dealerships for decades. In 2007, he formed Poe Management, Inc. ...

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