STORY FROM: Reinsurance & Arbitration

Lawsuit Accusing Bank of Mishandling Reinsurance Trust Funds Heads to Mediation

COLUMBIA, S.C. — The parties in a federal lawsuit accusing U.S. Bank National Association of breaching its duties as trustee of a reinsurance trust account and depleting its assets have agreed to mediate the dispute in Charleston, S.C., according to a recent filing.

The insurer’s claims of breach of contract, breach of fiduciary duty, negligence, negligent misrepresentation and civil conspiracy will be presented to a mediator on Aug. 23, according to an Aug. 7 filing before Judge J. Michelle Childs of the U.S. District Court for the District of South Carolina.

In April 2013, Accident Insurance Co. (AIC) entered into ...

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