STORY FROM: Reinsurance & Arbitration

U.S. Bank Says Reinsurer’s Breach of Fiduciary Duty, Conspiracy Claims Time-Barred

COLUMBIA, S.C. — U.S. Bank National Association has moved for summary judgment on a reinsurer’s claims that it breached its duties as a trustee and conspired with its subsidiaries to “engage in unlawful acts,” arguing that the claims are time-barred under South Carolina law.

In its Nov. 2 motion filed in the U.S. District Court for the District of South Carolina, U.S. Bank maintains that Accident Insurance Co. knew the bank allegedly violated its duties as trustee but waited more than two years to file suit. As such, the lawsuit is barred under North Carolina’s one-year statute of limitations for ...

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