STORY FROM: Reinsurance & Arbitration

D.C. Federal Judge Allows Breach of Implied Contract Claim to Proceed Against Reinsurers

WASHINGTON, D.C. — A District of Columbia federal judge has allowed Vantage Commodities Financial Services Inc. to proceed with its claims of breach of implied contract, promissory estoppel and unjust enrichment against three reinsurers from which it seeks payment of a $26 million judgment.

In a Nov. 16 order, Judge Trevor N. McFadden of the U.S. District Court for the District of Columbia also allowed Vantage to serve the reinsurers in their home countries.

Assured Risk Transfer PCC LLC (ART) sold Vantage a credit insurance policy covering Vantage’s losses up to $22 million after Vantage extended $44 million of credit ...

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