STORY FROM: Reinsurance & Arbitration

Insurer May Amend Fraud, RICO Claims in Lawsuit Against Beechwood Re, Judge Rules

NEW YORK — A New York federal judge has allowed claims of breach of fiduciary duty and gross negligence to proceed against Beechwood Re and its founders in a lawsuit accusing them of investing $320 million of a health insurer’s assets with the affiliates of a failed Ponzi scheme.

In a Dec. 6 order, Judge Jed Rakoff of the U.S. District Court for the Southern District of New York dismissed the claims of fraud, RICO violations and unjust enrichment without prejudice, explaining that plaintiff Senior Health Insurance Company of Pennsylvania may be able to amend those claims to cure the ...

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DLA Piper
Klestadt Winters Jureller Southard & Stevens
Proskauer Rose
Wilson Sonsini Goodrich & Rosati

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