STORY FROM: Reinsurance & Arbitration

Reinsurers Ask D.C. Federal Judge to Reconsider Allowing Insured’s Lawsuit to Proceed

WASHINGTON, D.C. — Three reinsurers have asked a District of Columbia federal judge to reconsider his decision allowing Vantage Commodities Financial Services Inc. to proceed with its claims of breach of implied contract, promissory estoppel and unjust enrichment in a lawsuit in which it seeks payment of a $26 million judgment.

In a Dec. 3 motion filed before Judge Trevor N. McFadden of the U.S. District Court for the District of Columbia, the reinsurers say the court departed from established reinsurance law by creating new rights for Vantage under the reinsurance contract.

“The Nov. 16 Order approves Vantage’s effort to ...

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