STORY FROM: Reinsurance & Arbitration

Defendants Seek Dismissal of Fiduciary Duty Claims in Beechwood Re Case

NEW YORK — Beechwood Re and its founders have moved to dismiss certain claims asserted in a lawsuit accusing them of investing $320 million of Senior Health Insurance Company of Pennsylvania’s assets with the affiliates of a failed Ponzi scheme.

In a Jan. 7 motion filed in the U.S. District Court for the Southern District of New York, the defendants asked Judge Jed Rakoff to dismiss the claims of breach of fiduciary duty, gross negligence and constructive fraud against the individual defendants, and the civil RICO claims.

In addition, defendants seek to limit SHIP’s fraudulent inducement and fraud claims ...

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

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