STORY FROM: Reinsurance & Arbitration
N.Y. Federal Judge Says RICO Claim Against Beechwood Re Violates PSLRA
April 24, 2019
NEW YORK — A New York federal judge has dismissed claims that Beechwood Re and its founders violated the Racketeer Influenced Corrupt Organizations Act by investing $320 million of a health insurer’s assets with the affiliates of a failed Ponzi scheme.
In an April 23 order, Judge Jed Rakoff of the U.S. District Court for the Southern District of New York also dismissed Senior Health Insurance Company of Pennsylvania (SHIP)’s claims of fraud and unjust enrichment as to certain defendants.
SHIP stopped writing new business in 2003 and developed a run-off strategy with the Pennsylvania Insurance Department.
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