STORY FROM: Reinsurance & Arbitration

D.C. Federal Judge Allows $26 Million Lawsuit to Proceed Against 3 Reinsurers

WASHINGTON, D.C. — A D.C. federal judge has refused to dismiss an amended complaint accusing a group of reinsurers of breaching an implied contract by refusing to pay a $26 million arbitration award issued in favor of Vantage Commodities Financial Services Inc.

In an April 26 order, Judge Trevor N. McFadden of the U.S. District Court for the District of Columbia echoed an earlier order, in which he found Vantage has adequately pled its claims of breach of implied contract, promissory estoppel and unjust enrichment.

The judge also denied the reinsurers’ motion for a stay, saying it cannot be ...

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