STORY FROM: Reinsurance & Arbitration

Pension Plan Trustees Sue Bermuda Reinsurer for $934 Million

WASHINGTON, D.C. — The trustees of a mine workers’ pension plan have sued a Bermuda reinsurer in District of Columbia federal court, demanding $934 million in withdrawal liability payments allegedly owed to the plan pursuant to the Employee Retirement Income Security Act.

According to an Aug. 6 complaint filed in the U.S. District Court for the District of Columbia, Cardem Insurance Company Ltd. owes the United Mine Workers of America 1974 Pension Plan $933,942,409.74, plus interest.

Walter Energy Inc. and its subsidiary, Jim Walter Resources Inc. operated a business that performed coal mining, coal transporting and coal cleaning. Cardem ...

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