STORY FROM: Reinsurance & Arbitration
Pension Plan Trustees Sue Bermuda Reinsurer for $934 Million
August 7, 2019
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 ...