STORY FROM: Reinsurance & Arbitration
Platinum Co-Founder’s Lawsuit Against SHIP Tossed Following Fraud Conviction
September 13, 2019
NEW YORK — A New York federal judge dismissed a lawsuit filed against Senior Health Insurance Company of Pennsylvania by a co-founder of the Platinum Partners hedge fund, ruling that his fraud conviction bars him from seeking indemnification and advancement of litigation expenses under investment management agreements (IMAs).
In a Sept. 10 order, Judge Jed S. Rakoff of the U.S. District Court for the Southern District of New York explained that the IMAs do not provide indemnity for liabilities and losses arising from “fraud, gross negligence, willful misconduct” or with respect “any criminal action or proceeding.”
SHIP stopped writing new ...
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Klestadt Winters Jureller Southard & Stevens
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