STORY FROM: Reinsurance & Arbitration
N.Y. Federal Judge Awards Summary Judgment to Financial Advisors in Beechwood Re Case
April 14, 2020
NEW YORK — A New York federal judge has awarded summary judgment to two financial advisors accused of providing Senior Health Insurance Company of Pennsylvania (SHIP) with false valuation reports, causing it to sink $320 million in the troubled Platinum Partners hedge fund.
In an April 10 order, Judge Jed S. Rakoff of the U.S. District Court for the Southern District of New York concluded that even if Lincoln International LLC and Lincoln Partners Advisors LLC overvalued any of the investments, they did not proximately cause SHIP’s injuries.
SHIP stopped writing new insurance policies in 2003, and its access to ...