STORY FROM: Reinsurance & Arbitration
Ill. Federal Judge Confirms $514,104 Arbitration Award in Reinsurer’s Favor
April 15, 2020
CHICAGO — An Illinois federal judge has granted a reinsurer’s motion to confirm a $514,104 arbitration award issued against the liquidator of Legion Indemnity Co., ruling that the arbitration panel did not exceed its authority by awarding attorneys’ fees on a noncontractual basis.
In an April 6 order, Judge Manish Shah of the U.S. District Court for the Northern District of Illinois further found the issue of attorneys’ fees was submitted to the panel.
Alea Group Limited provided reinsurance to Legion Indemnity Co. during the early 2000s. Certain of the reinsurance agreements required that certain disputes be arbitrated “in accordance ...
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