IGF Officers Liable for Fraudulent Transfer of $24 Million, Ind. Federal Judge Reiterates

INDIANAPOLIS — An Indiana federal judge has refused to amend a previous ruling that the officers and directors of IGF Insurance Co.’s affiliates are personally liable for the fraudulent transfer of $24 million paid by Acceptance Insurance Companies Inc. (PINK:AICIQ) for IGF’s crop insurance book of business.

In a Nov. 14 order, Chief Judge Richard L. Young of the U.S. District Court for the Southern District of Indiana explained that the individuals are liable under the Indiana Uniform Fraudulent Transfer Act as officers and directors of “first transferees.”

The dispute arose from Continental Casualty Co.’s sale of its crop …