IPA Acquisitions Moves to Intervene in Action Seeking Vacatur of $3.8 Million Arbitration Award

NEW YORK — IPA Acquisitions Inc. has moved to intervene in an action in which Insurance Companies of the Americas (ICA) seeks enforcement of a $3.8 million arbitration award, arguing that the recent indictment of ICA’s chairman necessitates IPA’s need to protect its interests in the award.

In an Aug. 10 motion filed in the U.S. District Court for the Southern District of New York, IPA contends that it is the rightful owner of ICA’s voting shares and has a strong interest in the outcome of the action.

ICA writes workers’ compensation insurance for professional employment organizations. ICA purchased three …