D.C. Federal Judge Finds for Reinsurers, Brokers in Vantage Commodities Case

WASHINGTON, D.C. — A District of Columbia federal judge has ruled in favor of a group of reinsurers accused of wrongly refusing to pay a $26 million arbitration award issued in favor of Vantage Commodities Financial Services Inc., ruling that no implied contract existed between the parties.

In a March 31 order, Judge Trevor N. McFadden of the U.S. District Court for the District of Columbia also found the three insurance broker defendants did not negligently breach their alleged duties to Vantage because they did not act as agents of the reinsurers.

Assured Risk Transfer PCC LLC (ART) sold Vantage …