Pension Plan Says U.S. Courts Have Jurisdiction over Lawsuit Against Offshore Reinsurer

WASHINGTON, D.C. — The trustees of a pension plan told a District of Columbia federal court that their lawsuit demanding the return of $934 million in withdrawal liability payments from offshore reinsurer Cardem Insurance Company Ltd. should not be dismissed for lack of jurisdiction.

In a Feb. 11 filing in the U.S. District Court for the District of Columbia, the trustees argue that 100 percent of Cardem’s operating revenue was derived from the U.S., because all its insureds were in the U.S.; therefore, Cardem had the requisite contacts with the U.S.

“Cardem fails to address the significance of the intercompany …