Liberty Mutual Says 1031 Investors Aren't Insured

Law360, New York (December 17, 2009, 2:36 PM EST) -- Liberty Mutual Insurance Co. has asked a judge to dismiss it from a suit filed by a group of real estate investors who alleged they lost money in a 1031 exchange company embezzlement scheme, arguing that investors are not insured under the policies and can’t seek coverage for their losses.

The insurer filed its motion on Wednesday in the U.S. District Court for the Northern District of California, alleging that it provided only first-party crime coverage to Excalibur 1031 Group LLP, a subsidiary of the allegedly...
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