Jilted Health Co. Investors' Insurance Claim Rejected

Law360, New York (March 2, 2010, 3:22 PM EST) -- Investors fleeced in a $30 million Ponzi scheme run by the former president of health care products company SOS Industries Inc. are not entitled to proceeds under a general liability policy issued by Lexington Insurance Co. to two other company principals, a Florida appeals court has ruled.

The District Court of Appeal for the State of Florida on Friday affirmed a decision by a Volusia County, Fla., trial court, which ruled the jilted investors failed to state a claim against Lexington despite an initial default entered...
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