Law360, New York (November 09, 2010, 3:22 PM ET) -- A federal appeals court has upheld the dismissal of an arbitration award directing PMA Capital Insurance Co. to pay $6 million to Platinum Underwriters Bermuda Ltd., agreeing with a lower court that the arbitrators attempting to resolve the reinsurance dispute exceeded their authority.
In an opinion issued Monday, the U.S. Court of Appeals for the Third Circuit sided with PMA and a lower court's decision that language in the companies' reinsurance contract freeing arbitrators from certain judicial formalities still didn't support the award.
“That the honorable...
Arbitrators In Reinsurance Spat Overreached: 3rd Circ.
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