Law360, New York (April 10, 2012, 4:01 PM ET) -- An Arizona federal judge affirmed a settlement Monday in which Westchester Fire Insurance Co. will pay ex-Mortgages Ltd. officers and directors $3.7 million under a policy issued before the company went bankrupt and was accused of operating a Ponzi scheme.
The deal ends an interpleader complaint Westchester filed seeking a declaration that the money it owed to the ML Liquidating Trust and former directors and officers of Mortgages Ltd. was limited to the $3.7 million figure — far less than the $900 million in damages the...
Mortgages Ltd. Officers To Get $3.7M From D&O Insurer
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