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PE Firm Can't Dodge Insurer's Fraud Suit Over $100M Deal

Law360 (September 24, 2018, 8:40 PM EDT) -- An Illinois federal judge on Monday ordered a private equity firm to face an insurer's fraud suit over a $100 million deal to buy an auto insurance network, saying the insurer sufficiently pled the firm hid its insurance underwriter's economic vulnerability before the transaction closed.

U.S. District Judge Thomas Durkin said Confie Seguros Holding II’s securities fraud lawsuit against J.C. Flowers & Co. sufficiently pleads claims the private equity firm unlawfully misrepresented a certification that its ailing Affirmative Insurance Co. would meet bare-minimum financial standards to avoid liquidation by the time its $100 million deal with the insurer closed in June...

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Attached Documents



Case Information

Case Title

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Case Number

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Illinois Northern

Nature of Suit



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Date Filed

July 12, 2017

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