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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!