Beechwood Needn't Post $250M Security, NY Judge Rules
Law360 (July 11, 2019, 9:22 PM EDT) -- A New York federal judge has declined to force Cayman Islands reinsurer Beechwood Re Ltd. to put up $250 million in security as two insurers pursue claims they were swept up in a massive fraud involving now-defunct hedge fund Platinum Partners, saying the matter must be arbitrated.
U.S. District Judge Jed S. Rakoff on Wednesday denied the bid by Bankers Conseco Life Insurance Co. and Washington National Insurance Co., saying that a tribunal overseeing a parallel related arbitration involving these three parties must decide whether the insurers' motion is precluded under a previous order requiring Beechwood to post $5 million in...
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!