Insurers' Suit Against Milberg Time-Barred: Judge

Law360, New York (September 30, 2009, 6:09 PM EDT) -- A federal judge has largely dismissed claims brought by Lloyd’s of London underwriters and Illinois Union Insurance Co. seeking to rescind defense coverage to Milberg LLP and several former partners over an alleged kickback scheme, ruling that the insurers waited too long to act.

Judge Loretta A. Preska of the U.S. District Court for the Southern District of New York on Tuesday scolded the insurers for failing to make their own investigations years ago into potential fraud by the firm and the former partners in applying...
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