7th Circ. Upholds $5M Arbitration Award For Insurers
Law360 (July 28, 2020, 5:36 PM EDT) -- The Seventh Circuit on Tuesday affirmed a more than $5 million arbitration award won by two insurance companies that alleged a third-party administrator breached obligations under their agreement and took excessive and unearned fees.
The 2018 arbitration was broken into two phases, a "Phase I" hearing and a "Phase II" hearing, resulting in two awards. The first awarded $5,348,352.81 in damages to Standard Security Life Insurance Co. of New York and Madison National Life Insurance Co. and found the insurers had breached their agreement with FCE Benefit Administrators Inc. for cause. The second denied all other claims for relief, including FCE's...
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!