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...

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