Liberty Says It, Not SEC, Should Get Gen Re's $12M

Law360, New York (February 16, 2010, 5:24 PM EST) -- Liberty Mutual Insurance Co. is fighting General Re Corp.'s $12.2 million settlement with the U.S. Securities and Exchange Commission, arguing that it — not the government — should be entitled to the money as an alleged victim of a wide-ranging fraud scheme.

In a motion Friday in the U.S. District Court for the Southern District of New York, the insurer said the settlement is both procedurally and substantively unfair because it extinguishes any liability that Gen Re has to Liberty Mutual.

“The wrongdoer seeks to use...
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