3rd Circ. Upholds Nixing Of Lloyd's Contracts

Law360, New York (August 18, 2010, 7:16 PM EDT) -- A federal appeals court has affirmed an arbitration award rescinding three of the four reinsurance treaties issued to two Pennsylvania insurers by a Lloyd's of London syndicate, while lifting sanctions imposed on the insurers' counsel Pepper Hamilton LLP in its bid to overturn the award.

A three-judge panel in the U.S. Court of Appeals for the Third Circuit on Wednesday rejected now-liquidated Legion Insurance Co. and Villanova Insurance Co.'s appeal of a district court's confirmation of an August 2008 arbitration award that upheld only one of...
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