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E&Y Asks High Court To Rule On Insurance Law's Reach

Law360 (December 1, 2010, 3:50 PM EST) -- Ernst & Young LLP has asked the U.S. Supreme Court to weigh in on how broadly the McCarran-Ferguson Act's definition of insurance can be construed, to determine whether an arbitration agreement between E&Y and an insurer it audited is valid.

E&Y's petition, filed in the high court on Nov. 22, asks whether the Federal Arbitration Act is "reverse preempted" by the McCarran Ferguson Act, such that state law vitiates an arbitration agreement covering an ordinary tort suit between the rehabilitator of an insolvent insurer and an...
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