Funds' $617M In Madoff Losses Not Covered: Hartford

Law360, New York (February 1, 2011, 4:39 PM EST) -- Hartford Fire Insurance Co. is seeking to dismiss a suit brought by dozens of pension funds that claim an employee theft insurance policy should cover $617 million lost in Bernard L. Madoff's Ponzi scheme.

In a motion filed Monday in the U.S. District Court for the Southern District of New York, Hartford and co-defendant St. Paul Fire and Marine Insurance Co. argue that the policy only covers theft by employees and that contrary to the plaintiffs' claims, Madoff was an agent of the funds, not an...
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