High Court Denies $200M Hedge Fund Insurance Suit

Law360, New York (March 21, 2011, 6:39 PM EDT) -- The U.S. Supreme Court on Monday refused to hear a case pitting MDL Capital Management Inc. and a convicted executive against Federal Insurance Co., which the investment firm alleged should cover litigation related to a $200 million hedge fund loss.

It was the second recent defeat at the high court for Mark D. Lay, MDL's former CEO, who is also a plaintiff in the insurance dispute. Lay was sentenced to 12 years in prison in 2008 for investment adviser fraud and mail fraud, and the high...
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