Calif. Court Shuts Door On WAIC Reinsurance Appeal

Law360, New York (May 4, 2011, 7:27 PM EDT) -- A California appeals court on Wednesday denied Workmen‘s Auto Insurance Co.'s bid to revive a lawsuit that accused Guy Carpenter & Co. LLC of breaching its fiduciary duty as the company's reinsurance broker and causing $35 million in damage.

Affirming a trial court's judgment against WAIC, a three-judge panel said that an insurance broker can't be sued for breach of fiduciary duty in the state, among other findings.

“We conclude that even if an insurance broker has certain fiduciary-like duties, it cannot be sued for breach...
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