Judge Frees Insurers From JPMorgan Ponzi Suit

Law360, New York (June 1, 2011, 4:23 PM EDT) -- A New York state judge dismissed an affiliate of Swiss Reinsurance Co. Ltd. and four other insurers Tuesday from JPMorgan Chase & Co.'s lawsuit for indemnification of settlements stemming from a more than $2.3 billion securities fraud and Ponzi scheme.

New York state Judge Barbara R. Kapnick dismissed Twin City Fire Insurance Co., Lumbermens Mutual Casualty Co., Swiss Re International SE, St. Paul Mercury Insurance Co. and Arch Specialty Insurance Co. from JPMorgan's lawsuit because a settlement with another insurer precluded coverage under their policies....
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