Judge Tosses Art Swindle Insurance Suit

Law360, New York (September 8, 2011, 7:32 PM EDT) -- A New York state judge on Thursday dismissed the fourth lawsuit stemming from a group of art investors seeking coverage from an AXA SA subsidiary for artwork lost in a massive swindle, ruling that he'd already nixed a similar suit.

“I think this complaint is completely defective,” Judge Bernard Fried said in a ruling from the bench in a downtown Manhattan courtroom.

The judge said the investors' complaint, which alleged that AXA told them that they were receiving one kind of insurance when in fact they...
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