XL Units Can't Shake Ciena's Bid For Coverage Of $26M Deal

Law360, New York (March 27, 2012, 8:04 PM EDT) -- A New York state judge declined Monday to dismiss commercial real estate lender Ciena Capital LLC's suit against two XL Group PLC insurers over a $26 million False Claims Act settlement with the federal government.

Ciena and its parent Allied Capital Corp. agreed last year to the $26 million settlement to end a hedge fund's whistleblower suit — which XL Specialty Insurance Co. and Indian Harbor Insurance Co. learned of in 2008 after it was unsealed — accusing Ciena of fraudulently issuing loans that were backed...
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