NJ Court Sinks Coverage Suit Over $15M Madoff Losses

Law360, New York (April 20, 2012, 3:42 PM EDT) -- Bleznak Black LLC's policy terms with Allied World National Assurance Co. and other insurers unambiguously bar the estate planning investment firm from recovering more than $15 million lost in Bernard L. Madoff's Ponzi scheme, a New Jersey appeals court ruled Friday.

The court affirmed a summary judgment ruling for Allied, Westchester Surplus Line Insurance Co. and Axis Surplus Insurance Co. because their policies excluded losses of money or securities. It also upheld summary judgment for U.S. Fire Insurance Co. based on policy terms excluding coverage for...
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