Insurers' Loss Reserve Info Off-Limits In $450M Fraud Case

Law360, New York (July 27, 2012, 8:27 PM EDT) -- A federal judge on Thursday said wholesale residential mortgage lender Walsh Securities Inc. can't compel a trio of title insurers to disclose how much money they had set aside for loss reserves in WSI's $450 million suit over a mortgage fraud scam.

U.S. Magistrate Judge Michael A. Shipp agreed with insurers Nations Title Insurance of New York Inc., Commonwealth Land Title Insurance Co. and Fidelity National Title Insurance Co. of New York, which argued the amount of the reserve is irrelevant and outside the scope of...
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