2nd Circ. Frees AIG From Madoff Investor Couple's Claims

Law360, New York (August 15, 2012, 4:17 PM EDT) -- The Second Circuit on Wednesday refused to revive a putative class action alleging American Insurance Group Inc. breached its contract with holders of its homeowner's policies by not covering alleged securities losses they say were caused by Bernard Madoff's massive Ponzi scheme.

A three-judge panel affirmed the Southern District of New York’s 2010 decision to dismiss the suit, saying the policy does not cover indirect losses, and that plaintiffs Robert and Harlene Horowitz recovered everything — and then some — that they invested into Bernard L....
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