2 Insurance Industry Groups Dodge $60M Fraud Suit

Law360, New York (August 21, 2012, 3:41 PM EDT) -- A New York federal judge on Monday dismissed a $60 million lawsuit by a Texas insurer alleging two insurance industry groups fraudulently delayed a payout from the estate of a liquidated insurance company.

Petrosurance Inc. leveled Racketeer Influenced and Corrupt Organizations Act claims against the National Association of Insurance Commissioners and the National Conference of Insurance Guaranty Funds Inc. after a 24-year battle with the Ohio Superintendent of Insurance over the money, which came out of the liquidation of The Oil & Gas Insurance Co., of which Petrosurance...
To view the full article, register now.