NY High Court Nixes $420M Travelers Reinsurance Award

Law360, New York (February 7, 2013, 7:40 PM EST) -- The New York Court of Appeals on Thursday tossed a $420 million judgment against Munich Reinsurance America Inc. and other reinsurers, finding lingering issues of fact regarding whether a Travelers Co. Inc. affiliate altered claims in a $1 billion asbestos litigation settlement to maximize its recovery.

The state's high court said a trial must be held to determine if United States Fidelity and Guaranty Co. unreasonably allocated claims within the policy limits in an effort to unfairly squeeze funds from American Re-Insurance Co. — now Munich...
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