US Fire Ordered To Cover Madoff Fraud Losses

Law360, New York (October 1, 2013, 8:05 PM EDT) -- A New York state judge on Tuesday put U.S. Fire Insurance Co. on the hook for roughly $10 million that affiliates of a family investment office sunk into Bernard L. Madoff's Ponzi scheme, ruling the losses did not fall under a policy exclusion for dishonest securites brokering.

Following an April 2012 bench trial, Judge Jeffrey K. Oing of the New York County Supreme Court held that two investment vehicles formed for Jacobson Family Investments Inc. were entitled to coverage under two financial institution bonds issued by...
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