Insurance Cos. Withdraw Claims To $103M In Laundering Suit

Law360, Los Angeles (October 21, 2013, 10:49 PM EDT) -- Several insurance companies have agreed to drop claims to $103 million in assets the U.S. seized from Lebanese Canadian Bank and others during an investigation into a money laundering and drug trafficking scheme tied to a terrorist group, according to documents filed in New York federal court Monday. 

American Alternative Insurance Co., One Beacon Insurance Group, Chubb Corp. and a representative of victims of a 1983 terrorist attack agreed in a stipulation and order to withdraw their claims to assets forfeited by LCB and various other...
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