US Fire Freed From $10M Madoff Coverage On Appeal
By Jeff Sistrunk ( October 6, 2015, 2:40 PM EDT) -- A New York appellate court on Tuesday freed U.S. Fire Insurance Co. from having to cover about $10 million that affiliates of a family investment office sunk into Bernard L. Madoff's Ponzi scheme, agreeing with the insurer that an exclusion in the relevant policy bars coverage for losses tied to Madoff's activities as a securities broker....
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