Reinsurer NICO Off Hook Over $12M In Surety Bonds

Law360, New York (February 9, 2009, 12:00 AM EST) -- A federal appeals court has ruled that a California shopping center can't collect over $12 million in surety bonds from National Indemnity Co., which served as the reinsurance company for the surety bonds' issuer, because the shopping center did not have a contract directly with NICO.

On Feb. 5, a three-judge panel of the U.S. Court of Appeals for the Second Circuit upheld a lower court's ruling that Jurupa Valley Spectrum LLC, a shopping center in Riverside County, Calif., could not pursue surety bonds claims against...
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