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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.