NY Law Sinks RICO Claims In Appeal In Hedge Fund Suit
By Jeannie O'Sullivan (April 27, 2017, 7:41 PM EDT) -- A New Jersey appeals court on Thursday affirmed the dismissal of Racketeer Influenced and Corrupt Organizations claims in a lawsuit alleging a network of investment professionals forced an insurer's financial ruin, finding that New York law, which doesn't allow private civil RICO claims, applied because the alleged wrongdoing was concentrated in the Empire State.
The three-judge Appellate Division panel's ruling in the massive litigation, which one appeals judge said evoked scenes from the 1987 film "Wall Street," handed a partial defeat to Canada-based Fairfax Insurance Co. and its New Jersey subsidiary Crum & Forster Holdings Corp., which had had the bulk...
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