EMC Must Pay ReliaStar $3.9M In Fees: 2nd Circ.

Law360, New York (April 9, 2009, 12:00 AM EDT) -- In a case involving a disputed coinsurance agreement between ING Group N.V. unit ReliaStar Life Insurance Co. of New York and EMC National Life Co., a federal appeals court has ruled that a statement in an arbitration agreement that each party will bear its own arbitration and attorneys' fees does not preclude an arbitrator from awarding such fees as a sanction when one party fails to arbitrate in good faith.

In a 2-1 ruling Thursday, the U.S. Court of Appeals for the Second Circuit reversed a...
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