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Madoff Investor's $3.4M Deal Not Covered, 2nd Circ. Told

Law360 (August 3, 2018, 10:01 PM EDT) -- Two Chubb Ltd. insurers on Thursday urged the Second Circuit to affirm that they don’t have to cover a nearly $3.4 million settlement that a victim of Bernard L. Madoff’s Ponzi scheme paid to resolve a clawback action brought by the Madoff bankruptcy trustee, saying a lower court properly held that the action didn’t trigger their policies’ personal injury coverage.

In an appellate brief, Chubb units Pacific Indemnity Co. and Federal Insurance said a Connecticut federal judge got it right when she rejected policyholder Susan Kostin’s...
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