Beechwood Needn't Post $250M Security, NY Judge Rules

Law360 (July 11, 2019, 9:22 PM EDT) -- A New York federal judge has declined to force Cayman Islands reinsurer Beechwood Re Ltd. to put up $250 million in security as two insurers pursue claims they were swept up in a massive fraud involving now-defunct hedge fund Platinum Partners, saying the matter must be arbitrated.

U.S. District Judge Jed S. Rakoff on Wednesday denied the bid by Bankers Conseco Life Insurance Co. and Washington National Insurance Co., saying that a tribunal overseeing a parallel related arbitration involving these three parties must decide whether the insurers' motion is precluded under a previous order requiring Beechwood to post $5 million in...

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New York Southern

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Racketeer/Corrupt Organization

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December 19, 2018

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