Judge: Run-Off Insurer Owes No Indemnification For Advancement Of Expenses

Mealey's (May 15, 2019, 1:42 PM EDT) -- NEW YORK — In a run-off insurer’s case over misuse allegations of $320 million with affiliates of a failed Ponzi scheme, a New York federal judge on May 13 denied summary judgment to the affiliates on their counterclaim for advancement of expenses incurred in connection with this lawsuit because investment management agreements (IMAs) do not indemnify expenses incurred in this lawsuit (In re:  Platinum-Beechwood Litigation; Senior Health Insurance Company of Pennsylvania v. Beechwood Re Ltd., et al., No. 18-6658, and David Levy v. Senior Health Insurance Company of Pennsylvania, No. 19-3211, S.D. N.Y., 2019 U.S. Dist. LEXIS 81271)....