Judge Dismisses Reinsurer’s Claims Against Tech Company, CEO Based Upon Settlement

Mealey's (September 16, 2019, 9:26 AM EDT) -- SAN DIEGO — In a dispute over the alleged fraudulent transfer of assets belonging to an insolvent insurance agency to avoid payment of a $3.2 million judgment, a California federal judge on Aug. 30 ordered that a $2.5 million transfer by a principal for the agency is avoided under the California Uniform Fraudulent Transfer Act (UFTA) and dismissed claims against a technology company and its CEO pursuant to a $750,000 settlement with a reinsurer (Odyssey Reinsurance Co. v. Richard Keith Nagby, et al., No. 16-3038, S.D. Calif.)....