Judge Grants Extension To Respond In $1B RICO Suit Filed By Insolvent Insurers

(October 18, 2023, 1:55 PM EDT) -- RALEIGH, N.C. — A North Carolina federal judge granted a former chief investment officer’s (CIO) motion for an extension of time to respond to an amended complaint in a $1 billion Racketeer Influenced and Corrupt Organizations Act (RICO) suit accusing him, the owner of now-insolvent insurers and other people and affiliated companies of participating in a scheme to defraud the insurers and their policyholders by using policyholder money to purchase non-insurance companies and to divert policyholder money to the owner....