Insolvent Insurers’ Owner Asks Delaware Court To Vacate $524M Foreign Judgment

(April 25, 2024, 8:56 AM EDT) -- NEW CASTLE, Del. — A judgment debtor and former owner of insolvent insurers ordered by a North Carolina federal court to pay a $524,009,051.26 judgment to a Puerto Rico-based insurer asked a Delaware state court to vacate the foreign judgment, asserting that the insurer has provided “evidence that no payment is required by” the debtor under a reinsurance trust backed by the debtor’s $25 million guarantee....