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Policy voided where insured concealed operation of Ponzi scheme and misrepresented financial status

Wiley Rein LLP
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USA
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June 19 2012

Applying Georgia law, the United States Bankruptcy Court for the Northern District of Georgia has voided a surplus lines policy on the grounds that the insured, a purported hedge fund management firm, concealed that it was operating a Ponzi scheme, submitted an inaccurate financial statement, and misrepresented that its investment funds were “stable.”

General counsel update: 31 May 2012

Herbert Smith Freehills LLP
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Argentina, China, European Union, Hong Kong, Singapore, Spain, United Kingdom
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May 31 2012

This is the twenty-ninth in our series of General Counsel Updates which aim to summarise major developments in key areas

Picard lawsuit against JPMorgan dismissed

Sedgwick LLP
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USA
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November 30 2011

Irving Picard's lawsuit against JPMorgan Chase & Co. styled Picard v. JPMorgan Chase & Co., 11-cv-913, in the U.S. District Court, Southern District of New York, was dismissed on November 1, 2011

Fraudulent conduct of principals imputed to company, barring coverage

Wiley Rein LLP
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USA
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October 11 2011

The United States District Court for the Southern District of Ohio, applying Ohio law, has held that a dishonesty exclusion barred coverage under primary and excess directors and officers policies for the Wrongful Acts of the principals of a bankrupt company, all of whom were criminally convicted of securities fraud and related crimes

Looks like Fred Wilpon picked the wrong week to quit drinking

Kelley Drye & Warren LLP
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USA
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May 27 2011

The well known travails of Fred Wilpon, the principal owner of the New York Mets, have all converged this past week

Insolvency exclusion of Professional Services Liability Coverage and professional services exclusion of Management Liability Insuring Agreement barred coverage for underlying litigation concerning Bernard Madoff’s Ponzi scheme

McCarter & English LLP
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USA
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November 1 2010

Insureds brought this action alleging breach of contract for failure to provide insurance coverage for underlying lawsuits by investors for damages resulting from Bernard Madoff’s Ponzi scheme

Review of 2009 and preview of 2010

Herbert Smith Freehills LLP
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European Union, United Kingdom
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January 15 2010

The transition from 2009 to 2010 sees some significant legislative chapters closing, notably the Companies Act 2006, Rome I and II, the Banking Act 2009 and the Lisbon Treaty

Bankruptcy court dismisses fraud claims against Alphastar’s former shareholders, directors and officers

Jorden Burt LLP
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USA
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June 18 2008

AlphaStar Insurance Group Ltd. ("AlphaStar") (fka Stirling Cooke Brown Holdings Ltd) was a group of companies which provided, among other services, reinsurance brokerage and intermediary services through companies in London, Bermuda and the United States

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Policy voided where insured concealed operation of Ponzi scheme and misrepresented financial status

General counsel update: 31 May 2012

Picard lawsuit against JPMorgan dismissed

Fraudulent conduct of principals imputed to company, barring coverage

Looks like Fred Wilpon picked the wrong week to quit drinking

Insolvency exclusion of Professional Services Liability Coverage and professional services exclusion of Management Liability Insuring Agreement barred coverage for underlying litigation concerning Bernard Madoff’s Ponzi scheme

Review of 2009 and preview of 2010

Bankruptcy court dismisses fraud claims against Alphastar’s former shareholders, directors and officers

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