A group of insurers cannot lump together losses suffered by a family that invested in Bernard L. Madoff’s Ponzi scheme through multiple affiliated entities in order to avoid coverage in a $50 million insurance dispute, a state court judge has ruled.
Manhattan Supreme Court Justice Richard B. Lowe III (See Profile) ruled on Feb. 29 in Jacobson Family Investments Inc. v. National Union Fire Insurance Co. of Pittsburgh, 601325/10, that Jacobson Family Investments Inc. and a slew of affiliated entities, each created for the benefit of various individual members of the Jacobson family or for charities, were entitled to individual coverage under insurance policies issued by National Union, Continental Casualty Co., Fidelity & Deposit Co. of Maryland and Great American Insurance Co.
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