Credit: rudall30/Shutterstock $495M Coverage Suits Centers On Ponzi Scheme Fallout
This suit was surfaced by Law.com Radar. Read the document here.
April 06, 2023 at 09:31 PM
2 minute read
Insurance Litigation
Lawyers at Landman Corsi Ballaine & Ford and Wiley Rein on Thursday removed a $495 million insurance coverage lawsuit against AIG subsidiary National Union Fire Insurance, Liberty Mutual and other defendants to New Jersey District Court. The complaint was filed by Miller Friel on behalf of Toronto-Dominion Bank (TD Bank), which in 2008 acquired Commerce Bank and therefore became entitled to receive reimbursement under Commerce's insurance policies with the defendants. The suit alleges that the defendants refused to cover TD Bank's costs from lawsuits brought against the bank due to the actions of its former executive Scott W. Rothstein. In 2013, Rothstein was charged by the U.S. Securities and Exchange Commission for orchestrating a Ponzi scheme through TD Bank. Alleghany-owned RSUI Indemnity, Zurich American Insurance and Chubb subsidiary Westchester Fire Insurance are also named as defendants. The case is 1:23-cv-01951, TD Bank, N.A. v. Continental Insurance Company Of New Jersey et al.
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