U. S. broker seeks $40 m from Bermuda firm whose employee ‘forged contracts’
May 9, 2008
A United States insurance broker is seeking damages of $40 million against a Bermuda insurance manager, claiming forgery by one of its employees caused the destruction of a lucrative business relationship the broker had with the fast-food company McDonald's Corporation.
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AIG accuses former directors and officers of misappropriating shares worth $20 b
May 9, 2008
Two Bermuda residents have been accused of breach of fiduciary duty in a civil complaint filed by American International Group Inc. at the Supreme Court of the State of New York, New York County, on March 26, 2008.
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Milo/Ferguson dispute with Hannover Re over Clarendon sale proceeds finally ends
May 9, 2008
A long-running $75 million breach of contract lawsuit stemming from the sale of the Clarendon Insurance Group to Hannover Re in 1999 has been settled just 18 days before the start of trial.
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Stirling Cooke Bankruptcy Trustee seeks return of "fraudulent" transfers
May 9, 2008
Ten weeks after a judge dismissed the main counts of an $80 million claim against Goldman Sachs and others, the Bankruptcy Trustee of Bermuda-based AlphaStar Insurance Group Ltd., formerly known as Stirling Cooke Brown Holdings Ltd., has filed an amended complaint in which he is seeking reduced damages of just $815,638.
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Comcast sues AWAC, ACE and others for $14 m in hurricane-related damages
May 9, 2008
Two Bermuda-based firms, Allied World Assurance Company and ACE Underwriting Agencies Limited, are among 13 defendants being sued for $14.7 million by U. S. Comcast Corporation over an insurance claim for damages caused by a hurricane that struck Florida in 2004.
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XL seeks to avoid paying out under Refco D&O policy
May 9, 2008
A U. S. subsidiary of Bermuda-based XL Capital Ltd. is seeking to avoid having to pay the costs of defending former officers and directors of scandal-plagued commodities and futures broker Refco Inc. in a slew of litigation brought by parties who claim they were defrauded.
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SCA hit with class actions lawsuits filed by buyers of municipal bonds
May 9, 2008
Bermuda-based Security Capital Assurance Ltd., in which XL Capital owns a 46% stake, has been hit with a new wave of class action lawsuits. Already facing class action litigation brought on behalf of shareholders for alleged fraud, the latest lawsuits seek to recover damages on behalf of purchasers of municipal derivatives from January 1, 1992 to the present.
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Monthly Stocks: XL rebounds despite investment losses
May 9, 2008
The share price of XL Capital rebounded by nearly 20% in April, a month in which the company reported first quarter net income available to common shareholders of $212 million, which was 61% less than the profit for the corresponding quarter of 2007.
Letter from Bermuda: Corrupt Gov’t vs. Investigative Journalism
May 9, 2008
Dictators consider the media in their countries as either a tool or a thorn in their sides. Throughout history, repressive leaders have taken control of the media to shut down opposition and the forum they provide for public discussion. The state of a country's media is usually representative of the degree of freedom enjoyed in that country.
BVI authorities confiscate $45 m from Bermuda-based IPOC fund
May 9, 2008
Bermuda-based sham mutual fund IPOC International Growth Fund Limited, which appears to have been a vehicle to launder approximately $1 billion of criminal proceeds by Russia's Telecommunications Minister Leonid Reiman, has had US$45.5 million confiscated after admitting criminal charges in the British Virgin Islands.
Bermuda Supreme Court
May 9, 2008
Recently-Filed Business-Related Civil Lawsuits at Bermuda Supreme Court.
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