Insurers Not Liable For Losses Arising From Madoff Ponzi Scheme, Panel Affirms

TRENTON, N.J. - Four insurers are not liable for an estate-planning investment entity insured's more than $16 million in alleged losses stemming from the insured's investment in the Bernard L. Madoff Investment Securities (BLMIS) Ponzi scheme, a New Jersey appeals panel affirmed April 20 (Bleznak Black LLC v. Allied World National Assurance Co., et al., No. A-6107-09T2, N.J. Super., App. Div.). See related prior history, 2012 N.J. Super. Unpub. LEXIS 879

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