Insurers Sued By Madoff Victims Seeking To Recover Losses

Insurers Sued By Madoff Victims Seeking To Recover Losses

A company on July 31 sued four insurance companies with which it has policies, alleging that the insurers have failed to provide the company with payment on the policies for theft loss as a result of the company's losses as part of the Bernard L. Madoff Investment Securities (BLMIS) Ponzi scheme (Bleznak Black LLC v. Allied World National Assurance Co., et al., No. L-3663-09, N.J. Super., Camden Co.). The complaint was filed by Bleznak Black LLC in the Camden County Superior Court Law Division and names as defendants Allied World Assurance Co., Westchester Surplus Lines Insurance Co., United States Fire Insurance Co. and Axis Surplus Insurance Co.

* Read the entire article in Mealey's Financial Services Litigation Report on lexis.com (subscription required). The Complaint is available therein.
 
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