Rivkin Radler Team Secures Dismissal of More Than $30,000,000 in RICO Claims Against The National Conference of Insurance Guaranty Funds, Inc.
August 21, 2012 | |Barry Levy and Max Gershenoff of Rivkin Radler LLP’s Litigation and Appeals practice group today secured the dismissal with prejudice of more than $30,000,000 in civil RICO claims against The National Conference of Insurance Guaranty Funds, Inc., in a Southern District of New York case entitled Petrosurance, Inc. v. National Association of Insurance Commissioners, et al., Docket No. CV 11-6931 (NRB).
In a lengthy decision adopting many of the arguments advanced by the Rivkin Radler team, federal District Court Judge Naomi Reice Buchwald held that plaintiff Petrosurance, Inc., the sole shareholder of an insolvent Ohio insurance company, failed to satisfactorily allege the racketeering and causation elements of its RICO claims. Petrosurance had attempted to allege that The National Conference of Insurance Guaranty Funds, Inc. and its co-Defendant, the National Association of Insurance Commissioners, had prevented it from recovering certain moneys in the context of an Ohio insurance liquidation proceeding.
Judge Buchwald’s decision in the Petrosurance case is the latest in a series of favorable RICO decisions obtained by Rivkin Radler’s Litigation and Appeals group, and underscores the firm’s core competency in both prosecuting and defending every aspect of civil racketeering lawsuits.
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