N.Y. Federal Judge Dismisses Bermudian Reinsurer’s Securities Fraud Action



DOCUMENTS
  • Order


WHITE PLAINS, N.Y. — A New York federal judge has dismissed an action in which a Bermudian reinsurer accused a holding company of violating the Securities Exchange Act by fraudulently inducing it to purchase $5 million in stock, ruling that the transaction was foreign and therefore does not fall under the Act.

In a March 24 order, Judge Kenneth Karas of the U.S. District Court for the Southern District of New York concluded that the transaction was between two Bermudian companies and thus “predominantly foreign.”

Cavello Bay Reinsurance Ltd. is a Bermuda company owned by Enstar Group Ltd. In 2015, …

FIRM NAMES
  • Dentons US
  • O'hare Parnagian
  • Skadden Arps Slate Meagher & Flom





UPCOMING CONFERENCES




HarrisMartin's Webinar Series: Video Game Addiction Product Liability Litigation

March 29, 2024

MORE DETAILS



HarrisMartin's Masters of Mass Tort Settlements Conference - Sponsored by Milestone

June 27, 2024 - Buffalo, NY
The Richardson Hotel Buffalo

MORE DETAILS