S.C. Federal Judge Denies Motion for New Trial in Reinsurance Trust Account Dispute

COLUMBIA, S.C. — A South Carolina federal judge has denied Accident Insurance Co. (AIC)’s motion for a new trial in a dispute involving proceeds in a reinsurance trust account, finding the weight of the evidence shows that U.S. Bank Association did not breach its fiduciary duties as trustee of the account.

In a March 31 order, Judge J. Michelle Childs of the U.S. District Court for the District of South Carolina further ruled that she did not err in refusing to award AIC zero damages.

AIC entered into a reinsurance contract with Freestone Insurance Co. in April 2013 as part …