Pension Plan Trustees Drop Appeal in $934 Million Action Against Offshore Reinsurer

WASHINGTON, D.C. — Pension plan trustees have dropped their appeal of a District of Columbia judge’s dismissal of their lawsuit seeking the return of $934 million in withdrawal liability payments from offshore reinsurer Cardem Insurance Company Ltd.

In their appeal to the District of Columbia Circuit U.S. Court of Appeals, the trustees planned to challenge a ruling that Cardem, a Bermudian company that has no contact with the United States, is not subject to general or specific personal jurisdiction. The appeal was dismissed on Jan. 23.

Walter Energy Inc. and its subsidiary, Jim Walter Resources Inc., operated a coal mining …