Insight and Intelligence on the London & International Insurance Markets

4 February 2012

Court blocks insurers' Milberg petition

6 October 2009

A US district court ruled that the statute of limitations bars the action brought by insurers against law firm Milberg and four former partners, which is attempting to rescind professional liability policies and recover $4.8mn in costs.

In August Lloyd's syndicates, Zurich Specialties, and Illinois Union (a unit of ACE) filed an action seeking to rescind the 2001-2004 policies, claiming Milberg had made misrepresentations.

But on 30 September this year, a federal judge ruled that the insurers' statute of limitations...

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