The Superior Court of the State of California recently made a ruling favorable to ACE Ltd. in a lawsuit brought about by subsidiaries of AIG and Chubb. The lawsuit focused on a restructuring plan implemented in 1996 by INA Financial Corp., which was subsequently acquired by ACE Ltd. in July 1999. The purchase was part of ACE’s acquisition of CIGNA’s domestic and international p/c operations. The Court found that the validity of the restructuring plan, which was approved by the Pennsylvania and California insurance departments, to be a matter for the regulatory authorities and that the complaint did not state a cause of action under California law.
Topics California Legislation
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