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NY Jeweler Says Insurance Covers Mayor Donor s $6.3M Theft
Law360 (March 3, 2021, 10:35 PM EST) A New York jeweler said an AXA insurance affiliate has wrongfully refused to cover its loss after Jona Rechnitz, a disgraced former donor to New York Mayor Bill de Blasio, stole over $6.3 million worth of jewelry to pay off his crippling debt.
M.J.S. Diamond, a former business partner of Rechnitz, told a California judge Monday that it was targeted by the de Blasio fundraiser as part of his eight-figure fraud scheme to rip off jewelers from coast to coast.
In the complaint, M.J.S. said XL Specialty Insurance Co. has denied its loss claim even though another AXA affiliate paid over.
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ஒன்றுபட்டது-மாநிலங்களில்
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A New York trial court
recently granted summary judgment to a group of excess D&O insurers seeking a declaration that their policies do not cover settlements and consent judgments the defendants paid in connection with underlying securities actions. The decision emphasizes the insured capacity limitation in the D&O policy definition of a “wrongful act” and also reinforces that amounts paid as disgorgement are uninsurable as a matter of New York law.
Continental Casualty Co., Argonaut Insurance Co., Freedom Specialty Insurance Co., and QBE Insurance Co. were part of a tower of D&O coverage issued to AR Capital LLC. AR Capital and other defendants Bellevue Capital Partners, Nicholas Schorsch, Edward Weil, William Kahane, and Peter Budko sought coverage from the insurers for their share of amounts paid to settle multiple consolidated securities class actions, a derivative litigation, and an SEC enforcement action.
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