AIG need not pay some policyholders’ Madoff claims
Monday, October 4th, 2010 Fraud Litigation PropertyAmerican International Group Inc need not make payments to some former Bernard Madoff clients who said their homeowner insurance policies entitled them to coverage for alleged losses, a judge ruled. Two California residents, Robert and Harlene Horowitz, had alleged $8.5 million of losses in Madoff’s Ponzi scheme, reflecting the amount on their final account statement before the fraud was revealed in December 2008.
External References & Further Reading
http://www.reuters.com/article/idUSTRE68T6GI20101001
