April 30, 2020 / 8:40 PM / a month ago

Arbitration panel can reconsider 'partial' award - NYS Court of Appeals

New York state’s highest court on Thursday restored an “corrected” arbitration award favoring two insureds seeking to recoup costs for a federal whistleblower settlement, saying the arbitration panel had authority to reconsider its original award.

In a 7-0 decision, the Court of Appeals ruled in favor of Allied Capital Corp and its Ciena Capital unit (the “insureds”) and against American International Specialty Lines Insurance Co (“AISLIC”). The ruling came in a $12 million dispute arising from the insureds’ alleged involvement in loan origination fraud.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/3f6isTp

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