20 Sept 2012 Cases

Zurich Re

1 minute read


Compass Lexecon affiliate David K.A. Mordecai testified on behalf of Zurich Re, a major reinsurance firm, in a multibillion dollar asbestos dispute with a bankruptcy trust. The dispute involved a complex arrangement which included excess of loss reinsurance, risk financing (in the form of both a stop-loss and loss portfolio transfer facilities), and investment management agreements, as well as a credit derivative. After a resounding win for the client on summary judgment, the plaintiffs later agreed to abandon their appeal with prejudice for a de minimus settlement amount. As a high profile, multibillion dollar test case with national scope as well as international policy implications for the reinsurance industry, this was a significant outcome not just for Zurich Re, but for insurance regulators as well. In connection with our work in this case, we worked with Richard Mancino and others of Willkie Farr & Gallagher LLP. Dr. Mordecai was assisted by David Gross, Peter Clayburgh, Rahul Sekhar, Andria van der Merwe, and Timothy McAnally in Compass Lexecon’s Chicago office.

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