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LOEWENSON v. LONDON MARKET COMPANIES

No. 02-6322.

351 F.3d 58 (2003)

Carl H. LOEWENSON, Jr., Receiver-Appellee, v. LONDON MARKET COMPANIES, Certain Underwriters at Lloyd's, London, Defendants-Appellants.

United States Court of Appeals, Second Circuit.

Decided: December 5, 2003.

Attorney(s) appearing for the Case

Paul C. Fonseca, Pattison & Flannery, New York, N.Y., for Defendants-Appellants.

Randy Paar, Dickstein Shapiro Morin & Oshinsky, LLP (Edward Tessler, Ryan Luft, on the brief), New York, N.Y., for Receiver-Appellee.

Before: WALKER, Chief Judge, NEWMAN and CARDAMONE, Circuit Judges.

JON O. NEWMAN, Circuit Judge.

Most people would think that insurance underwriters are very good at numbers. This appeal demonstrates that sometimes they are not. The appeal presents the issue of whether a flawed calculation constitutes the sort of mutual mistake that justifies reformation of a contract, in this case, a settlement agreement. London Market Companies and Certain Underwriters at Lloyd's of London, third-party-defendants-appellants ("Underwriters"), appeal...

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