CALIFORNIA v. ALTUS FINANCE S.A.

Nos. 06-55297, 06-55379, 06-55391.

540 F.3d 992 (2008)

State of CALIFORNIA, Plaintiff, and Steve Poizner, as Insurance Commissioner of the State of California and as Conservator, Liquidator and Rehabilitator of the Estate of Executive Life Insurance Company, Plaintiff-counter-defendant-Appellant, v. ALTUS FINANCE S.A., a corporation organized under French law; CDR Enterprises, a corporation organized under French law; Credit Lyonnais S.A., a corporation organized under French law; Jean-Claude Seys, an individual; Jean Francois Henin, an individual; Jean Irigoin, an individual; Alain Mallart; Novatec, e/s/a SDI Vednome S.A.; Consortium de Realisation S.A., a corporation organized under French law; MAAF Assurances, a mutual insurer organized under French law; MAAF Vie S.A., a corporation organized under French law, Defendants, and Artemis S.A., a corporation under French law; Artemis Finance S.N.C., an entity d/b/u French law; Artemis America; Francois Pinault, Defendants-counter-claimants-Appellees. State of California, Plaintiff, and Steve Poizner, as Insurance Commissioner of the State of California and as Conservator, Liquidator and Rehabilitator of the Estate of Executive Life Insurance Company, Plaintiff-counter-defendant-Appellee, v. Altus Finance S.A., a corporation organized under French law; CDR Enterprises, a corporation organized under French law; Credit Lyonnais S.A., a corporation organized under French law; Jean-Claude Seys, an individual; Jean Francois Henin, an individual; Jean Irigoin, an individual; Alain Mallart; Novatec, e/s/a SDI Vednome S.A.; Consortium de Realisation S.A., a corporation organized under French law; MAAF Assurances, a mutual insurer organized under French law; MAAF Vie S.A., a corporation organized under French law, Defendants, Artemis Finance S.N.C., an entity d/b/u French law, Artemis America; Francois Pinault, Defendants-counter-claimants, and Artemis S.A., a corporation under French law, Defendant-counter-claimant-Appellant. State of California, Plaintiff, and Steve Poizner, as Insurance Commissioner of the State of California and as Conservator, Liquidator and Rehabilitator of the Estate of Executive Life Insurance Company, Plaintiff-counter-defendant, v. Altus Finance S.A., a corporation organized under French law; CDR Enterprises, a corporation organized under French law; Credit Lyonnais S.A., a corporation organized under French law; Jean-Claude Seys, an individual; Jean Francois Henin, an individual; Jean Irigoin, an individual; Alain Mallart; Novatec, e/s/a SDI Vednome S.A.; Consortium de Realisation S.A., a corporation organized under French law; MAAF Assurances, a mutual insurer organized under French law; MAAF Vie S.A., a corporation organized under French law, Defendants, Artemis Finance S.N.C., an entity d/b/u French law; Artemis America; Francois Pinault, Defendants-counter-claimants, and Artemis S.A., a corporation under French law, Defendant-counter-claimant-Appellee, v. National Organization of Life and Health Insurance Guaranty Associations; California Life and Health Insurance Guarantee Association, Plaintiff-intervenors-Appellants.

United States Court of Appeals, Ninth Circuit.

Filed August 25, 2008.


Attorney(s) appearing for the Case

Kevin Russell, Howe & Russell, P.C., Washington, D.C.; Gary L. Fontana and Jennifer R. McGlone, Thelen Reid & Priest, LLP, San Francisco, CA, for the appellant/cross-appellee.

James P. Clark, Gibson, Dunn & Crutcher, LLP, Los Angeles, CA; Robert L. Weigel, Gibson, Dunn & Crutcher, LLP, New York, NY, for the appellee/cross-appellant.

Cindy C. Oliver and Craig R. Welling, Rothberger, Johnson & Lyons, LLP, Denver, CO, for the intervenors-appellants.

Before: T.G. NELSON, RICHARD A. PAEZ, and JAY S. BYBEE, Circuit Judges.


BYBEE, Circuit Judge:

This litigation arises from the 1991 insolvency and subsequent rehabilitation of the Executive Life Insurance Company (ELIC), following the largest insurance failure in California history. Pursuant to a judicially supervised rehabilitation plan, Insurance Commissioner John Garamendi1 (the Commissioner) oversaw competitive bidding for the assets of the ELIC Estate, which included a large junk bond portfolio. Altus...

Let's get started

Leagle.com

Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.

  • Updated daily.
  • Uncompromising quality.
  • Complete, Accurate, Current.

Listed below are the cases that are cited in this Featured Case. Click the citation to see the full text of the cited case. Citations are also linked in the body of the Featured Case.

Cited Cases

  • No Cases Found

Listed below are those cases in which this Featured Case is cited. Click on the case name to see the full text of the citing case.

Citing Cases