GARAMENDI v. HENIN

Nos. 10-57000, 10-57009.

683 F.3d 1069 (2012)

John GARAMENDI, 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, and Steven Poizner, as Insurance Commissioner of the State of California; State of California, Plaintiffs, v. Jean Francois HENIN, Defendant-cross-claimant-Appellant, and Jean-Claude Seys, an individual; Jean Irigoin, an individual; Alain Mallart; Novatec, Erroneously Sued as SDI Vendome SA; MAAF Assurances, a mutual insurer organized under French law; MAAF Vie SA, a corporation organized under French law, Defendants, Altus Finance SA, a corporation organized under French law; CDR Enterprises, a corporation organized under French law; Credit Lyonnais SA, a corporation organized under French law; Consortium de Realisation SA, a corporation organized under French Law, Defendants-cross-defendants, Artemis SA, a corporation under French law, Defendant-counter-claimant, Francois Pinault, Counter-claimant, Hartford Fire Insurance Company, Third-party Intervenor, Intervenor-Plaintiff, Sunamerica, Inc., fka AIG Retirement Services, Inc.; National Organization of Life & Health Insurance Guaranty Associations; California Life and Health Insurance Guarantee Association; Eric B. Siegel; Apollo Advisors LP; Leon D. Black; Craig M. Cogut; John J. Hannan; Lion Advisors LP; Pegasus Insurance Partners, Intervenors, Sierra National Insurance Holdings, Inc.; Georgia Lee, as Receiver for Sierra National Insurance Holdings, Inc., Plaintiffs/counter-defendants-Appellees, v. Jean Francois Henin, Defendant/cross-claimant-Appellant, MAAF Vie SA, a corporation organized under French law; MAAF Assurances, a mutual insurer organized under French law; Francois Pinault; Jean-Claude Seys; Jean Irigoin; Artemis SA, Defendants, Credit Lyonnais SA; Altus Finance SA, a corporation organized under French law; CDR Enterprises; Consortium de Realisation SA, a corporation organized under French Law, Defendants/cross-defendants, New California Life Holdings, Inc.; Aurora National Life Assurance Company, Defendants/counter-claim-Third-party Plaintiffs, Harry W. Low, as Conservator, Rehabilitator, and Liquidator of Executive Life Insurance Company, Counter-defendant/Third-party Defendant.

United States Court of Appeals, Ninth Circuit.

Filed June 19, 2012.


Attorney(s) appearing for the Case

Patrick P. Salisbury , Salisbury & Ryan LLP, New York, NY; and Brian A. Sun , Jones Day, Los Angeles, CA, for the defendant/cross-complainant-appellant.

David B. Salmons (argued), David M. Balabanian and Geoffrey T. Holtz , Bingham McCutchen , Washington, D.C., for the plaintiff/counter-defendants-appellees.

Charles R. Rice and Arthur J. Shartsis , Shartsis Friese LLP, San Francisco, CA, for the amicus curiae.

Before: HARRY PREGERSON, SUSAN P. GRABER, and MARSHA S. BERZON, Circuit Judges.


OPINION

GRABER, Circuit Judge:

Defendant Jean-François Hénin served as an officer of a French corporation that bought assets from an insolvent California insurance company pursuant to a rehabilitation plan. It later emerged that Hénin and others involved in the purchase had misrepresented certain key facts, making their purchase illegal under California law. In the ensuing litigation, Sierra National Insurance Holdings, Inc., came to hold...

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