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BANKERS CONSECO v. WILMINGTON

Index No. 652057/19. Appeal No. 13185. Case No. 2020-02386. 2020-03521.

195 A.D.3d 109 (2021)

147 N.Y.S.3d 17

2021 NY Slip Op 02355

BANKERS CONSECO LIFE INSURANCE COMPANY et al., Appellants, v. WILMINGTON TRUST, NATIONAL ASSOCIATION, Respondent.

Appellate Division of the Supreme Court of New York, First Department.

Decided April 20, 2021.

Attorney(s) appearing for the Case

Sills Cummis & Gross, P.C., New York City ( Joseph L. Buckley , Richard H. Epstein , Matthew L. Lippert and Laura E. Sedlak of counsel), for appellants.

Hodgson Russ LLP, Buffalo ( Spencer L. Durland , Daniel C. Oliverio , Robert J. Lane, Jr. and Pauline T. Muto of counsel), for respondent.

KAPNICK, J.P., WEBBER and OING, JJ. concur.

OPINION OF THE COURT

Plaintiffs are issuers of long-term care insurance policies. They entered into reinsurance agreements with nonparty Beechwood Re Ltd pursuant to which plaintiffs transferred over $550 million into four reinsurance trusts to be managed and invested by Beechwood and its affiliated agent, B Asset Manager...

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