Continental Off Hook for Tax Co.’s Ponzi Losses
Chicago partner Eileen Bower, Orange County partner Ryan Tuley and Washington partner Jack Gerstein were mentioned in a March 27 Law360 article – “ Continental Off Hook for Tax Co.’s Ponzi Losses”– about a California judge excusing Continental Casualty Co. from covering a defunct 1031 exchange company, which ran a Ponzi-like real estate embezzlement scheme. According to the article, the judge ruled that “allowing its receiver to recover client losses would reward criminality in violation of state insurance law.”
Eileen, Ryan and Jack represented Continental in this legal proceeding.