On Monday, the U.S. Circuit Court of Appeals for the Second Circuit vacated a lower court’s 2006 ruling dismissing a securities class action against Inc. The Second Circuit disagreed with the lower court’s conclusion that plaintiffs were on inquiry notice, and therefore held that the case wasn’t barred by the statute of limitations. The Second Circuit remanded the case back to the lower court for further proceedings.
The lawsuit alleges that improper fees known as contingent commissions were often paid to insurance brokers above their ordinary commission fees, a practice that was part of a kickback and bid-rigging scheme that allowed Hartford to artificially inflate its insurance prices.
Notably, the opinion (available below) still lists imprisoned William Lerach as the lead counsel for appellants.