Business Litigation - Tuesday, October 7, 2008 9:46 - 0 Comments

Vermont’s $183 million Ambassador insurance judgment upheld on appeal

The U.S. Court of Appeals for the Third Circuit has upheld the judgment of $182.9 million returned in a malpractice case against the accounting firm PriceWaterhouseCoopers. The case filed by the State of Vermont arose out of the firm’s dealings with the failed Ambassador Insurance Co. The company, a Vermont domiciled surplus lines insurance company with headquarters in New Jersey, was seized in 1983 and placed into court-supervised rehabilitation and subsequent liquidation as a result of its insolvency. Since that time, the state’s insurance commissioner has been trying to collect and distribute assets under court supervision in order to pay the claims of persons insured and owed money by Ambassador.

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