Legal Action
Legal actions began from a number of Japanese insurance companies at the start of 2002 towards the directors of Fortress Re, alleging Fortress Re had misrepresented losses and performed other improper acts, including Sabbah and his partner "amassing personal fortunes" by skimming money off the top from Sompo’s funds. Sabbah denied any wrongdoing.
In 2004, the two directors of Fortress Re were collectively forced to pay $1.12bn by a court in New York, for defrauding Sompo Japan Insurance.
Maurice Sabbah is the donor of a reported $100 million to American Hebrew Academy in Greensboro, North Carolina. Japanese insurers who were covered by Fortress Re reached an agreement in their effort to recover some of their losses by suits against the Hebrew Academy. The specifics in regard to the settlement remain undisclosed.
Read more about this topic: Fortress Re
Famous quotes containing the words legal and/or action:
“There are ... two minimum conditions necessary and sufficient for the existence of a legal system. On the one hand those rules of behavior which are valid according to the system’s ultimate criteria of validity must be generally obeyed, and on the other hand, its rules of recognition specifying the criteria of legal validity and its rules of change and adjudication must be effectively accepted as common public standards of official behavior by its officials.”
—H.L.A. (Herbert Lionel Adolphus)
“Though with their high wrongs I am struck to the quick,
Yet with my nobler reason ‘gainst my fury
Do I take part. The rarer action is
In virtue than in vengeance.”
—William Shakespeare (1564–1616)