With legal action heating up in the wake of Madoff pyramid scheme disclosures, a Washington corporate attorney said his firm believes that Madoff clients may recover "hundreds of millions" from their insurers.
And the insurers that will be involved will include industry giants like Lloyd's of London, American International Group, Chubb and CNA, predicted Scott Gilbert, a name partner at Gilbert Oshinsky law firm.
"The misconception out there is that there's no real recourse through insurance claims. This is not the case at all. We believe that there are hundreds of millions of dollars out there to be recovered through insurance claims," said, Mr. Gilbert.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
