Legal gavel and scales of justice CIBA and its insurance company partners have issued coverage for more than $50 billion in property, but only have $1 billion available in coverage per occurrence for the entire pool of insureds, the complaint said. (Photo: Shutterstock)

Updated 10:50 a.m. ET April 20, 2018 with CIBA’s response.

A putative class action filed last Wednesday in federal court in San Francisco accuses California-based CIBA Insurance of operating as an illegal “Ponzi scheme” in collaboration with a number of insurance company partners, including co-defendant Great Lakes Insurance SE.

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