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A group of seven European-based insurers won a big victory in court this week. (Photo: Shutterstock)

Four years after Glacial Energy Holdings went bankrupt, the energy retailer’s collapse continues to reverberate as demonstrated by a judge’s ruling this week letting a group of reinsurers off the hook for more than $26 million an investor is trying to recoup.

Glacial owed Vantage Commodities Financial Services $44 million. When it failed to pay up, Vantage turned to its captive insurer, Assured Risk Transfer PCC, or ART, which denied coverage on the grounds that Vantage failed to properly collateralize the loan.

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