Bermuda Insurer Escapes $934 Million Walter Energy Pension Suit

The trustees of a mine workers pension plan lost their lawsuit seeking $934 million from Cardem Insurance Co., when a federal judge ruled she lacked personal jurisdiction over the Bermuda-headquartered insurer with ties to defunct mining company Walter Energy Inc.

Judge Tanya S. Chutkan on Monday adopted a magistrate report recommending that the case be dismissed. According to the magistrate, Cardem didn’t have systemic and continuous enough contact with the United States to be subject to the jurisdiction in the US District Court for the District of Columbia.

The plaintiffs, trustees of the United Mine Workers of America 1974 Pension ...