Supreme Court Declines to Hear Special Funds Case; Could Cost Insurers More Than $1 Billion

The U.S. Supreme Court on Monday declined to take up a case that Liberty Mutual Insurance Co. and its subsidiaries brought over the discontinuation of New York's fund for reopened claims. American Economy Insurance v. New York was closely watched by insurance groups because they argued that the closing of the fund left carriers with more than $1 billion in liabilities for which they had never collected premiums. American Economy is one of several Liberty Mutual subsidiaries that filed the suit. The New York Court of Appeals in October ruled against the insurers. "The Supreme Co...