Rumor: Reliance Liquidation Near Settlement?

The legacy of Reliance Insurance Company and its liquidation continues in the Commonwealth Courts of Pennsylvania, with lawyers for the company's former CEO and management team collecting over $25 million in fees thus far trying to keep their client's assets intact, and the judge presiding over the matter pushing for settlement.Reliance started showing signs of financial cracks in 2000, succumbing to an insurance hard market, participation in the ill-fated Unicover scandal, and continued profligate spending by Saul Steinberg, his sons, and management team, the DOI says, using company money on ...