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-0.000356845485904617 -0.00057491772729079 -0.000257721739819982 -7.92989968677302E-05 0.0012489592006661 0.00256730502359148 0.00263907061575676 0.00388565084651675
Stock impact report

High court declines to hear Ponzi insurance case [Advisor.ca (Canada)]

Berkshire Hathaway Inc. New (BRK.B) 
Last berkshire hathaway inc. new earnings: 11/2 07:00 am Check Earnings Report
US:NYSE Investor Relations: berkshirehathaway.com
Company Research Source: Advisor.ca
In 2023, the Ontario Superior Court of Justice rejected a claim brought by Surefire Dividend Capture, LP (SDC) — a Canadian special purpose vehicle — that sued insurer National Liability & Fire Insurance Co., after it denied coverage under a fidelity bond for losses suffered when SDC invested in a U.S. hedge fund that turned out to be operating a Ponzi scheme. According to the court's decision, in 2019, SDC obtained insurance coverage for theft and fraud by its employees and its sub-managers. That same year, it began making investments with a U.S. hedge fund, Broad Reach Capital LP, which was later revealed to be engaged in fraud. In 2021, the fund's manager, Brenda Smith, pleaded guilty to one count of securities fraud in the U.S., admitting that the fund was basically a Ponzi scheme. SDC sought coverage for its losses from its insurer, which denied the claim, arguing that the terms of its coverage didn't extend to the hedge fund manager. SDC then sued the insurer, seeking US$ Show less Read more
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