Seiden Law Client Senior Health Insurance Company Defeats Motion to Dismiss in Platinum Partners Litigation

Seiden Law represented client Senior Health Insurance Company (“SHIP”) in a lawsuit in New York federal court against Lincoln International LLC and Lincoln Partners Advisers LLC (“Lincoln”) arising from the massive fraud involving the Platinum Partners hedge fund and its affiliate, Beechwood Re Ltd. SHIP, an insurance company, incurred massive losses of over $100 million in the fraud. SHIP’s lawsuit alleges that Lincoln, a valuation firm, aided and abetted the fraud by issuing inflated valuations.

On December 3, 2019, the Honorable Jed S. Rakoff of the United States District Court for the Southern District of New York declined to dismiss SHIP’s claims against Lincoln for aiding and abetting fraud. In his decision, Judge Rakoff held that SHIP’s complaint “adequately pleads that Lincoln’s fraudulent valuations contributed to preventing SHIP from discovering the fraud.”

Seiden Law overcame the motion to dismiss brought by Lincoln and their lawyers Skadden Arps. The complete text of Judge Rakoff’s decision is available here.