Firm Faces Skeptical 9th ​​Circ. In ‘El Chapo’ Insurance Litigation

By Dorothy Atkins (June 17, 2022, 5:49 p.m. EDT) — A private equity firm faced a skeptical Ninth Circuit panel on Friday trying to rekindle claims that its insurer must cover the underlying litigation over a facility she sold that was overrun by El Chapo’s drug cartel, with two judges saying the company appears to contradict arguments she’s previously made.

The insurance dispute has its roots in a $15 million fraudulent concealment lawsuit that Mexican real estate developer FINSA filed against private equity firm AKN Holdings, known as OpenGate Capital LLC, after realizing that AKN had sold a Mexican manufacturing plant to FINSA in 2014 without disclosing it. the drug cartel led…

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