A court finds that the proper jurisdiction for this saga is Conneticut. Choice of law is typically never straightforward in these types of cases...does one prioritize the location of the contractual formation? The venue where the damages are alleged? The location of the players? If one uses a combination of these (and other) factors, how are these to be weighted??
http://tinyurl.com/rhjlw
The effects of the finite reinsurance transaction are fairly well-documented. This was a case where the irrepressible Hank Greenberg needed to increase his reserves without violating capital requirements - a reinsurance transaction is treated differently than a loan, which is what this particular transaction with GenRE "looks" like.
The net result of all this is another feather in the cap of the attorney general of New York, who uses his power with more astuteness than Bismark: identify, publicize, settle for $$$, let the Feds bring their case, rinse, repeat.
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