COURT REFUSES TO SEAL FROM PUBLIC RECORD ARBITRATION AWARD RELATED TO REINSURANCE OF AIRLINES INVOLVED IN 9/11 ATTACKS
The court granted an unopposed petition to confirm an arbitration award that found that the 9/11 attacks on the World Trade center should be deemed one “event” for purposes of liability under aviation reinsurance contracts. In doing so, the court denied the reinsureds’ motion to seal the arbitration award from public records, which the reinsurer filed over the reinsureds’ objection that the award was confidential “arbitration information” under a confidentiality agreement between the parties. The court explained that “while enforcement of contracts is undeniably an important role for a court, it does not constitute a ‘higher value’ that would outweigh the presumption of public access to judicial documents.” The court did note, however, that the reinsureds “may have an action for breach of contract,” although the court would make “no finding whatsoever on that question.” Aioi Nissay Dowa Insurance Co. v. Prosight Specialty Management Co., Case No. 12-3274 (USDC S.D.N.Y. Aug. 21, 2012).
This post written by Michael Wolgin.
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