Madison - St. Clair Record

Wednesday, August 21, 2019

Trust seeks $20 million in suit alleging insurance fund depletion


By Angelica Saylo Pilo | May 2, 2018

BELLEVILLE — An assignee is suing investment fund and members for allegedly depleting $20 million in  insurance funds. 

Swansea Beneficiary Trust LLC, as assignee from Ritchie Multi-Strategy Global LLC, filed a complaint on April 13 in the St. Clair County Circuit Court against Ritchie Risk-Linked Strategies LLC and Ritchie Partners LLC, alleging they breached their contractual obligations.

According to the complaint, the plaintiff alleges the defendants wasted $20 million in insurance funds in defending spurious litigations. As a result, the plaintiff claims it has been damaged for being deprived of insurance funds that may be used for other purposes. 

The plaintiff requests a trial by jury and seeks judgment in its favor in the amount of $20 million, plus costs expended herein. 

It is represented by John E. Sabo of Clayborne, Sabo & Wagner LLP in Belleville.

St. Clair County Circuit Court case number 18-L-262

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Clayborne, Sabo & Wagner St. Clair County Circuit Court

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