In 3M Co. v. National Union Fire Insurance Co., 2015 U.S. Dist. LEXIS 131197 (D. Minn., September 28, 2015) a federal judge for the District of Minnesota determined that a policyholder was not entitled to coverage for earnings on its investment in a trading company engaged in a Ponzi scheme because it did not own the earnings.
The policyholder invested its employee-benefit plan assets in the trading company. The investment took the form of a limited partnership in the trading company. In 2009, …
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