Claiming that the collapse of the PIC Insurance Group was the result of a complex scheme by its key owners and managers to siphon off its funds for themselves, Pennsylvania Insurance Commissioner M. Diane Koken has filed a civil racketeering suit in U.S. District Court against 17 individuals and 19 companies.
The 74-page suit was drafted by a team of lawyers at Pepper Hamilton — Deborah F. Cohen, Eleanor N. Ewing, Richard H. Maurer, Stuart D. Lurie and Maria L. Henderson-Lewis — and is the result of a year-long investigation.
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