A putative class action filed last Wednesday in federal court in San Francisco accuses California-based CIBA Insurance of operating as an illegal “ponzi scheme” in collaboration with a number of insurance company partners, including co-defendant Great Lakes Insurance SE.

According to the complaint, CIBA—which operates in 48 states—rakes in tens of millions of dollars in premiums annually while circumventing insurance laws in California and nationally.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]