Summary:

The Fourth Circuit Court of Appeals affirmed the district court’s decision granting summary judgment to Universal Life Insurance Company (ULICO) in a breach of contract case against Greg E. Lindberg. The case arose from a guaranty agreement signed by Lindberg, which held him personally liable for an arbitration award against his company, Private Bankers Life and Annuity, Ltd. (PBLA). ULICO initiated arbitration after accusing Lindberg of improperly transferring $524 million from a ULICO trust account to PBLA. The arbitration panel ruled in ULICO's favor, ordering PBLA to pay $524 million, which PBLA failed to do. ULICO then pursued Lindberg in court for the amount under the guaranty agreement. The district court found the agreement unambiguous and held Lindberg liable. On appeal, the Fourth Circuit found no error in the district court's judgment and upheld the ruling

Commentary:

For (just a few of the) other decisions related to Greg Lindberg,  see:

• 4th Cir.: Dash BPO v. Lindberg- Dismissal for Failure to Adequately Plead Fraudulent Concealment
• N.C. Ct. of App.: Causey v. Southland- Shareholders Cannot Intervene to Insurance Company Liquidation
• United States v. Greg E. Lindberg

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To read a copy of the transcript, please see: