AmTrustFinancial Services Inc. has moved to voluntarily dismiss withprejudice all of its claims against Trust Risk Group SpA CEO , the Insurance Journal reported.
AmTrust's lawyers noted in a filing that the Italianinsurance broker CEO failed to respond to its complaint. Elizabeth Malone,senior vice president for investor relations at AmTrust, said the parties have decidedto settle the lawsuit on confidential terms, according to the report.
AmTrust and Somma had a dispute over a joint medicalmalpractice insurance venture, which ended in 2013 on allegations that Sommawas planning to steal proprietary data and compete against AmTrust. Sommasought $1.14 billion from AmTrust over the early termination of the business,but the insurance broker refused to pay. The matter was brought intoarbitration, but AmTrust accused Somma of bribing the arbitrator, Marco Lacchini, and asked forthe arbitrators' dismissal.