Validus files lawsuit against IPC Holdings and Max Capital
Validus, the Bermudian (re)insurer said that it has filed legal proceedings in the Supreme Court of Bermuda against rival IPC Holdings, IPC Limited and other rival Max Capital, in an effort to challenge the $50m break fee and "no-talk" provision contained in Max and IPC's merger agreement.
Validus is seeking among to restrain payment of the break fee, which is so big that it "amounts to an unlawful penalty under Bermuda law and is accordingly unenforceable", it said, adding thatOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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