A federal judge Thursday approved an agreement officially ending part of a conflict between a money management company and a well-known participant in the secondary market for in-force life insurance policies.
The conflict has pitted Ritchie Capital Management L.L.C., Lisle, Ill., against Coventry First L.L.C., Fort Washington, Pa.
Judge Burton Lifland of the U.S. Bankruptcy Court for the Southern District of New York approved the arrangement, which calls for Ritchie to pay Coventry $10 million and for both parties to release claims against each other.
Ritchie filed for bankruptcy court protection in June 2007.
Ritchie initially sought $2 billion in damages in a lawsuit that was dismissed by a federal judge in July 2007.
That suit, which Coventry derided as a “publicity stunt” at the time, accused Coventry of breach of contract and a variety of violations of federal law.