MLMIC Establishes Process to Resolve Cash Consideration Disputes
MLMIC’s transaction with National Indemnity Company, a Berkshire Hathaway company, closed on October 1, 2018, and MLMIC has begun to distribute cash consideration by check to eligible policyholders or their designees. Any cash consideration that is in dispute between eligible policyholders and objectors has been distributed to escrow until the dispute is resolved or until otherwise ordered by the Superintendent of the New York State Department of Financial Services.
The September 6, 2018, decision by the Superintendent approving the transaction requires that MLMIC provide and pay for a voluntary dispute resolution process for eligible policyholders and the objectors who choose to participate.
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