Getting your player ready...
James River Insurance Co., owned by billionaire David Shaw’s D.E. Shaw & Co., was told by a jury to pay $5.4 million to a Denver- based mortgage lender for breaching an insurance contract.
James River, based in Richmond, Va., violated the contract purchased by Rapid Funding LLC when it refused to cover the loss of a property in Michigan, when teenagers burned one of two towers in the complex to the ground, the federal jury in Denver ruled Monday.
Rapid Funding purchased the $3 million insurance policy for a vacant apartment complex in Wyoming, Mich., called Amsterdam Gardens.
