November 28, 2016
Merrick Bank Corp. told a New York federal jury Monday that Chartis Specialty Insurance Co. "concocted" an after-the-fact equivalency between an escrow account and a merchant reserve account to avoid paying $18 million in uncollected chargebacks when charter airline Direct Air went bankrupt in 2012.
March 23, 2015
A New York federal judge on Friday ruled that Chartis Specialty Insurance Co. may be liable for part of a $26 million loss sustained by Merrick Bank Corp. when a charter airline company went bankrupt in 2012, but said a trial was necessary to ascertain exactly how much, if any.
October 02, 2012
Merrick Bank Corp. sued Chartis Specialty Insurance Co. in New York federal court Friday, claiming the insurer owes up to $25 million under an insurance policy for losses it sustained when Myrtle Beach Direct Air went bankrupt in March.