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"HARTFORD, Conn. (Legal Newsline) -- The Connecticut Supreme Court has upheld a lower court rulings in two cases in which Lloyd's of London was seeking restitution from a convicted felon.<br /><br />The lawsuit stems from a 1992 incident in which Steven Cooperman staged the theft of two paintings, -- \"Nude Before a Mirro\" by Pablo<br />Picasso and \"The Customs Officer's Cabin at Pourville\" by Claude Monet<br />-- both of which were insured by Lloyd's for $5 million and $7.5<br />million, respectively.<br /><br />Cooperman ultimately filed a claim for the art but was denied. He sued<br />and was ultimately awarded $17.5 million in a settlement.<br /><br />In 1999, Cooperman was convicted of insurance fraud and tax. In order to pay restitution to the plaintiffs, he sold assets to his wife, Nancy.<br /><br />In the lawsuit, Lloyd's claims he intentionally undervalued the assets<br />he conveyed to his wife. The company was also seeking to recover the<br />insurance proceeds and property she allegedly acquired from the sale<br />of the assets.<br /><br />The trial court found that the sale of assets wasn't a fraudulent<br />transfer and that the statute of limitations prevented the plaintiffs<br />from their claims for equitable relief against Nancy Cooperman.<br /><br />In a unanimous ruling, the Connecticut Supreme Court upheld the<br />previous court's findings, stating that \"the plaintiffs had not proved<br />that the 2001 sale of assets constituted statutory theft or conversion.\"<br /><br />The ruling went on to affirm that the statute of limitations had<br />indeed expired in the matter of Nancy Cooperman's assets. <br /><br />In the decision, the court held that the plaintiffs did not \"explain<br />why...the statute of limitations did not begin to run at the time she<br />received that interest.\"<br />"^^<http://www.w3.org/2001/XMLSchema#string>
<http://legalnewsline.com/stories/510520074-connecticut-s-c-upholds-ruling-in-lloyd-s-of-london-lawsuit>