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NARDA, INC. v. RHODE ISLAND HOSP. TRUST NAT. BANK

Civ. No. PN-88-783.

744 F.Supp. 685 (1990)

NARDA, INC., et al. v. RHODE ISLAND HOSPITAL TRUST NATIONAL BANK, et al.

United States District Court, D. Maryland.

August 3, 1990.

Attorney(s) appearing for the Case

Mark W. Foster, Stephen H. Glickman, Leslie M. Berger, Zuckerman, Spaeder, Goldstein, Taylor & Kolker, Washington, D.C., for plaintiffs.

Arvid E. Roach, II, Stephen H. Marcus, Covington & Burling, Washington, D.C., for defendant Rhode Island Hosp. Trust Nat. Bank.

Stanley L. Lipshultz, Michael T. O'Bryant, Lipshultz & Hone, Silver Spring, Md., for defendants Stephen H. Gamp and SHG Associates, Inc.

William H. Hicks, R. Wayne Pierce, Niles, Barton & Wilmer, Baltimore, Md., for defendant Hartford Life Ins. Co.

Paul F. Newhouse, Eccleston & Wolf, Baltimore, Md., James S. Ray, Laurence E. Gold, Terese M. Connerton, Connerton, Ray & Simon, Washington, D.C., for defendants Roger Slotkin and NBA Group, Inc.

NIEMEYER, District Judge.

OPINION AND ORDER

An employee benefit plan established by NARDA, Inc. (the National Appliance and Radio-TV Dealer's Association) ("NARDA") to provide its members with medical benefits, life insurance, and related benefits became insolvent in May 1986 because the value of claims of participants for medical benefits exceeded the premiums collected. By September 1987 NARDA had accumulated more than $2 million in unpaid claims, and...

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