LAW & REGULATION

From Times Staff and Wire Reports

FGS Insurance Agency will be liquidated by a bankruptcy trustee, Insurance Commissioner John Garamendi said. Garamendi, who ordered the seizure of the low-cost Irvine insurer in April, filed a lawsuit in February accusing FGS and its former owner, Sidney M. Field, of racketeering, gross mismanagement and breach of fiduciary duties for a transaction that allegedly defrauded Coastal Insurance Co. of $17 million.

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