An insurer for convicted orthopedist Spyros Panos, who pleaded guilty to new charges of fraud and identity theft Friday, was ordered to pay $16.8 million to allay some of a $141 million arbitration award to 250 former patients.

Nearly six years after Dr. Spyros Panos surrendered his medical license and pleaded guilty to health care fraud, an arbitrator awarded $140 million to settle what plaintiffs’ attorneys say is the largest medical malpractice litigation in New York.

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