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Judgment creditor collaterally estopped by default judgment against insured

Wiley Rein LLP
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USA
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May 20 2013

The United States District Court for the Northern District of Georgia, applying Georgia law, has held that a default judgment against an insured in a

Federal court exercises jurisdiction over insurer’s declaratory judgment action arising out of FDIC demand

Wiley Rein LLP
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USA
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December 17 2012

The United States District Court for the Eastern District of California, applying California law, has concluded that it should exercise jurisdiction under the federal Declaratory Judgment Act to determine the availability of coverage for a written demand and has held that the related coverage action should not be stayed in favor of potential future underlying litigation between the Federal Deposition Insurance Corporation (FDIC) and the insureds because the outcome of the coverage litigation would not be dependent on resolution of disputed facts in such a future action

Upon appointment of FDIC as receiver, coverage under D&O policy ceased but policy was not automatically terminated

Wiley Rein LLP
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USA
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January 5 2010

The United States District Court for the District of Kansas, applying Kansas law, has held that a D&O policy issued to a bank was not automatically canceled or terminated when the FDIC was appointed as the bank’s receiver but that coverage under the policy ceased

Rescission effective upon filing of rescission complaint

Wiley Rein LLP
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USA
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June 9 2010

In a decision not designated for publication, the United States District Court for the Northern District of California, applying California law, has held that an insurer's declaratory judgment complaint for rescission effectuated the rescission of the policy and that the subsequent coverage litigation confirmed the validity of the rescission

Professional liability policy proceeds not property of bankruptcy estates

Wiley Rein LLP
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USA
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June 23 2011

The United States Bankruptcy Court for the District of Nevada has held that proceeds from a professional liability policy were not property of the insured-debtors' bankruptcy estate because the proceeds were payable only for the benefit of third party claimants and could not be accessed by the debtors directly

Claims for restitutionary relief held uninsurable

Wiley Rein LLP
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USA
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July 30 2012

The United States District Court for the Central District of California has held that, under California law, claims for restitutionary relief are uninsurable as a matter of law

Asbestos bankruptcy channeling injunction cannot reach direct actions based on independent duty of insurer, Second Circuit rules

Wiley Rein LLP
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USA
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February 22 2008

The United States Court of Appeals for the Second Circuit has ruled that the Johns-Manville bankruptcy court did not have jurisdiction to enjoin direct action claims asserted against Travelers entities that are predicted on an independent duty owed by Travelers, that do not claim against the res of the Manville estate, and that seek damages unrelated to and in excess of Manville's insurance proceeds

Insolvency of underlying insurer does not affect excess insurer’s obligations

Wiley Rein LLP
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USA
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November 6 2007

In an adversary proceeding brought by a liquidating company to determine the availability of coverage under the debtor's insurance policies, the United States District Court for the District of Delaware has held that the insolvency of an underlying insurer did not affect an excess carrier's obligation for claims within its own layer of coverage

Coverage precluded by insolvency exclusion where claims arose out of bankruptcy of securities broker

Wiley Rein LLP
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USA
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April 19 2010

The United States District Court for the District of Connecticut, applying Connecticut law, has held that coverage under a bankers professional liability policy was precluded by the policy's insolvency exclusion where the underlying claims "arose out of" the bankruptcy of a third-party securities broker or dealer

Fraudulent conduct of principals imputed to company, barring coverage

Wiley Rein LLP
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USA
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October 11 2011

The United States District Court for the Southern District of Ohio, applying Ohio law, has held that a dishonesty exclusion barred coverage under primary and excess directors and officers policies for the Wrongful Acts of the principals of a bankrupt company, all of whom were criminally convicted of securities fraud and related crimes