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Results: 1-10 of 67

Fraudulent conduct of principals imputed to company, barring coverage

  • Wiley Rein LLP
  • -
  • USA
  • -
  • 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

Bankruptcy court holds inadequate consideration exclusion bars coverage

  • Wiley Rein LLP
  • -
  • USA
  • -
  • December 16 2008

A federal bankruptcy court, applying New York law, has dismissed an adversary proceeding brought by a bankrupt home mortgage company against its directors' and officers' liability insurers, holding that coverage for a pre-petition lawsuit against the mortgage company was barred by application of an “inadequate consideration” exclusion

Bankruptcy court orders advancement of defense costs without adjudicating insurer’s coverage defenses

  • Wiley Rein LLP
  • -
  • USA
  • -
  • October 12 2007

The United States Bankruptcy Court for the Southern District of New York granted preliminary injunctions ordering a directors and officers liability insurer to advance defense costs, despite the fact that the insurer had denied coverage, and without adjudicating the coverage defense

Insured versus insured exclusion inapplicable to action by bankruptcy trustee, and bankruptcy exclusion deemed unenforceable

  • Wiley Rein LLP
  • -
  • USA
  • -
  • August 8 2011

An Illinois appellate court, applying Indiana and federal law, has held that neither a bankruptcy exclusion nor an insured versus insured exclusion applied to bar coverage for claims brought by a bankruptcy trustee

Sixth Circuit finds no bankruptcy exception to prohibition against direct actions in Tennessee

  • Wiley Rein LLP
  • -
  • USA
  • -
  • February 24 2014

The Court of Appeals for the Sixth Circuit held that no exception exists to Tennessee's general prohibition on direct actions against an insurer

Federal district court affirms bankruptcy court holding that inadequate consideration exclusion bars coverage

  • Wiley Rein LLP
  • -
  • USA
  • -
  • August 25 2009

A federal district court in Delaware, applying New York law, has affirmed a bankruptcy court's dismissal of an adversary proceeding brought by a bankrupt home mortgage company against its directors and officers liability insurers, holding that coverage for a pre-petition lawsuit against the mortgage company was barred by application of an "inadequate consideration" exclusion

Professional liability policy proceeds not property of bankruptcy estates

  • Wiley Rein LLP
  • -
  • USA
  • -
  • 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

Insolvency exclusion applies to claim arising out of insolvency of a third party

  • Wiley Rein LLP
  • -
  • USA
  • -
  • November 18 2009

The United States District Court for the Central District of California, applying California law, has granted summary judgment in favor of an insurer because a lawsuit against the insured actuarial services firm was a claim "arising out of the insolvency" of the insured's client and therefore was barred by the policy's insolvency exclusion

Insurers granted relief from automatic stay to pursue a coverage action against Federal-Mogul Global

  • Wiley Rein LLP
  • -
  • USA
  • -
  • May 17 2007

In an April 24, 2007 order, the United States Bankruptcy Court for the District of Delaware granted certain insurers' motion for leave to pursue a coverage action against the debtor, Federal-Mogul Global, Inc., in New York state court regarding the debtor's asbestos liability

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

  • Wiley Rein LLP
  • -
  • USA
  • -
  • 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