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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

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

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

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

Excess insurer entitled to recover partial refund paid by trustee to primary insurer following policy limits settlement with primary insurer

  • Wiley Rein LLP
  • -
  • USA
  • -
  • May 19 2010

Applying Texas law, the United States Bankruptcy Court for the Northern District of Texas has held that a primary insurer that "exhausted" its policy limits by agreeing to pay the insured's bankruptcy estate its remaining policy limits, while stipulating that a significant portion of this payment would be returned to the insurer by the estate's bankruptcy trustee, was required to reimburse the excess insurer the value of the returned payments made by the trustee

Bankruptcy Appellate Panel affirms relief from automatic stay for payment of director's defense costs

  • Wiley Rein LLP
  • -
  • USA
  • -
  • February 25 2010

The Bankruptcy Appellate Panel of the Ninth Circuit has affirmed the bankruptcy court's grant of a motion by a debtor's sole director to modify the automatic stay to allow payment of defense costs under the A-side coverage of the debtor's directors and officers liability insurance policy