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Court holds coverage for Madoff suits excluded under policy’s insolvency exclusion

Edwards Wildman Palmer LLP
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USA
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June 8 2010

The US District Court for the District of Connecticut recently dismissed a customer suit against an insurer, based upon its determination that all of the underlying claims were excluded by the policy's Insolvency Exclusion

PLUS D&O symposium: afternoon session II

Edwards Wildman Palmer LLP
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USA
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February 4 2010

During the second afternoon session of the first day of the PLUS D&O Symposium, the panelists discussed the complex underwriting issues that arise when the company to be insured is insolvent, in bankruptcy, or close to bankruptcy

Ambac considers bankruptcy

Edwards Wildman Palmer LLP
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USA
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November 1 2010

Ambac Financial Group Inc., parent of the troubled bond insurer Ambac Assurance Corp., said Monday that it is pursuing the restructuring of its debt with a group of debt holders through a pre-packaged bankruptcy filing

During hearing to consider Ambac’s rehabilitation plan, insurance regulator reveals that liquidation of the bond insurer was considered

Edwards Wildman Palmer LLP
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USA
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November 23 2010

As we first covered here, Ambac Financial Group Inc., the parent of the ailing Wisconsin-domiciled bond insurer Ambac Assurance Corp., filed for Chapter 11 bankruptcy relief with United States Bankruptcy Court for the Southern District of New York on November 8, 2010

Ambac and IRS come to temporary terms regarding dispute over $700 million in tax refunds

Edwards Wildman Palmer LLP
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USA
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November 29 2010

As previously discussed here, Ambac Financial Group Inc. has filed for bankruptcy for Chapter 11 bankruptcy relief with United States Bankruptcy Court for the Southern District of New York

Delaware Bankruptcy Court rules that directors & officers may access eroding policy despite company’s bankruptcy

Edwards Wildman Palmer LLP
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USA
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July 22 2010

A federal judge has ruled that directors and officers of a company in bankruptcy proceedings may continue to access an eroding liability policy to cover their defense costs

Court rules D&O policy’s Side-A benefits not property of bankrupt estate

Edwards Wildman Palmer LLP
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USA
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September 9 2010

A Maryland bankruptcy court has declared that Side A benefits under a D&O policy are not property of the bankrupt estate, with the result that two former executives who have been accused of making illegal payments and diverting funds from their former employer to start a new venture may be able to recoup certain defense costs

New York appeals court dismisses suit against MBIA Inc. over bond insurer’s financial restructuring

Edwards Wildman Palmer LLP
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USA
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January 25 2011

A New York appeals court recently dismissed one of two lawsuits filed against MBIA Inc. (“MBIA”) by more than a dozen major financial institutions concerning the bond insurer’s financial restructuring

Ambac Financial Group Inc. files for Chapter 11 bankruptcy

Edwards Wildman Palmer LLP
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USA
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November 10 2010

Ambac Financial Group Inc., parent of the troubled Wisconsin-domiciled bond insurer Ambac Assurance Corp., filed for Chapter 11 bankruptcy relief on November 8, 2010