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Results: 1-10 of 67

Georgia bankruptcy court: FDIC may sue officer of failed bank, notwithstanding his bankruptcy, if defense and recovery limited to D&O insurance
  • Wiley Rein LLP
  • USA
  • August 28 2012

A Georgia bankruptcy court has held that notwithstanding the discharge of an individual in his individual bankruptcy proceeding, the Federal Deposit Insurance Corporation (FDIC) may file suit against the individual as a former officer of a failed bank so long as the applicable D&O policy covers defense costs and the FDIC’s recovery is limited to insurance proceeds


Priority of payments provision allows insurer to make settlement payments on covered claims against directors and officers
  • Wiley Rein LLP
  • USA
  • October 25 2012

The United States Bankruptcy Court for the District of Nebraska has held that an insurer may make settlement payments for claims against a debtor’s directors and officers where any claims of the debtor are subordinate to those of the directors and officers under the terms of the policy


Trustees have no standing to object to disbursement of policy proceeds in interpleader action
  • Wiley Rein LLP
  • USA
  • July 20 2012

The United States Bankruptcy Court for the District of Delaware, applying federal law, has held that a Liquidation Trustee and a Litigation Trustee (the Trustees) did not have standing to object to the disbursal of policy proceeds in an insurer’s interpleader action because they had no existing claims or realistic potential claims for coverage under the policy


Claims for restitutionary relief held uninsurable
  • Wiley Rein LLP
  • USA
  • 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


Bankruptcy Court denies approval of Adelphia policy buyback settlement
  • Wiley Rein LLP
  • USA
  • April 16 2007

The United States Bankruptcy Court for the Southern District of New York has denied approval of a settlement between Adelphia and its D&O insurers pursuant to which the insurers would have bought back their interests in the relevant policies issued to Adelphia for $32.5 million "with claims of others to policy proceeds...attaching to the proceeds of the sale."


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


Congoleum bankruptcy court refuses to approve insurer settlement
  • Wiley Rein LLP
  • USA
  • May 17 2007

In the ongoing bankruptcy action involving the Congoleum Corporation (Congoleum), the bankruptcy court refused to approve a settlement and policy buyback between Congoleum and one of its insurers, ruling that the lack of creditor support for the settlement and the lack of evidence regarding the volume and type of claims covered by the settlement precluded the court's ability to approve the settlement


Bankruptcy trustees not entitled to injunctive relief that would give them priority to D&O policy proceeds
  • Wiley Rein LLP
  • USA
  • May 15 2007

The United States Bankruptcy Court for the District of Massachusetts has denied injunctive relief requested by two bankruptcy trustees seeking to stay the prosecution and settlement of shareholder actions proceeding against various former officers and directors of a bankrupt corporation


Congoleum pre-packaged settlement is unreasonable and unenforceable against insurers
  • Wiley Rein LLP
  • USA
  • May 25 2007

The Superior Court of New Jersey has ruled that Congoleum's pre-packaged bankruptcy plan settling asbestos claims is not enforceable against its insurers


Bankruptcy court rejects Congoleum bankruptcy plans: appeal to the United States District Court for the District of New Jersey filed
  • Wiley Rein LLP
  • USA
  • May 17 2007

The United States Bankruptcy Court for the District of New Jersey rejected the pre-packaged bankruptcy plan presented by the debtors and asbestos claims representatives