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Results: 1-10 of 67

Controlling shareholder’s bankruptcy does not render entity insolvent; fraud claim uninsurable as a matter of law
  • Wiley Rein LLP
  • USA
  • April 9 2013

Applying Minnesota law, a federal district court has held that, where an entity's principal shareholder was insolvent, but the entity was not, the


Suit for misuse of investment funds does not allege act in performance of “mortgage broker services” within definition of “insured services”
  • Wiley Rein LLP
  • USA
  • October 8 2013

The United States District Court for the Northern District of Texas has held that underlying claims that the insureds misused investment


Insureds' $20 million settlement payment to FTC redress fund held uninsurable restitution
  • Wiley Rein LLP
  • USA
  • April 1 2011

The Commonwealth Court of Pennsylvania, which is overseeing the liquidation of the insurer in the coverage dispute, entered an order approving the insurer's denial of coverage under an excess policy for a $20 million settlement that two individual insureds paid into a Federal Trade Commission (FTC) redress fund


District court withdraws reference to the bankruptcy court of non-core coverage actions
  • Wiley Rein LLP
  • USA
  • July 14 2011

The United States District Court for the Central District of California has granted motions by eight directors and officers liability insurers to withdraw the reference to the bankruptcy court of two coverage actions involving coverage for claims against former directors and officers of a bank holding company


Court grants objection to interrogatory seeking information about other insureds' claims, denies objection regarding other claims noticed by the insured's affiliates
  • Wiley Rein LLP
  • USA
  • May 20 2011

A United States Magistrate Judge in the United States District Court for the Western District of North Carolina has denied a motion to compel discovery of all claims for which the insurer had denied coverage based on the desire of an insolvent insured to forfeit coverage


Insured's voluntary lifting of automatic stay does not violate policy's cooperation clause
  • Wiley Rein LLP
  • USA
  • August 4 2009

The United States District Court for the Eastern District of New York, applying New York law, has held that an insured did not violate an insurance policy's cooperation clause when it agreed, without providing advance notice to the insurer, to lift the automatic bankruptcy stay with respect to certain personal injury actions filed against it


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


Insolvency exclusion bars coverage for claims due to underfunded employee benefit plans
  • Wiley Rein LLP
  • USA
  • December 7 2011

A federal district court, applying Pennsylvania law, has held that the insolvency exclusion in an insurance agency’s professional liability policy excused the insurer from the duty to defend the agency in lawsuits alleging that it had caused employee benefit plans that it created to be underfunded


Judgment creditor collaterally estopped by default judgment against insured
  • Wiley Rein LLP
  • USA
  • 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


Unfair Trade Practices exclusion inapplicable to claims arising under fair debt collection statutes; statutory damages covered
  • Wiley Rein LLP
  • USA
  • July 17 2013

The United States District Court for the Middle District of Pennsylvania has held that an E&O policy issued to a now-bankrupt credit counseling