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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


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


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


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


Asbestos bankruptcy channeling injunction cannot reach direct actions based on independent duty of insurer, Second Circuit rules
  • Wiley Rein LLP
  • USA
  • February 22 2008

The United States Court of Appeals for the Second Circuit has ruled that the Johns-Manville bankruptcy court did not have jurisdiction to enjoin direct action claims asserted against Travelers entities that are predicted on an independent duty owed by Travelers, that do not claim against the res of the Manville estate, and that seek damages unrelated to and in excess of Manville's insurance proceeds


Bankruptcy Code preempts policies’ anti-assignment clauses such that transfer to Section 524(g) trust is allowed
  • Wiley Rein LLP
  • USA
  • March 25 2008

Bankruptcy Judge Judith Fitzgerald ruled last week that a debtor's insurance policies are assets of the estate and, therefore, can be properly transferred to a 524(g) trust notwithstanding any applicable anti-assignment clauses


Insolvency of underlying insurer does not affect excess insurer’s obligations
  • Wiley Rein LLP
  • USA
  • November 6 2007

In an adversary proceeding brought by a liquidating company to determine the availability of coverage under the debtor's insurance policies, the United States District Court for the District of Delaware has held that the insolvency of an underlying insurer did not affect an excess carrier's obligation for claims within its own layer of coverage


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 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