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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


Federal court exercises jurisdiction over insurer’s declaratory judgment action arising out of FDIC demand
  • Wiley Rein LLP
  • USA
  • December 17 2012

The United States District Court for the Eastern District of California, applying California law, has concluded that it should exercise jurisdiction under the federal Declaratory Judgment Act to determine the availability of coverage for a written demand and has held that the related coverage action should not be stayed in favor of potential future underlying litigation between the Federal Deposition Insurance Corporation (FDIC) and the insureds because the outcome of the coverage litigation would not be dependent on resolution of disputed facts in such a future action


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


Unfair trade practices exclusion inapplicable to claims arising under fair debt collection statutes, statutory damages covered
  • Wiley Rein LLP
  • USA
  • June 11 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


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


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


Policyholder’s bankruptcy does not relieve insurer’s obligations for “loss”
  • Wiley Rein LLP
  • USA
  • March 10 2014

The Court of Appeals of Wisconsin, applying Wisconsin law, has held that a policyholder's bankruptcy did not relieve an insurer of its obligations to


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


Insurer entitled to reimbursement of defense costs but only for amounts advanced prior to rescission
  • Wiley Rein LLP
  • USA
  • April 13 2011

The United States District Court for the Northern District of California, applying California law, has granted summary judgment in favor of a bankruptcy plan administrator for the estate of an insured, holding that the plan administrator is entitled to recover premiums paid to an insurer after the insurer rescinded 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