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Locke Lord LLP | USA | 11 Nov 2009
Pennsylvania Federal Court rules that fraudulent actswillful violation exclusion bars coverage based on CEO’s guilty plea and insurer entitled to recoupment of defense costs
The U.S. District Court for the Eastern District of Pennsylvania, applying Pennsylvania law, recently held that the fraudulent actswillful violation exclusion contained in the subject Executive Protection Portfolio policy (the “Policy”) precluded coverage of defense costs for a criminal action and related derivative and securities lawsuits against an insured CEO.
Locke Lord LLP | USA | 18 Sep 2009
Court gives preliminary approval to RAIT's settlement of a subprime related securities class action
On July 15, 2009, the US District Court for the Eastern District of Pennsylvania preliminarily approved a $32 million settlement of a subprime related securities class action against RAIT Financial Trust, RAIT's directors and officers, Grant Thornton, and Piper Jaffray.