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Article

Wiley Rein LLP | USA | 23 Dec 2010

Insured v. insured exclusion precludes coverage for suit brought by insured in any capacity

The United States District Court for the District of Minnesota, applying Minnesota law, held that there was no duty to defend claims brought against the insured entity and some of its directors and officers by an insured manager-director acting as a trustee and derivative claimant under a D&O policy.

Article

Wiley Rein LLP | USA | 24 Jul 2009

Alleged misconduct in personal capacity not covered wrongful act under nonprofit policy

The United States District Court for the District of Minnesota, applying Minnesota law, has granted an insurer's motion to dismiss a coverage action because wrongful conduct alleged in the underlying lawsuit did not arise solely out of the discharge of the insured's duties on behalf of the policyholder entity.

Article

Katten Muchin Rosenman LLP | USA | 14 Nov 2008

Directors of insolvent company did not breach fiduciary duties

Plaintiff, the trustee of the Chapter 7 estate of Security Asset Capital Corporation (SACC), a corporate debtor, brought an action against the debtor’s officers and directors, alleging that they breached their fiduciary duties by failing to commence Chapter 7 liquidation once SACC became insolvent.

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