Insurer's Bid To Recoup $15M Sprint D&O Payout Nixed

Law360, New York (November 30, 2010, 4:07 PM EST) -- A federal judge has denied Houston Casualty Co.'s bid to recover $15 million it paid out to Sprint Nextel Corp. to help fund a securities class action settlement, finding that the insurer had no right to seek repayment under the terms of its policy.

Judge Claude M. Hilton of the U.S. District Court for the Eastern District of Virginia on Nov. 22 granted summary judgment to Sprint, ruling that Houston Casualty could not seek restitution for the $15 million it shelled out to the telecommunications giant...
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