Genesis Claws Back $6.3M For Investor Action Defense

Law360, New York (March 2, 2011, 7:12 PM EST) -- A California federal judge Wednesday handed down a $6.3 million judgment for Genesis Insurance Co. in its suit seeking payback for $5 million paid on behalf of software maker Magma Design Automation Inc. to settle a securities class action.

Judge James Ware of the U.S. District Court for the Northern District of California entered judgment for Genesis on its equitable subrogation claim against another defendant, National Union Fire Insurance Co. of Pittsburgh, and stayed the remainder of the case pending appellate review. According to the judge,...
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