Lions Gate Seeks $8M Coverage In Icahn Suit

Law360, New York (August 3, 2011, 4:31 PM EDT) -- Lions Gate Entertainment Corp. sued Navigators Insurance Co. in California on Tuesday seeking $8 million in costs to defend itself and one of its directors against securities claims brought by billionaire investor Carl Icahn over a convertible notes exchange.

Lions Gate says the insurer refused to provide full coverage under its directors and officers policy when Icahn, a major Lions Gate shareholder, filed suits and initiated four British Columbia Securities Commission proceedings against the entertainment company and director Mark Rachesky.

Icahn’s suits and the securities actions...
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