PNY Sues For Coverage Of Forex Claims Against Ex-CFO

Law360, New York (August 15, 2011, 8:37 PM EDT) -- PNY Technologies Inc. asked a New Jersey federal court Thursday for a declaratory judgment against Twin City Fire Insurance Co., claiming it breached its contract by failing to pay defense costs resulting from foreign exchange fraud claims against a PNY affiliate's former chief financial officer.

Twin City, a subsidiary of insurance giant Hartford Financial Services Group Inc., allegedly refused to pay defense costs in connection with claims that PNY Technologies Europe's former CFO, Laurent Pescay, wrongfully committed the French company to purchasing U.S. dollars at specific...
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